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Friday, November 22, 2013

Get Off Grantham's Lawn!

News summary by MFWire's editors

Ready. Aim. Grump.

Morningstar's 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 was opinionated. 

Edited by: Tommy Fernandez


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