“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.” NeedsLongProblemTermPureAdministrationLong TermClientsLocksOccasionalBuffettWarren BuffetLock Up 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
“Americans are just about the worst at dealing with long-term problems, down there with Uzbekistan, but they respond to a market signal better than almost anyone. They roll the dice bigger and quicker than most.” LongProblemTermWorstBiggerLong TermSignalsDiceUzbekistan Author:Jeremy Grantham
“Capitalism believes that its remit is exclusively to make maximum short-term profits.” BelieveTermCapitalismProfitMaximumShort Term Author:Jeremy Grantham
