Jeremy Grantham

Jeremy Grantham

Last Update: 05-15-2018

Number of Stocks: 567
Number of New Stocks: 87

Total Value: $16,347 Mil
Q/Q Turnover: 11%

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 (%)
201214.415.99-1.6
201110.381.98.5
201011.5915.05-3.5
3-Year Cumulative40.9 (12.1%/year)36 (10.8%/year)4.9 (1.3%/year)
200920.526.35-5.9
2008-33.8-36.793.0
5-Year Cumulative12.4 (2.4%/year)8.6 (1.7%/year)3.8 (0.7%/year)
2007-3.875.14-9.0
200613.515.85-2.4
20055.984.831.2
200412.7610.72.1
200329.6828.191.5
10-Year Cumulative90.1 (6.6%/year)96.8 (7%/year)-6.7 (-0.4%/year)
2002-15.75-21.585.8
20013.31-11.7615.1
200010.67-9.7520.4
0000.0

Top Ranked Articles

Revisiting Buffett’s 1999 Warning: Interest Rates, Orgies and Value Even Buffett makes mistakes occasionally
We thought it would be helpful to review Warren Buffett (Trades, Portfolio)’s argument in 1999 (1), the last time there were very high expectations attached to technology stocks and the overall level of common stock prices. We will reference Buffett’s quotes by the year he said them. The sections labeled 2017 offer our current observations on the markets and thoughts from respected experts. Read more...
The Future of Value Investing As value investing heads into its 2nd century, is it as relevant today as in Ben Graham's time?
Where Oil Prices Are Headed See different things that could ignite a tradable trend in oil in the near future
Oil has been in my “too hard” bucket the last six months. I couldn’t identify any catalyst that could drive it out of its trading range. I mostly expected it to chop around which has turned out to be the case. Read more...
Bubbles, Busts and a Mean Reversion Strategy Jeremy Grantham finds value by waiting for asset classes and individual securities to diverge away from the mean
Bill Miller: The World Has 99 Problems, but the Market Isn't One Discussion of Miller's latest market note
Bill Miller is a very interesting value guru to follow because his portfolio tends to tilt a little bit more toward growth, as opposed to most value guys, who tilt either toward deep value or what I would call quality value. Miller just released his first-quarter 2018 letter. After obligatory remarks about market volatility and the difference between the 2018 market and the 2017 market, Miller gets to the interesting stuff (emphasis mine): Read more...
» More Jeremy Grantham Articles

Commentaries and Stories

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Jeremy Grantham Buys Facebook, Novo Nordisk Top buys are in high-quality companies with a proven track record of profitability Jeremy Grantham - Jeremy Grantham Buys Facebook, Novo Nordisk
Investor Jeremy Grantham (Trades, Portfolio)’s Boston-based asset management firm established two major new positions in the early months of the year. More...

EARNINGS, PHARMACEUTICALS, DIABETES. SOCIAL MEDIA GIANT, GMO, PROFITABILITY, SHAREHOLDER VALUE


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Ben Inker's 1st Quarter GMO Letter: Is Investing Starting to Get Difficult Again? I Hope So In the first three months of 2018, volatility rose and correlations between stocks and bonds shifted Jeremy Grantham - Ben Inker's 1st Quarter GMO Letter: Is Investing Starting To Get Difficult Again? I Hope So
Executive Summary More...

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Twitter Slumps Following Earnings Beat With Outlook Caution Twitter did great but says the pace can't continue David Einhorn,Jeremy Grantham - Twitter Slumps Following Earnings Beat With Outlook Caution
Twitter (NYSE:TWTR) shares fell 4.25% Wednesday afternoon after the company reported first-quarter results ahead of analysts’ expectations early in the morning. More...

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Bill Miller: The World Has 99 Problems, but the Market Isn't One Discussion of Miller's latest market note Jeremy Grantham - Bill Miller: The World Has 99 Problems, But The Market Isn't One
Bill Miller is a very interesting value guru to follow because his portfolio tends to tilt a little bit more toward growth, as opposed to most value guys, who tilt either toward deep value or what I would call quality value. Miller just released his first-quarter 2018 letter. After obligatory remarks about market volatility and the difference between the 2018 market and the 2017 market, Miller gets to the interesting stuff (emphasis mine): More...

