“Some societies are also more optimistic than others: the U.S. and Australia are my two picks Tell a European you think there’s a housing bubble and you’ll have a reasonable discussion. Tell an Australian and you’ll have World War III. Been there, done that!” ThinkingWorldTwoWarDonePicksOptimisticDiscussionWar Of The WorldsReasonableAustraliaWorld War IiBubblesWorld War IHousingAustralianBeen There Done ThatHousing Bubble Author:Jeremy Grantham
“I believe the only things that really matter in investing are the bubbles and the busts” BelieveMatterI BelieveInvestingBubbles Author:Jeremy Grantham
“Remember that history always repeats itself. Every great bubble in history has broken. There are no exceptions.” RememberBrokenRepeatsExceptionBubbles Author:Jeremy Grantham
“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.” NeedsYearsTwoTogetherSpiritThreeEasyGrowthAnimalAirEconomicFundamentalsSurpriseInvestmentCreditCriticalPleasantThree YearsBubblesVariablesSerialsThin AirPleasant SurprisesAnimal Spirits Author:Jeremy Grantham
