Sometimes there are things we read that we wish we’d written. This quarterly letter from Jeremy Grantham’s investment house is one of them. Both essays here are crucial reads for any investor – particularly given the market we are in today. Ben Inker, who’s taken over as CIO from Grantham covers off inflation risks and what to do about it. The complacency among investors on this topic is mind blowing to me. It’s coming, we just don’t know when. Best to have a plan.
Grantham’s note covers off some ideas around investing in an “overpriced” market. All our valuation work over the last 6-9 months has pointed to a market flush with fully priced assets. There are signs of bubbles all over the place. So, as prudent, value-driven investors, what do we do? Well, Mr Grantham takes a shot at that herein.
As portfolio managers, this read will be well worth spending the hour or two it will take to get through both essays. It will get you thinking about your positions and asset allocations.
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