📖Jeremy Grantham
Checklist Discipline
Use checklists to prevent investment oversights.
Use an investment checklist to ensure you don't skip critical steps. Aviation-style checklists prevent costly oversights in investment analysis.
🏠 Everyday Analogy
📖 Core Interpretation
Jeremy Grantham advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency.
💎 Key Insight：Checklists enforce discipline and prevent errors.
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❓ Why It Matters
Without process, there is no reliable feedback loop. Structured execution and review improve decision quality over time.
🎯 How to Practice
Run a decision loop of research, thesis, execution, and post-mortem; document assumptions and update playbooks with evidence, not hindsight bias.
⚠️ Common Pitfalls
Having opinions without execution criteria
Reviewing outcomes but not decisions
Abandoning rules during volatility spikes
📚 Case Studies
1
Housing and Credit Bubble Call (2007)
Grantham labeled 2005–2007 a global housing and credit bubble, slashing exposure to risky mortgage-linked and leveraged financial assets before the crisis hit.
✨ Outcome：Underperformance before mid-2007, then strong relative results during the 2008 crash as portfolios were less exposed to collapsing financials.
2
Dot-Com Bubble Avoidance (1999)
Grantham warned clients about tech stock overvaluation and shifted portfolios away from momentum-driven internet names despite intense client pressure and underperformance.
✨ Outcome：When the bubble burst in 2000–2002, his value-tilted portfolios preserved capital and outperformed tech-heavy benchmarks significantly.
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