LONG, EQUITIES, MARKET, TRUMP


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Go West, Young Investor…But Go Wisely: Intelligent Investing in an Unintelligent Landscape GMO Asset Allocation Insights, by Rick Friedman Jeremy Grantham - Go West, Young Investor…But Go Wisely: Intelligent Investing In An Unintelligent Landscape
“Go West, young man” was advice popularized in the late 1800s by the American author and newspapereditorHoraceGreeleyinregardstoAmerica’sWestwardExpansion. 1Greeley“sawthefertile farmland of the west as an ideal place for people willing to work hard for the opportunity to succeed.”2 Potential success, measured in terms of productive land to farm, luxurious furs to trap, and of course shiny gold to pan, enticed many Western settlers to take significant risks. More...

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Avon Gives Board a Makeover With New Member Cosmetics company avoids proxy fight with activist investor Charles Brandes,Jeremy Grantham - Avon Gives Board A Makeover With New Member
In an effort to avoid a proxy fight with shareholders, cosmetics company Avon Products Inc. (NYSE:AVP) disclosed on Monday it is giving a board seat to activist investment firm Barington Capital. More...

AVON, COSMETICS, BARINGTON CAPITAL, BOARD, PROXY, ACTIVIST, INVEST


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Check Point Software: Is This Dip a Tip? A minor pullback may signal an entry opportunity for this cybersecurity stock Caxton Associates,Jeremy Grantham - Check Point Software: Is This Dip A Tip?
With all the talk of hacking recently, one might expect companies like Check Point Software Technologies (NASDAQ:CHKP) to be posting new highs. But neither Check Point nor its peers in cybersecurity have done so lately. What’s up? More...

CHECK POINT SOFTWARE, CYBER SECURITY, CYBER HACK, MACPHERSON MODEL, DEBT, ROA, ROE, ROC, DISCOUNTED CASH FLOW, DCF, FREE CASH FLOW, EARNINGS, INTRINSIC VALUE, EQUIFAX, PIONEER INVESTMENTS, KEN FISHER,


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GMO Commentary - ESG: Improving Your Risk-Adjusted Returns in Emerging Markets By Binu George and Hardik Shah Jeremy Grantham - GMO Commentary - ESG: Improving Your Risk-Adjusted Returns In Emerging Markets
Introduction More...

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Broadcom Withdraws Bid to Buy Qualcomm Following Presidential Block Deal thwarted on national security concerns Andreas Halvorsen,Jeremy Grantham - Broadcom Withdraws Bid To Buy Qualcomm Following Presidential Block
Following President Donald Trump’s decision to block Broadcom Ltd.’s (NASDAQ:AVGO) proposed $117 billion acquisition of Qualcomm Inc. (NASDAQ:QCOM) on Monday, the Singapore-based semiconductor company officially withdrew its bid on Wednesday. The company also withdrew its nominees for Qualcomm’s board of directors. More...

BROADCOM, QUALCOMM, ACQUISITION, TRUMP, REGULATIONS, NATIONAL SECURITY


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GMO Emergy Equity Insights: Contemplating Value in Emerging Markets Intelligently, With a Little Help from Ben Graham By Amit Bhartia and Matt Seto Jeremy Grantham - GMO Emergy Equity Insights: Contemplating Value In Emerging Markets Intelligently, With A Little Help From Ben Graham
Executive Summary More...

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GMO Asset Allocation Insights: Trade Wars Are Bad, and Nobody Wins By Ben Inker Jeremy Grantham - GMO Asset Allocation Insights: Trade Wars Are Bad, And Nobody Wins
Yesterday’s announcement by President Trump of imminent tariffs on steel and aluminum imports was taken poorly by global stock markets. Perhaps in an attempt to convince investors this was an incorrect response, early this morning he tweeted that “trade wars are good, and easy to win.” He is wrong, and beyond the simple fact of his wrongness, a trade war is probably more dangerous for investors at this time than at any other time in recent history given the implications it would have for inflation, monetary policy, and economic growth. The only positive from the tariffs is that it is a windfall profit increase for U.S. producers of steel and aluminum, which is at least positive for them. It is unlikely to cause any material increase in U.S. capacity to produce steel and aluminum and therefore unlikely to lead to many additional jobs even in those sectors. The negatives are much more significant. I believe these tariffs on their own will push inflation higher, and higher inflation is a threat to the valuations of more or less all financial assets today (see GMO Quarterly Letter, 3Q 2017: “What Happened to Inflation? And What Happens If It Comes Back?”). But the greater threat More...

