📖Jeremy Grantham
Lifelong Learning
Knowledge compounds like interest for investors.
The best investors never stop learning. Read voraciously, study history, learn from mistakes, and stay curious about the world. Knowledge compounds like interest.
🏠 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：Continuous learning is a lifelong competitive advantage.
AI Deep Analysis
Get personalized insights and practical guidance through AI conversation
❓ 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
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.
2
Pre-Crisis Housing and Credit Bubble (2007)
Grantham highlighted the U.S. housing and credit bubble, reducing exposure to risk assets while others chased returns in financials and leveraged structures.
✨ Outcome：During the 2008 crash, GMO strategies suffered less drawdown and recovered faster, validating the contrarian, valuation-driven stance.
See how masters handle real scenarios?
30 real investment dilemmas answered by legendary investors
Explore Scenarios →