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Jeremy Grantham Q1 2013 Letter - The Race of Our Lives

April 26, 2013 | About:
Canadian Value

Canadian Value

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GMO QtlyLetter 1Q2013



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Canadian Value
http://valueinvestorcanada.blogspot.com/

Rating: 4.2/5 (5 votes)

Comments

LwC
LwC - 1 year ago
In this Quarterly Letter, Mr. Grantham offers a correction to widely reported comments attributed to him, that he recently predicted that the natural gas price will triple in five years to $12:

"Correction: Natural Gas Forecast

I am bullish about the longer-term price of natural gas and in my personal account I am long the futures several years out. At five years out, the implied price is $4.50 mcf. However, in the Q&A section of a talk I gave recently I was quoted as saying that in five years the price "would have tripled." This implies a price, then of $12. This is either a misquote or a misspeak. What I intended to say and have said before was that from the low last year the price would be likely to triple in 5 years: that is to about $6 or $7 mcf, far above the assumed $4.50 then, but far below the number in the quote."

gurufocus
Gurufocus premium member - 1 year ago
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vgm
Vgm - 1 year ago
LwC -- very interesting. Thanks for pointing this out. The figure of $12 was never plausible or ever supported with a rationale. $6 is in line with the predictions from Wilbur Ross who of course is involved heavily in nat gas.

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