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GMO Quarterly Letter: Don’t Act Like Stalin! But Maybe Hire Portfolio Managers That Do? Fourth quarter letter from GMO's Ben Inker Jeremy Grantham - GMO Quarterly Letter: Don’t Act Like Stalin! But Maybe Hire Portfolio Managers That Do?
In Jeremy Grantham (Trades, Portfolio)’s 2017 third quarter letter, he posed a question: What should you do if you are tasked with managing Stalin’s pension portfolio? The specific scenario he painted was that Stalin has ordered you to achieve inflation plus 4.5% on his pension assets over the next decade. If you succeed, you get a nice dacha on the Black Sea and a pension of your own. If you fail, you get shot. It is an entertaining problem set-up, and for the more quantitative among us, leads to a refreshingly simple utility function – maximize the probability of meeting or beating the target return. But if Stalin actually had any intention of living off of his pension, it is a lousy ultimatum to give his chief investment officer (CIO). It completely ignores the impact of magnitudes, and magnitudes matter. Barely missing the goal and achieving 4.4% above inflation is importantly different than returning 15% below inflation, and for Stalin, they are the same More...

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Jeremy Grantham's 3 Top Picks of the Quarter The prescient investor chose Shake Shack, a South Korean equity index and an aerospace company about to become part of Northrop Grumman Jeremy Grantham - Jeremy Grantham's 3 Top Picks Of The Quarter
Legendary value investor Jeremy Grantham (Trades, Portfolio) has disclosed his three largest stock picks for the final months of the year. More...

RESTAURANTS,AEROSPACE,EARNINGS,SHORTINTEREST,ACQUI


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GMO's James Montier: The Advent of a Cynical Bubble That the US equity market is obscenely overvalued can hardly be news to anyone Jeremy Grantham - GMO's James Montier: The Advent Of A Cynical Bubble
That the US equity market is obscenely overvalued can hardly be news to anyone. Even a cursory glance at Exhibit 1 reveals that we are now at the second most expensive level of the Shiller P/E ever seen – surpassed only by the TMT bubble of the late 1990s! More...

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Richard Pzena’s Top 5 New Buys of the 4th Quarter Guru reports quarterly portfolio Charles Brandes,Jeremy Grantham - Richard Pzena’s Top 5 New Buys Of The 4th Quarter
Pzena Investment Management leader Richard Pzena (Trades, Portfolio) released his fourth-quarter portfolio last week, disclosing he opened nine new positions. More...

PZENA, BUYS, 4Q, 2017


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Jeremy Grantham: Buy Emerging Markets and Momentum In typical value investor fashion, Grantham advocates rotating out of the U.S. into emerging markets and buying a few momentum stocks Jeremy Grantham - Jeremy Grantham: Buy Emerging Markets And Momentum
The most popular article I've written for GuruFocus this month happened to be, "Are We Heading Into a 50% Melt-Up?" In that note I discussed Jeremy Grantham (Trades, Portfolio)'s recently released quarterly commentary where he makes an unusual and brave call for the potential of a market melt-up at a time where value investors as a group are very wary of the market. Grantham is too but he believes the chances that we will see a melt-up before a serious downturn are good. More...

LONG, CYCLICAL, MARKET, MACRO MOMENTUM


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Should You Focus on Asset Allocation or Stock Picking? A discussion of the difference First Pacific Advisors,Jeremy Grantham - Should You Focus On Asset Allocation Or Stock Picking?
There are investment services like Pure Financial Advisors that reject stock picking and market timing. Instead they view asset allocation as the prime determinant of returns. Believing in the importance of investment research, they champion factor-based strategies. On the other end of the spectrum there are firms like First Pacific Advisors (Trades, Portfolio) who believe in value investing, stock picking and market timing. The disparity of approaches shows how difficult it is to say whether it is asset allocation that really matters or stock picking. More...

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Six Stocks That Are Beating the Market Ametek, American Tower among companies that have beated the S&P 500 over the past year Chuck Akre,Jeremy Grantham - Six Stocks That Are Beating The Market
According to GuruFocus' All-in-One Guru Screener, the following are some of the stocks that have outperformed the Standard & Poor's 500 Index over the last 12 months and were bought by gurus during the last quarter. More...

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Five Cheap Stocks With Growing Book Value Undervalued Stocks boosting their BV/S Columbia Wanger,Jeremy Grantham - Five Cheap Stocks With Growing Book Value
According to the GuruFocus All-In-One Screener, the following companies have grown their book value per share (BV/S) over the past decade. More...

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6 Companies Growing Revenue and Earnings Lincoln National tops the list Caxton Associates,Jeremy Grantham - 6 Companies Growing Revenue And Earnings
According to the GuruFocus All-In-One Screener, the following companies have grown their revenues and earnings over the past several years. More...

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