Jeremy Grantham’s 1Q09 Letter: Fantastic as usual

[paramount]

Man of Truth states that Gold will be at $2000 within 12 months.

[scaredyclassic]

i started to listen a few years back to the gold drummers at http://www.dailyreckoning.com

it sure doesn’t seem to me to be a bubble yet.

I remember everyone being excited about gold when i was in junior high in the 70’s. I remember friends buying gold coins with bar mitzvah money.

i don’t know ANYONE buying gold now. I hear people talking about it. I hear a few people thinking about an etf. but I don’t hear people talking about gold miner shares or bullion prices and premiums.

this could be the top, but I’d think there’d be a little more excitement at the top.

[scaredyclassic]

i started to listen a few years back to the gold drummers at http://www.dailyreckoning.com

it sure doesn’t seem to me to be a bubble yet.

I remember everyone being excited about gold when i was in junior high in the 70’s. I remember friends buying gold coins with bar mitzvah money.

i don’t know ANYONE buying gold now. I hear people talking about it. I hear a few people thinking about an etf. but I don’t hear people talking about gold miner shares or bullion prices and premiums.

this could be the top, but I’d think there’d be a little more excitement at the top.

[scaredyclassic]

i started to listen a few years back to the gold drummers at http://www.dailyreckoning.com

it sure doesn’t seem to me to be a bubble yet.

I remember everyone being excited about gold when i was in junior high in the 70’s. I remember friends buying gold coins with bar mitzvah money.

i don’t know ANYONE buying gold now. I hear people talking about it. I hear a few people thinking about an etf. but I don’t hear people talking about gold miner shares or bullion prices and premiums.

this could be the top, but I’d think there’d be a little more excitement at the top.

[scaredyclassic]

i started to listen a few years back to the gold drummers at http://www.dailyreckoning.com

it sure doesn’t seem to me to be a bubble yet.

I remember everyone being excited about gold when i was in junior high in the 70’s. I remember friends buying gold coins with bar mitzvah money.

i don’t know ANYONE buying gold now. I hear people talking about it. I hear a few people thinking about an etf. but I don’t hear people talking about gold miner shares or bullion prices and premiums.

this could be the top, but I’d think there’d be a little more excitement at the top.

[scaredyclassic]

i started to listen a few years back to the gold drummers at http://www.dailyreckoning.com

it sure doesn’t seem to me to be a bubble yet.

I remember everyone being excited about gold when i was in junior high in the 70’s. I remember friends buying gold coins with bar mitzvah money.

i don’t know ANYONE buying gold now. I hear people talking about it. I hear a few people thinking about an etf. but I don’t hear people talking about gold miner shares or bullion prices and premiums.

this could be the top, but I’d think there’d be a little more excitement at the top.

[scaredyclassic]

i think i’d take my million in gold today.

the apt building sounds like trouble.

i meant run the car on oil, keep savings in oil rather than dollars.

[scaredyclassic]

i think i’d take my million in gold today.

the apt building sounds like trouble.

i meant run the car on oil, keep savings in oil rather than dollars.

[scaredyclassic]

i think i’d take my million in gold today.

the apt building sounds like trouble.

i meant run the car on oil, keep savings in oil rather than dollars.

[scaredyclassic]

i think i’d take my million in gold today.

the apt building sounds like trouble.

i meant run the car on oil, keep savings in oil rather than dollars.

[scaredyclassic]

i think i’d take my million in gold today.

the apt building sounds like trouble.

i meant run the car on oil, keep savings in oil rather than dollars.

[scaredyclassic]

i do remmeber reading that book, SALT that came out a while back, about the value of salt. salt was big business. the derivation of the word salary cmes from salt i think. worth his salt. yes, salt was big. I’m glad i didnt go long salt. well, nothing has any intrinsic value. gold is as good an arbitrary point for storing value as anything else. it doesn’t deterirotate, it can’t be rezoned, burnt down, it has no liabilities attached to it. it just is.

[scaredyclassic]

i do remmeber reading that book, SALT that came out a while back, about the value of salt. salt was big business. the derivation of the word salary cmes from salt i think. worth his salt. yes, salt was big. I’m glad i didnt go long salt. well, nothing has any intrinsic value. gold is as good an arbitrary point for storing value as anything else. it doesn’t deterirotate, it can’t be rezoned, burnt down, it has no liabilities attached to it. it just is.

[scaredyclassic]

i do remmeber reading that book, SALT that came out a while back, about the value of salt. salt was big business. the derivation of the word salary cmes from salt i think. worth his salt. yes, salt was big. I’m glad i didnt go long salt. well, nothing has any intrinsic value. gold is as good an arbitrary point for storing value as anything else. it doesn’t deterirotate, it can’t be rezoned, burnt down, it has no liabilities attached to it. it just is.

[scaredyclassic]

i do remmeber reading that book, SALT that came out a while back, about the value of salt. salt was big business. the derivation of the word salary cmes from salt i think. worth his salt. yes, salt was big. I’m glad i didnt go long salt. well, nothing has any intrinsic value. gold is as good an arbitrary point for storing value as anything else. it doesn’t deterirotate, it can’t be rezoned, burnt down, it has no liabilities attached to it. it just is.

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