Jeremy Grantham in Favor Again
Lance on Feb 20 2008 at 11:51 am | Filed under: Absolute Return, Asset Allocation, Great Investors, Relative Return
The Financial Times writes of his feeling of vindication.
Jeremy never falls out of favor here, but then, we are a client.
Inevitably when he is early, as he generally is, people take it as a sign he is wrong, and note the returns he gives up when he frequently goes against the tide. However, the true test of what makes one right is where an investor ends up at the end of the day, not right after breakfast. The same goes for other irritating party poopers (nobody minds when they are positive) such as John Hussman, Ed Easterling and Rob Arnott. Their outstanding results over time are enough for some, others not so much
Their clients are pretty happy with their outstanding long term results. Trailing some years by a small amount and then whomping most people when what they expect to happen comes true leads to some pretty compelling returns, both in relative and absolute terms.
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