📖Jeremy Grantham
Deep Understanding Required
Develop deep expertise, not surface knowledge.
Surface-level knowledge is dangerous in investing. Develop deep expertise in your areas of focus. True understanding means knowing what could go wrong.
🏠 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：True understanding includes knowing what can go wrong.
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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
Avoiding the Dot-Com Bubble (1999)
Grantham refused to chase tech and internet stocks despite underperforming peers during the late-1990s mania.
✨ Outcome：Clients owning quality, reasonably valued stocks avoided catastrophic losses when the bubble burst in 2000–2002.
2
High-Quality Stocks in the GFC (2008)
During the Global Financial Crisis, Grantham emphasized financially strong, high-quality companies over leveraged or speculative names.
✨ Outcome：Quality stocks fell less than the market and rebounded faster, preserving capital and compounding strongly in the recovery.
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