Jeremy Grantham

Jeremy Grantham

Last Update: 02-14-2018

Number of Stocks: 575
Number of New Stocks: 109

Total Value: $16,951 Mil
Q/Q Turnover: 9%

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 (%)
201214.416-1.6
201110.382.118.3
201011.5915.06-3.5
3-Year Cumulative40.9 (12.1%/year)36.3 (10.9%/year)4.6 (1.2%/year)
200920.526.46-6.0
2008-33.8-373.2
5-Year Cumulative12.4 (2.4%/year)8.6 (1.7%/year)3.8 (0.7%/year)
2007-3.875.49-9.4
200613.515.79-2.3
20055.984.911.1
200412.7610.881.9
200329.6828.681.0
10-Year Cumulative90.1 (6.6%/year)98.5 (7.1%/year)-8.4 (-0.5%/year)
2002-15.75-22.16.4
20013.31-11.8915.2
200010.67-9.119.8
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...
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
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. 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
» More Jeremy Grantham Articles

Commentaries and Stories

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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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GMO's Jeremy Grantham: Bracing Yourself for a Possible Near-Term Melt-Up (A Very Personal View) The next phase in this long-running bull market may be even more dizzying gains Jeremy Grantham - GMO's Jeremy Grantham: Bracing Yourself For A Possible Near-Term Melt-Up (A Very Personal View)
I find myself in an interesting position for an investor from the value school. I recognize on one hand that this is one of the highest-priced markets in US history. On the other hand, as a historian of the great equity bubbles, I also recognize that we are currently showing signs of entering the blow-off or melt-up phase of this very long bull market. The data on the high price of the market is clean and factual. We can be as certain as we ever get in stock market analysis that the current price is exceptionally high. In contrast, my judgment on the melt-up is based on a mish-mash of statistical and psychological factors based on previous eras, each one very different, so that much of the information available is not easily comparable. It also leans very heavily on a few US examples. Yet, strangely, I find the less statistical data more compelling in this bubble context than the simple fact of overpricing. Whether you will also, dear reader, remains to be seen. In any case, my task in this note is to present the evidence, both statistical and touchy-feely, as clearly as I can. More...

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Micron Could Be the Guru Bargain Stock of 2018 2017 was a great year for Micron and the stock still has room to run David Einhorn,Jeremy Grantham - Micron Could Be The Guru Bargain Stock Of 2018
All the big name money managers seem to own a piece of the American memory and storage technology company, which is also a leading component of the next wave of Internet of Things (IoT) and Artificial Intelligent (AI) devices. What’s even better is that the Micron is currently trading at a pretty low valuation. More...

MICRON, STORAGE, MEMORY, TECHNOLOGY, NAND, DRAM


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5 Undervalued Stocks With Growing Book Value Margins of safety and rising book value per share Jeremy Grantham,Ken Fisher - 5 Undervalued Stocks With Growing Book Value
According to 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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Costco Rises on Earnings Beat Retailer boosted by online sales Chris Davis,Jeremy Grantham - Costco Rises On Earnings Beat
Costco Wholesale Corp. (NASDAQ:COST) reported its performance for the first quarter of fiscal 2018 after the closing bell on Thursday, beating expectations. More...

COSTCO, EARNINGS, 1Q, 2018, BEAT, RISE


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Jeremy Grantham's 3rd Quarter Commentary - Career Risk and Stalin’s Pension Fund: Investing in a World of Overpriced Assets (With a Single Reasonably-Priced Asset) Inside GMO there are three different views on whether and how rapidly the market will revert to its pre-1998 normal Jeremy Grantham - Jeremy Grantham's 3rd Quarter Commentary - Career Risk And Stalin’s Pension Fund: Investing In A World Of Overpriced Assets (With A Single Reasonably-Priced Asset)
Inside GMO there are three different views on whether and how rapidly the market will revert to its pre-1998 normal: James Montier feels it will be business as usual and revert within 7 years. Ben Inker also holds out for a 7 year period, but includes a 33% chance it will revert to a higher average valuation (the “Hell” scenario). I believe that the reversion on valuations will take 20 years, and that profit margins will probably only revert two-thirds of the way back to the old normal. More...

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Four M&A Trades for a Guru Christmas Out of more than 75 deals in the works right now, these are my favorites Jim Simons,Jeremy Grantham - Four M&A Trades For A Guru Christmas
Risk arbitrage is a favorite of top money managers as you'll see by the guru ownership in each of these below. To do it like the Warren Buffetts (Trades, Portfolio) of the world, you need to be comfortable leveraging longer-term cash positions to buy and sell stocks for short-term gains with borrowed money. For example, if you’ve built a $2.84 million portfolio on 10 shares of Berkshire Hathaway (BRK.A)(BRK.B), you would keep that position intact and buy short-term “workout” positions on margin, understanding that if the position went the wrong direction, you may have to liquidate one of your shares -- or pony up the cash for a margin call. That’s why you should follow some simple rules. More...

ARBITRAGE, MERGER, ACQUISITION, MONSANTO, GENWORTH, DISCOVERY COMMUNICATIONS, WARREN BUFFETT, JIM SIMONS, JEREMY GRANTHAM


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6 Undervalued Stocks With Rising Book Value Boston Beer, Cognizant with margins of safety and rising BV/S Richard Pzena,Jeremy Grantham,Pioneer Investments, - 6 Undervalued Stocks With Rising Book Value
According to GuruFocus’ All-In-One Screener, the following companies have grown their book values per share (BV/S) over the past decade. More...

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GMO Commentary: China’s Rising Presence in Emerging Debt Markets By Carl Ross and team Jeremy Grantham - GMO Commentary: China’s Rising Presence In Emerging Debt Markets
Introduction More...

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6 Stocks With Low P/E Ratios Gurus are investing in these companies Jeremy Grantham, John Buckingham, Steven Cohen, Ch - 6 Stocks With Low P/E Ratios
Here are six stocks gurus are buying that are trading with low price-earnings (P/E) ratios. Most of them are fairly valued, according to the DCF calculator. More...

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Jeremy Grantham Paper - The Good Thing About Climate Change: Opportunities As climate change has become increasingly problematic for the world, the investment community is starting to pay attention to the investment risks it poses Jeremy Grantham - Jeremy Grantham Paper - The Good Thing About Climate Change: Opportunities
Executive Summary More...

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Where Oil Prices Are Headed See different things that could ignite a tradable trend in oil in the near future Jeremy Grantham - Where Oil Prices Are Headed
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. More...

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