Jermy Grantham at GMO is one of the most famous perma bears. He thinks the fair value of S&P500 is 975, but it may over shoot to 585. Read his latest commentary about the lessons learned.
When asked by Barron’s on October 13th if we would learn anything from this ongoing crisis, I answered, “We will learn an enormous amount in a very short time, quite a bit in the medium term, and absolutely nothing in the long term. That would be the historical precedent.”
That is unfortunately likely to be the case. But over the next several years at least, there are many silver linings and valuable lessons to be learned. We have had a generally unattractive and difficult investment environment for the past 10 years. For most of that time we have also had a negative savings rate.
Read the complete letter
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When asked by Barron’s on October 13th if we would learn anything from this ongoing crisis, I answered, “We will learn an enormous amount in a very short time, quite a bit in the medium term, and absolutely nothing in the long term. That would be the historical precedent.”
That is unfortunately likely to be the case. But over the next several years at least, there are many silver linings and valuable lessons to be learned. We have had a generally unattractive and difficult investment environment for the past 10 years. For most of that time we have also had a negative savings rate.
Read the complete letter
Also check out:
