Jeremy Grantham
speaker
906 appearances
3 recordings
2 series
first heard Jun 2026
last heard 30 Jul
Jeremy Grantham’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 3 in all, peaking in Jun 2026 with 2.
Appearances
They've been completely dominant for 20 years, completely kicking ass around the rest of the world.
And then in the last 12 months, emerging markets is up 65%.
Now, the S&P has done much better than I would have guessed, but it's only 25%.
That's a lot less than 65%.
And try and look at where the cycle has been.
And I can tell you, and you can see it for yourself, there has been an enormous cycle in favor of the S&P, in favor of the American market over the rest of the world.
And do you think America is going to keep on gaining on the rest of the world?
And of course, you're going to say yes now, because that's the flavor of this market.
We think that what is good today will continue being good indefinitely, even though history tells you that is absolutely not the case.
We live in a world that tends to rotate from one to the other.
We believe in a world that extrapolates today's conditions.
And you can easily prove that.
The stock market is not efficient.
The stock market extrapolates today's conditions.
If they are terrible in 1982, they will take crushed earnings and multiply it by seven times earnings.
And then in 2000, peak profit margins times, ooh, 35 times earnings.
They double count in the worst way.
When times are good, you multiply it by a lot.
That's another way of saying you extrapolate it into the distant future.
And Keynes, of course, my hero, says, of course, that's extrapolation is the convention you adopt, even though you know from personal experience that the world is not that way.
Showing 541–560 of 906 · page 28 of 46
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