This is the part II of Jeremy Grantham's 1Q 2011 letter: Time To Be Serious (and probably too early) Once Again.
Excerpt:
Lighten up on risk-taking now and don't wait for October 1 as previously recommended. But, as always, if you listen to my advice, be prepared to be early!
A word on being too early in investing: if you are a value manager, you buy cheap assets. If you are very "experienced," a euphemism for having suffered many setbacks, you try hard to reserve your big bets for when assets are very cheap. But even then, unless you are incredibly lucky, you will run into extraordinarily cheap, even bizarrely cheap, assets from time to time, and when that happens you will have owned them for quite a while already and will be dripping in red ink.
To read Part 2 of Jeremy Grantham's 1Q 2011 letter, please click the title. To read Part 1 of Jeremy Grantham's 1Q 2011 letter, please click the title.
Excerpt:
Lighten up on risk-taking now and don't wait for October 1 as previously recommended. But, as always, if you listen to my advice, be prepared to be early!
A word on being too early in investing: if you are a value manager, you buy cheap assets. If you are very "experienced," a euphemism for having suffered many setbacks, you try hard to reserve your big bets for when assets are very cheap. But even then, unless you are incredibly lucky, you will run into extraordinarily cheap, even bizarrely cheap, assets from time to time, and when that happens you will have owned them for quite a while already and will be dripping in red ink.
To read Part 2 of Jeremy Grantham's 1Q 2011 letter, please click the title. To read Part 1 of Jeremy Grantham's 1Q 2011 letter, please click the title.
