Jeremy Grantham

Jeremy Grantham

Last Update: 2014-02-13

Number of Stocks: 662
Number of New Stocks: 74

Total Value: $41,207 Mil
Q/Q Turnover: 10%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Jeremy Grantham' s Profile & Performance

Profile

Jeremy Grantham is the Chairman of the Board of Grantham Mayo Van Otterloo, a Boston based asset management firm. He is regarded as a highly knowledgeable investor in various stock, bond, and commodity markets. Grantham started one of the world's first index funds in the early 1970s. As of early 2009, GMO reported on its web site that it managed more than US $85 billion.

Grantham, Mayo, Van Otterloo & Co. LLC
40 ROWES WHARF
BOSTON MA 02110
617-330-7500

Web Page:http://www.gmo.com

Investing Philosophy

Grantham has built much of his investing reputation over his long career by correctly identifying speculative market "bubbles" as they were happening and steering clients' assets clear of impending crashes. Grantham avoided investing in Japanese equities and real estate in the late eighties, as well as technology stocks during the internet bubble in the late nineties.

Most recently, Grantham began warning about the overvaluation of equity and credit markets in 2006, well before the start of the present crisis.

Total Holding History

Performance of GMO US Intrin.Val. III (GMVUX)

YearReturn (%)S&P500 (%)Excess Gain (%)
201214.415.4-1.0
201110.382.088.3
201011.5915.06-3.5
3-Year Cumulative40.9 (12.1%/year)35.5 (10.7%/year)5.4 (1.4%/year)
200920.526.46-6.0
2008-33.8-373.2
5-Year Cumulative12.4 (2.4%/year)8 (1.5%/year)4.4 (0.9%/year)
2007-3.875.61-9.5
200613.515.79-2.3
20055.984.911.1
200412.76120.8
200329.6828.71.0
10-Year Cumulative90.1 (6.6%/year)99.7 (7.2%/year)-9.6 (-0.6%/year)
2002-15.75-22.16.4
20013.31-11.915.2
200010.67-9.119.8
0000.0

Top Ranked Articles

Ira sohn Investment Conference Notes
Greetings. Yesterday (May 26, 2010) was the 2010 Ira Sohn Investment Conference. The conference is run by Doug Hirsch and Dan Nir and it remembers Ira Sohn, who died of cancer after a brief Wall Street career. The proceeds go to help pediatric cancer treatment centers including, The Tomorrows Children Fund at Hackensack Medical Center and NY Presbyterian Hospital/Weill Cornell Medical Center. You can get more information at http://www.irasohnconference.com/ Read more...
Buffett Indicator and Shiller P/E Both Imply Long Term Negative Market Returns; 2014 Market Valuation
What a great year it was! The market was up 30%, the best year since the go-go years of 1990s.The good news is that our account balance is higher, investors are more bullish. The bad news is that we will see lower future returns. Read more...
Jeremy Grantham Speaks
In an extended interview, Jeremy Grantham, chairman of Grantham Mayo Van Otterloo (GMO), talks to Maria Bartiromo about the markets, the economy, and his investment strategy. Read more...
Stock Market Valuation: October 1, 2011
I started this monthly market valuation series in December 2009. The motivation for the article was that I was getting tired of hearing that the market was overvalued because P/E TTM was 87. This was ridiculous because earnings were deflated by the worst economic crash since the great depression. However, the question was how to value the market from a purely quantitative methodology, while ignoring all the outside noise and macro predictions of where the economy is headed. I looked for several different metrics to evaluate the market which over time have proven to be effective and decided to look at all the metrics, instead of just focusing on the last 12 months of earnings. Read more...
Market Valuations and Expected Returns – Feb. 5, 2014
The U.S. stock market had an excellent 2013. The performance of all three major U.S. stock indexes was the best since the financial crisis in 2008. The S&P 500 and the Dow Jones Industrial Average continually hit historical highs. Yet the real reason for the bull market is nothing less than QE. Though some investors think the fundamentals of the U.S. economy continued to improve, for most Wall Street analysts, the Fed’s $85 billion monthly debt purchase plan is the real driving force behind the bull market. Read more...
» More Jeremy Grantham Articles

Commentaries and Stories

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Success Often Depends on Choosing the Right Investment Horizon - Tocqueville Asset Management
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Why I Feel Bearish About Fastenal
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Kroger Expects Its Strategies to Help It Increase Sales
The Kroger Co. (KR) operates retail food and drug stores, multi-department stores, jewelry stores and convenience stores. One hundred thirty years ago, Barney Kroger opened his first grocery store in Cincinnati, and now is the nation's largest traditional grocer, with more than 2,400 stores under multiple banners across the country. As of Feb. 2, 2013, the company operated, either directly or through its subsidiaries, 2,424 supermarkets and multi-department stores, 1,169 of which had fuel centers. In addition to the supermarkets, as of Feb. 2, 2013, the company operated through subsidiaries, 786 convenience stores and 328 fine jewelry stores. In addition, 81 convenience stores were operated through franchise agreements. More...

