📖Jeremy Grantham
Systematic Investment Approach
A systematic approach ensures consistent investing.
A systematic approach to investing removes emotion and ensures consistency. Document your process, follow your rules, and review regularly.
🏠 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：Systematic processes outperform ad hoc decisions.
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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
Asian Financial Crisis Aftermath (1998)
Grantham applied a value lens to battered Asian and other emerging markets following the 1997–98 crisis, arguing currencies and equities were deeply undervalued versus fundamentals.
✨ Outcome：Positions were volatile short term but generated strong multi‑year returns as economies stabilized and valuations normalized.
2
Brazil and Russia Commodity Slump (2015)
During the commodity price collapse, emerging markets, especially Brazil and Russia, traded at steep discounts. Grantham highlighted mean reversion and demographic tailwinds supporting long‑term value in these markets.
✨ Outcome：Near‑term underperformance was followed by solid rebounds as commodities and risk appetite recovered over subsequent years.
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