Jeremy Grantham’s 1Q09 Letter: Fantastic as usual

[scaredyclassic]

ummm. NO great minds. ALL luck. there are some great bs’ers.

like, name a great mind. there are none. there are guys who had lucky runs when things were lined up with their line of bs.

I’m up pretty good this year, silver gold and oil. Actually, I’ve been doing good the last few years, all bear/gold all the time.

but I don’t think i know anything. I’ve been a little lucky lately. the universe it temporarily lined up with my bad attitude…and I always expect to lose…and I always believe everyone is lying to me…and I expect any lucky run i ahve won’t last…

[davelj]

[quote=scaredycat]ummm. NO great minds. ALL luck. there are some great bs’ers.

like, name a great mind. there are none. there are guys who had lucky runs when things were lined up with their line of bs.

I’m up pretty good this year, silver gold and oil. Actually, I’ve been doing good the last few years, all bear/gold all the time.

but I don’t think i know anything. I’ve been a little lucky lately. the universe it temporarily lined up with my bad attitude…and I always expect to lose…and I always believe everyone is lying to me…and I expect any lucky run i ahve won’t last…

[/quote]

Then there’s absolutely no point in trying to convince you otherwise. If bitterness and pessimism are your thing, then so be it.

[davelj]

[quote=scaredycat]ummm. NO great minds. ALL luck. there are some great bs’ers.

like, name a great mind. there are none. there are guys who had lucky runs when things were lined up with their line of bs.

I’m up pretty good this year, silver gold and oil. Actually, I’ve been doing good the last few years, all bear/gold all the time.

but I don’t think i know anything. I’ve been a little lucky lately. the universe it temporarily lined up with my bad attitude…and I always expect to lose…and I always believe everyone is lying to me…and I expect any lucky run i ahve won’t last…

[/quote]

Then there’s absolutely no point in trying to convince you otherwise. If bitterness and pessimism are your thing, then so be it.

[davelj]

[quote=scaredycat]ummm. NO great minds. ALL luck. there are some great bs’ers.

like, name a great mind. there are none. there are guys who had lucky runs when things were lined up with their line of bs.

I’m up pretty good this year, silver gold and oil. Actually, I’ve been doing good the last few years, all bear/gold all the time.

but I don’t think i know anything. I’ve been a little lucky lately. the universe it temporarily lined up with my bad attitude…and I always expect to lose…and I always believe everyone is lying to me…and I expect any lucky run i ahve won’t last…

[/quote]

Then there’s absolutely no point in trying to convince you otherwise. If bitterness and pessimism are your thing, then so be it.

[davelj]

[quote=scaredycat]ummm. NO great minds. ALL luck. there are some great bs’ers.

like, name a great mind. there are none. there are guys who had lucky runs when things were lined up with their line of bs.

I’m up pretty good this year, silver gold and oil. Actually, I’ve been doing good the last few years, all bear/gold all the time.

but I don’t think i know anything. I’ve been a little lucky lately. the universe it temporarily lined up with my bad attitude…and I always expect to lose…and I always believe everyone is lying to me…and I expect any lucky run i ahve won’t last…

[/quote]

Then there’s absolutely no point in trying to convince you otherwise. If bitterness and pessimism are your thing, then so be it.

[davelj]

[quote=scaredycat]ummm. NO great minds. ALL luck. there are some great bs’ers.

like, name a great mind. there are none. there are guys who had lucky runs when things were lined up with their line of bs.

I’m up pretty good this year, silver gold and oil. Actually, I’ve been doing good the last few years, all bear/gold all the time.

but I don’t think i know anything. I’ve been a little lucky lately. the universe it temporarily lined up with my bad attitude…and I always expect to lose…and I always believe everyone is lying to me…and I expect any lucky run i ahve won’t last…

[/quote]

Then there’s absolutely no point in trying to convince you otherwise. If bitterness and pessimism are your thing, then so be it.

