Ready. Aim. Grump.
John Rekenthaler wrote about
a recent letter Jeremy Grantham wrote to shareholders.
In the mighty missive, GMO's
co-founder and chief investment officer grouses about economics ("it has delusions of hardness or what has been called physics envy"), Nobel laureate Eugene Fama
("who conversely provided a rationale for all of us to walk off the cliff with con?dence, the less said the better"), and the Efficient Market Hypothesis
, ("the most laughable of all assumption-based theories"), among other worthy targets.
Rekenthaler himself deems the letter "entertaining stuff, made more entertaining by Grantham's delivery."
And you thought Bill Gross
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