Jeremy Grantham’s January 2011 Letter
Jeremy Grantham is out with his new letter. He likens investors to Pavlov’s dogs; conditioned to behave in a certain way. He also provides a valuable history lesson showing since 1964 the 3rd year of the presidential term has a remarkable tendency of being up big.
Grantham also reviews his past year’s predictive hits and misses. His view of the coming year is that risky assets will continue to pay off, although his fair value for the S&P 500 stands at 910. He continues to favor high quality large cap stocks, forestry assets, and agricultural land.
There is much more in Grantham’s letter and it is always an interesting read and available with a simple registration.
Source: GMO
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