“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
“Volatility is a symptom that people have no idea of the underlying value.” PeopleIdeasValuesInvestingNo IdeaSymptomsVolatility Author:Jeremy Grantham
“Volatility is a symptom that people have no idea of the underlying value-that they have stopped playing the asset game. They're not buying because it's a company with certain attributes. They're buying because the price is rising. People are playing games not related to any concept at all of what the long-term value of the enterprise is. And they know it.” PeopleKnowsLongIdeasCertainValuesGamesTermCompanyConceptsNo IdeaLong TermRelatedRisingBuyingEnterpriseAssetsAttributesSymptomsPlaying GamesVolatility Author:Jeremy Grantham
“Think how weird profit margins are: We've got high unemployment and financial crises - and world record profit margins. People think the American market is very cheap. We don't. The market quite incorrectly gives full credit to today's earnings.” PeopleThinkingWorldGivingTodayRecordsCrisisFinancialProfitCreditEarningUnemploymentMarginsFinancial CrisisWorld RecordsProfit Margin Author:Jeremy Grantham
“The language "it's too late" is very unsuitable for most environmental issues. It's too late for the dodo and for people who've starved to death already, but it's not too late to prevent an even bigger crisis. The sooner we act on the environment, the better.” PeopleLanguageIssuesEnvironmentLateBiggerCrisisEnvironmentalToo LateEnvironmental Issues Author:Jeremy Grantham
“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.” PeopleWayUseRunningNamesBrainWatchesDisciplineInvestorsTimingTagLocomotivesMarket TimingUsing Your Brain Author:Jeremy Grantham
