FYI: Powerful bull markets like this one, the second longest in American history, can test value investors’ resolve. When a man many consider to be the world’s most perceptive perma-bear appears to change color, other bears take notice.
In May, GMO co-founder and chief investment strategist Jeremy Grantham sent clients a quarterly letter that proved more controversial than most of his provocative missives. Titled “This Time Seems Very, Very Different,” Grantham’s letter immediately grabbed the value investing community’s attention. The piece pointed out that equity prices have spent the last two decades oscillating at multiples 65% to 70% above their 1935-1995 norms on a remarkably consistent basis.
Regards,
Ted
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