[Allan from Fallbrook]

[quote=davelj][quote=scaredycat]ummm. NO great minds. ALL luck. there are some great bs’ers.

like, name a great mind. there are none. there are guys who had lucky runs when things were lined up with their line of bs.

I’m up pretty good this year, silver gold and oil. Actually, I’ve been doing good the last few years, all bear/gold all the time.

but I don’t think i know anything. I’ve been a little lucky lately. the universe it temporarily lined up with my bad attitude…and I always expect to lose…and I always believe everyone is lying to me…and I expect any lucky run i ahve won’t last…

[/quote]

Then there’s absolutely no point in trying to convince you otherwise. If bitterness and pessimism are your thing, then so be it.[/quote]

Ben Graham. I’ve made more money over a protracted period of time following Graham’s Theorem than with any other “system” or “school of thought”.

I also laugh when people heavy in commodities refer to their “investments”. Um, no, you’re speculating. I’m sure I’ll get some blowback from others on the site that consider all investments speculative, but it’s not the same thing.

Lost in all the noise is the fact that certain fundamentals do matter and the ability to accurately read a company’s financials and isolate those fundamentals is what sets great long-term investors apart from everyone else.

There is a huge difference between value based investing and speculation/trading. That’s why anyone who listens to Jim Cramer and considers him a reliable source for investment advice is going to get exactly what they deserve. I know plenty of fine aircraft mechanics who know every inch of the aircraft, but I don’t trust them to FLY IT. Apply the right skill set to the problem and proceed accordingly.

[Allan from Fallbrook]

[quote=davelj][quote=scaredycat]ummm. NO great minds. ALL luck. there are some great bs’ers.

like, name a great mind. there are none. there are guys who had lucky runs when things were lined up with their line of bs.

I’m up pretty good this year, silver gold and oil. Actually, I’ve been doing good the last few years, all bear/gold all the time.

but I don’t think i know anything. I’ve been a little lucky lately. the universe it temporarily lined up with my bad attitude…and I always expect to lose…and I always believe everyone is lying to me…and I expect any lucky run i ahve won’t last…

[/quote]

Then there’s absolutely no point in trying to convince you otherwise. If bitterness and pessimism are your thing, then so be it.[/quote]

Ben Graham. I’ve made more money over a protracted period of time following Graham’s Theorem than with any other “system” or “school of thought”.

I also laugh when people heavy in commodities refer to their “investments”. Um, no, you’re speculating. I’m sure I’ll get some blowback from others on the site that consider all investments speculative, but it’s not the same thing.

Lost in all the noise is the fact that certain fundamentals do matter and the ability to accurately read a company’s financials and isolate those fundamentals is what sets great long-term investors apart from everyone else.

There is a huge difference between value based investing and speculation/trading. That’s why anyone who listens to Jim Cramer and considers him a reliable source for investment advice is going to get exactly what they deserve. I know plenty of fine aircraft mechanics who know every inch of the aircraft, but I don’t trust them to FLY IT. Apply the right skill set to the problem and proceed accordingly.

[Allan from Fallbrook]

[quote=davelj][quote=scaredycat]ummm. NO great minds. ALL luck. there are some great bs’ers.

like, name a great mind. there are none. there are guys who had lucky runs when things were lined up with their line of bs.

I’m up pretty good this year, silver gold and oil. Actually, I’ve been doing good the last few years, all bear/gold all the time.

but I don’t think i know anything. I’ve been a little lucky lately. the universe it temporarily lined up with my bad attitude…and I always expect to lose…and I always believe everyone is lying to me…and I expect any lucky run i ahve won’t last…

[/quote]

Then there’s absolutely no point in trying to convince you otherwise. If bitterness and pessimism are your thing, then so be it.[/quote]

Ben Graham. I’ve made more money over a protracted period of time following Graham’s Theorem than with any other “system” or “school of thought”.

I also laugh when people heavy in commodities refer to their “investments”. Um, no, you’re speculating. I’m sure I’ll get some blowback from others on the site that consider all investments speculative, but it’s not the same thing.

Lost in all the noise is the fact that certain fundamentals do matter and the ability to accurately read a company’s financials and isolate those fundamentals is what sets great long-term investors apart from everyone else.

