“The investment business has taught me – increasingly as the years have passed – that people, especially investors (and, I believe, Americans), prefer good news and wishful thinking to bad news; and that there are always vested interests to offer facile, optimistic alternatives to the bad news.” PeopleThinkingYearsBelieveI BelieveInterestTaughtOffersNewsInvestmentOptimisticAlternativesInvestorsGood NewsBad NewsWishful ThinkingVested Interests Author:Jeremy Grantham
“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.” ThinkingReturnHighestInvestmentCellsCaliforniaRoofBatteringSolar Cells 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
