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Modern agriculture has been accurately described as a way of turning oil into food. As the price of oil continues to rise, so will the price of food.

Jeremy Grantham

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Jeremy Grantham
Age: 86
Born: 1938
Born: October 6
Investor
Manager
Herts
Robert Jeremy Goltho Grantham
Way
Agriculture
Continues
Oil
Turning
Price
Rise
Food
Accurately
Modern
Described

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The stock market is overpriced. Everything is overpriced. Junk is king.
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Battering down solar cells on the roofs of Wal-Marts in California. I think that will be some of the highest-return investments that anyone ever makes.
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I find the parallels between how some investors refuse to recognise the trends and our reaction to some of our environmental challenges very powerful. There is an unwillingness to process unpleasant data.
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There is a lot of pain still to be had in the equity markets, particularly aimed at the risky end of the spectrum. We think the fair value on the market is about a third lower in the U.S. . .
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I would say that financial markets are very inefficient, and capable of extremes of being completely dysfunctional.
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There is no single theory that is used in economics that considers the finite nature of resources. It's shocking.
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At least us old men remember what a real bear market is like, and the young men haven't got a clue.
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I think I'm right-brained, incapable of managing my way out of a brown paper bag.
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If stocks are attractive and you don't buy, you don't just look like an idiot, you are an idiot.
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The pure administration of Graham-and-Doddery really needs a long-term lock-up like Warren Buffett has, or it will have occasional quite dreadful client problems.
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Capitalism believes that its remit is exclusively to make maximum short-term profits.
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Profit margins are probably the most mean-reverting series in finance, and if profit margins do not mean-revert, then something has gone badly wrong with capitalism. If high profits do not attract competition, there is something wrong with the system and it is not functioning properly.
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Remember that history always repeats itself. Every great bubble in history has broken. There are no exceptions.
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You don't get rewarded for taking risk you get rewarded for buying cheap assets. And if the assets you bought got pushed up in price simply because they were risky, then you are not going to be rewarded for taking a risk you are going to be punished for it.
Jeremy Grantham
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Investment bubbles and high animal spirits do not materialize out of thin air. They need extremely favorable economic fundamentals together with free and easy, cheap credit, and they need it for at least two or three years. Importantly, they also need serial pleasant surprises in such critical variables as global GNP growth.
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Market timing, by the way, is a tag some buy-and-hold investors use to put down anything that involves using your brain. These are the same people who like to watch the locomotive coming and get run down in the name of discipline.
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We live on a finite planet. We have finite resources, and we're running out of good, arable land.
Jeremy Grantham
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The individual is far better-positioned to wait patiently for the right pitch while paying no regard to what others are doing, which is almost impossible for professionals.
Jeremy Grantham
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You can't run the economy on BMWs alone. If the average person is in a pickle, how do you have a healthy economy?
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I like to be right. I try not to miss the big ideas, forget the little ones, and try to get them right. End of job description.
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