There is a huge difference between value based investing and speculation/trading. That’s why anyone who listens to Jim Cramer and considers him a reliable source for investment advice is going to get exactly what they deserve. I know plenty of fine aircraft mechanics who know every inch of the aircraft, but I don’t trust them to FLY IT. Apply the right skill set to the problem and proceed accordingly.

[Allan from Fallbrook]

[quote=davelj][quote=scaredycat]ummm. NO great minds. ALL luck. there are some great bs’ers.

like, name a great mind. there are none. there are guys who had lucky runs when things were lined up with their line of bs.

I’m up pretty good this year, silver gold and oil. Actually, I’ve been doing good the last few years, all bear/gold all the time.

but I don’t think i know anything. I’ve been a little lucky lately. the universe it temporarily lined up with my bad attitude…and I always expect to lose…and I always believe everyone is lying to me…and I expect any lucky run i ahve won’t last…

[/quote]

Then there’s absolutely no point in trying to convince you otherwise. If bitterness and pessimism are your thing, then so be it.[/quote]

Ben Graham. I’ve made more money over a protracted period of time following Graham’s Theorem than with any other “system” or “school of thought”.

I also laugh when people heavy in commodities refer to their “investments”. Um, no, you’re speculating. I’m sure I’ll get some blowback from others on the site that consider all investments speculative, but it’s not the same thing.

Lost in all the noise is the fact that certain fundamentals do matter and the ability to accurately read a company’s financials and isolate those fundamentals is what sets great long-term investors apart from everyone else.

There is a huge difference between value based investing and speculation/trading. That’s why anyone who listens to Jim Cramer and considers him a reliable source for investment advice is going to get exactly what they deserve. I know plenty of fine aircraft mechanics who know every inch of the aircraft, but I don’t trust them to FLY IT. Apply the right skill set to the problem and proceed accordingly.

[Allan from Fallbrook]

[quote=davelj][quote=scaredycat]ummm. NO great minds. ALL luck. there are some great bs’ers.

like, name a great mind. there are none. there are guys who had lucky runs when things were lined up with their line of bs.

I’m up pretty good this year, silver gold and oil. Actually, I’ve been doing good the last few years, all bear/gold all the time.

but I don’t think i know anything. I’ve been a little lucky lately. the universe it temporarily lined up with my bad attitude…and I always expect to lose…and I always believe everyone is lying to me…and I expect any lucky run i ahve won’t last…

[/quote]

Then there’s absolutely no point in trying to convince you otherwise. If bitterness and pessimism are your thing, then so be it.[/quote]

Ben Graham. I’ve made more money over a protracted period of time following Graham’s Theorem than with any other “system” or “school of thought”.

I also laugh when people heavy in commodities refer to their “investments”. Um, no, you’re speculating. I’m sure I’ll get some blowback from others on the site that consider all investments speculative, but it’s not the same thing.

Lost in all the noise is the fact that certain fundamentals do matter and the ability to accurately read a company’s financials and isolate those fundamentals is what sets great long-term investors apart from everyone else.

There is a huge difference between value based investing and speculation/trading. That’s why anyone who listens to Jim Cramer and considers him a reliable source for investment advice is going to get exactly what they deserve. I know plenty of fine aircraft mechanics who know every inch of the aircraft, but I don’t trust them to FLY IT. Apply the right skill set to the problem and proceed accordingly.

[scaredyclassic]

I laugh when anyone thinks they can read a financial statement and find value where the rest of the world missed it. no one is smarter than the market. no one.

[scaredyclassic]

I laugh when anyone thinks they can read a financial statement and find value where the rest of the world missed it. no one is smarter than the market. no one.

[scaredyclassic]

I laugh when anyone thinks they can read a financial statement and find value where the rest of the world missed it. no one is smarter than the market. no one.

[scaredyclassic]

I laugh when anyone thinks they can read a financial statement and find value where the rest of the world missed it. no one is smarter than the market. no one.

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