LONG, RETAIL, FOOD, DRUG STORES,


  • Currently 5.00/5

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Xerox Embarked on a Series of Acquisitions
Xerox Corporation (XRX), with a market capitalization of $13.11 billion, is among the largest companies in the global document markets. It is a provider of business process and document management. The company is a Business Process Outsourcing (BPO) company engaged in managing transaction processes. More...

LONG, DOCUMENT, XEROX, PRINTING


  • Currently 5.00/5

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We Are Confident About Baxter's Plan to Create Two Separate Health Care Companies
Baxter International Inc. (BAX) develops, manufactures and markets products for people with hemophilia, immune disorders, infectious diseases, kidney disease, trauma, and other chronic and acute medical conditions. The company manufactures products in 27 countries and sells them in more than 100 countries. The company’s operations are comprised of the BioScience and Medical Products segments. More...

LONG, HEALTH, CARE, PHARMA, HEMOPHILIA, IMMUNE, INFECTIOUS, BIOSCIENCE


  • Currently 0.00/5

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Market Will Rise and Then Crash - Jeremy Grantham
A few weeks ago, Jeremy Grantham (Trades, Portfolio), the co-founder of money management firm GMO, called newly appointed Federal Reserve chairman Janet Yellen "ignorant" in the New York Times. He also said the reason for the slow recovery was not the severe financial crisis, continued high unemployment, or the many standoffs in Washington. Instead, he blamed the Fed for ruining the recovery it was supposed to stimulate. To someone who believes in the laws of economics, it's hard to overstate how odd that claim is. It's positively bonkers. More...

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Family Dollar Facing Exogenous Threats
Family Dollar Stores Inc. (FDO) operates a chain of general merchandise retail discount stores, providing consumers with a selection of merchandise in neighborhood stores. The company’s merchandise assortment includes Consumables, Home Products, Apparel and Accessories, and Seasonal and Electronics. More...

LONG, RETAIL, DOLLAR


  • Currently 5.00/5

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Using Technology to Modernize Investors' Portfolio
CA Technologies (CA) is an enterprise information technology (IT) management software and solutions company. The company’s products are designed to operate in a range of IT environments, from mainframe and physical to virtual and cloud. The company has three operating segments: Mainframe Solutions, Enterprise Solutions and Services. More...

LONG, ENTERPRISE, IT, MANAGEMENT, SOFTWARE, SOLUTIONS


  • Currently 5.00/5

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Top Guru-Held South American Stocks Tweedy Browne,Jeremy Grantham - Top Guru-Held South American Stocks
Using the GuruFocus Aggregated Portfolio Screener you can filter results to see what companies maintain the highest amount of guru ownership. By using this screener, we filtered down to see which companies based out of South America were held by the highest number of gurus. More...

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A Bad Seed in the Profitable Advertising Industry
Clear Channel Outdoor Holdings Inc. (CCO) has been a popular investment in the advertising industry so far, as it shares more than 70% of domestic billboard revenue with competitors Lamar Advertising Co. (LAMR) and CBS Corporation (CBS). However, CC Media’s recent holding position of 89% of the advertising firm has made many shareholders uneasy, in addition to bumping the uncertainty rating from medium to high. Therefore, investment gurus Paul Tudor Jones (Trades, Portfolio) and Jeremy Grantham (Trades, Portfolio) reduced their participation in the company, which leaves me wondering what will happen looking forward. More...

ADVERTISING,BILLBOARD,MEDIA,CLEAR CHANNEL OUTDOOR,CBS,DIGITAL BILLBOARDS


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Time to Be Long in a Science Company?
On Dec. 31, Michael Price (Trades, Portfolio) added E. I. du Pont de Nemours and Company (DD) at an average price between $56.94 and $64.65 and currently holds 320,000 shares of the stock with a current value of $21 million in his portfolio. More...

