Jeremy Grantham’s 4Q09 Letter

[davelj]

Just when I think the guy can’t top his previous letter… he does. This is an ongoing theme, of course.

Long letter, lots of topics covered. All worthwhile reading. Generically bearish, but not apocalyptic.

Especially entertaining is part of his portion of a recent debate with Nobel Laureate Myron Scholes and Robert Reynolds on the topic: “Financial Innovation Boosts Economic Growth.” He (and Richard Bookstaber) argued against it (and apparently swayed the majority of the audience to his point of view based on the exit poll).

Free, but registration required:
http://www.gmo.com/websitecontent/JGLetter_ALL_4Q09.pdf

[SD Transplant]

thanks for sharing…..great summary

[SD Transplant]

thanks for sharing…..great summary

[SD Transplant]

thanks for sharing…..great summary

[SD Transplant]

thanks for sharing…..great summary

[SD Transplant]

thanks for sharing…..great summary

[Allan from Fallbrook]

Dave: I kind of chortled when I saw Scholes’ name juxtaposed with “financial innovation”. Didn’t we already see this movie (Long Term Capital Management debacle) before?

On a tangential note: A good friend of mine and former Montgomery Street Securities/Bear Stearns guy, was approached by JM Advisors Management, out of Greenwich, CT, for a possible position within the company. Turns out its the latest iteration of John Meriwether’s hedge fund.

Grantham is always an interesting read.

[Allan from Fallbrook]

Dave: I kind of chortled when I saw Scholes’ name juxtaposed with “financial innovation”. Didn’t we already see this movie (Long Term Capital Management debacle) before?

On a tangential note: A good friend of mine and former Montgomery Street Securities/Bear Stearns guy, was approached by JM Advisors Management, out of Greenwich, CT, for a possible position within the company. Turns out its the latest iteration of John Meriwether’s hedge fund.

Grantham is always an interesting read.

[Allan from Fallbrook]

Dave: I kind of chortled when I saw Scholes’ name juxtaposed with “financial innovation”. Didn’t we already see this movie (Long Term Capital Management debacle) before?

On a tangential note: A good friend of mine and former Montgomery Street Securities/Bear Stearns guy, was approached by JM Advisors Management, out of Greenwich, CT, for a possible position within the company. Turns out its the latest iteration of John Meriwether’s hedge fund.

Grantham is always an interesting read.

[Allan from Fallbrook]

Dave: I kind of chortled when I saw Scholes’ name juxtaposed with “financial innovation”. Didn’t we already see this movie (Long Term Capital Management debacle) before?

On a tangential note: A good friend of mine and former Montgomery Street Securities/Bear Stearns guy, was approached by JM Advisors Management, out of Greenwich, CT, for a possible position within the company. Turns out its the latest iteration of John Meriwether’s hedge fund.

Grantham is always an interesting read.

[Allan from Fallbrook]

Dave: I kind of chortled when I saw Scholes’ name juxtaposed with “financial innovation”. Didn’t we already see this movie (Long Term Capital Management debacle) before?

On a tangential note: A good friend of mine and former Montgomery Street Securities/Bear Stearns guy, was approached by JM Advisors Management, out of Greenwich, CT, for a possible position within the company. Turns out its the latest iteration of John Meriwether’s hedge fund.

Grantham is always an interesting read.

[EconProf]

Jeremy Grantham is one of those thinkers you just have to pay attention to, so accurate have been his analyses of our past experience. And he thoroughly and accurately skewers my fellow economists, who have not only failed to predict, but often contributed to our travails.

[EconProf]

Jeremy Grantham is one of those thinkers you just have to pay attention to, so accurate have been his analyses of our past experience. And he thoroughly and accurately skewers my fellow economists, who have not only failed to predict, but often contributed to our travails.

[EconProf]

Jeremy Grantham is one of those thinkers you just have to pay attention to, so accurate have been his analyses of our past experience. And he thoroughly and accurately skewers my fellow economists, who have not only failed to predict, but often contributed to our travails.

[EconProf]

Jeremy Grantham is one of those thinkers you just have to pay attention to, so accurate have been his analyses of our past experience. And he thoroughly and accurately skewers my fellow economists, who have not only failed to predict, but often contributed to our travails.

[Author]

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