The Strategist
The long view, patient, analytical, playing several moves ahead.
Jeremy Grantham reads as The Strategist because his career rests on seeing what others refuse to, then acting with conviction before consensus arrives. He called the dot-com bubble and the 2008 housing collapse, and has since applied the same analytical framework to long-term resource depletion and climate risk as investable realities.
“The 70s were hugely kind to us, contrary to what you're suggesting. We had a battle plan. To invest all our money in small cap value. Or institutionally, they had invented small or value.”
“I learnt an enormous amount from personal experience speculating in what was a very interesting speculative surge in 1968, 69 in tertiary quaternary stocks, tiny little stocks that would tend to tuple and then collapse. And we had an interesting group of people exchanging ideas and we made and lost fortunes.”
“Order of magnitude you need to be disruptive. And having obtained the material, they can now design endless things, but one of them they started with a very obvious one was to send the instructions to a very expensive beetle, the Colorado potato beetle, that can devastate whole fields in kind of one sitting, as it were.”
“And they've done it well. They've been persistent. They've funded it, if you will, generously. And they have achieved remarkable results. In comparison, science has been diffident and cautious, careful not to overstate anything. And in that care, they have guaranteed they understate everything.”
The Diary of a CEO: “Billionaire's WARNING: I'm SELLING. The Crash Is Already Here!”
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