LONG, CHEMICALS, SCIENCE, AGRICULTURE


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A Recovery in the Housing Market Sounds Great for Home Depot
The Home Depot Inc. (HD) is a home improvement retailer. The company operates the Home Depot stores, which stock about 30,000 to 40,000 different kinds of building materials, home improvement supplies and lawn and garden products. The company also provides over 600,000 products through its Home Depot and Home Decorators Collection websites. More...

LONG, RETAIL, HOME-IMPROVEMENT, HOUSING, HD, LOW, LOWE'S, LOWES, HOME DEPOT, JIM SIMMONS, JOEL GREENBLATT


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Natural Gas Will Become a Major Source of Power Generation
Loews Corp. (L) is a holding company with interest in property/casualty insurance (CNA Financial Corp., 90% stake); hotels (Loews Hotels Holding Corp.); offshore oil and gas drilling (Diamond Offshore Drilling Inc., 50%); exploration, production and marketing of natural gas and natural gas liquids (HighMount Exploration & Production LLC); and interstate natural gas pipelines (Boardwalk Pipeline Partners LP, 55%). More...

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Top Consumer Defensive Stocks at the close of 2013 Jeremy Grantham,Donald Yacktman - Top Consumer Defensive Stocks At The Close Of 2013
Using the GuruFocus Aggregated Portfolio Screener you can filter results to see what companies maintain the highest amount of guru ownership. By using this screener, we filtered down to see which companies based out of the Consumer Defensive sector were held by the highest number of gurus. The following five companies come from this industry and are held by the largest number of gurus. More...

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Dover: An All-Around Winner
Looking at profitability is a very important step in understanding a company, since it is —essentially — the reason behind a company’s existence, and a key component in deciding whether to invest in a company or sell out your stocks. In this article I will look at Dover Corporation (DOV)’s earnings, profit margins, profitability ratios and cash flow. In addition, I will evaluate which institutional investors bought the stock in the recent quarters. More...

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Verizon Communications – Could It Be Possible to Have a Negative Dividend Growth?
Verizon Communications Inc. (VZ) is the largest U.S. wireless carrier. The firm also offers wire line and broadband services primarily in the northeastern U.S. The company provided wire line service to a million voice connections, and millions of wireless customers are gained due to the joint venture with Vodafone Group (VOD). The firm's competitors include AT&T Inc. (T) and Sprint Corp. (S). More...

LONG, TELECOM, COMMUNICATIONS, MOBILE, WIRELESS, CARRIERS, CARRIER


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Technology Stocks Held by the Highest Number of Gurus at Year End Jeremy Grantham,Donald Yacktman - Technology Stocks Held By The Highest Number Of Gurus At Year End
Using the GuruFocus Aggregated Portfolio Screener you can filter results to see what companies maintain the highest amount of guru ownership. By using this screener, we filtered down to see which companies from the technology sector were held by the highest number of gurus. The following five companies come from this sector, are based actually all based out of the United States and are held by the largest number of gurus. More...

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GMO White Paper: A CAPE Crusader ─ A Defence Against the Dark Arts by James Montier
Having spent a large proportion of my career prior to joining GMO working at investment banks, I'm well aware of what Andrew Smithers describes as "Stock Broker Economics," the second tenet of which is "The market is always cheap."1 Over the years I've witnessed many attempts by the practitioners of this most dark art to justify why tried and tested measures of valuation are no longer meaningful, or occasionally create new measures of valuation that purport to show the market to be cheap.2 More...

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Why Should You Sell State Street?
State Street Corporation (STT) provides a range of products and services for institutional investors worldwide through its subsidiaries. Considering revenues reported in June 2013, the main products segments were Investment Servicing (66%), Investment Management (11%), and net interest revenue from the company's investment portfolio (23%). At that date, the company had more than $26 trillion of assets under custody and administration and $2 trillion of AUM. The firm's competitors include The Bank of New York Mellon Corporation (BK), JPMorgan Chase & Co. (JPM) and Northern Trust Corporation (NTRS). More...

LONG, INVESTING, FINANCE, FUNDS


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Is 3M Fairly Valued? A Look at Fundamental Value
3M Company (MMM) is a global company that operates as a diversified technology company with manufacturing operations around 70 countries. It was admirable how the company survived to 2008/09 recession, reducing working capital to increase free cash flow and remaining profitable. A key driver of the company is the ability to innovate or acquire new pillars and leverage technology across industries. The firm's competitor includes Johnson & Johnson (JNJ). More...

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