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The Making of a Permabear The Perils of Long-term Investing in a Short-term World | 8.92 MB
Title: The Making of a Permabear
Author: Jeremy Grantham
Category: Biography & Memoir, Business, Business & Finance, Finance & Investing, Investments & Securities, Personal Finance, Investing
Language: English | 423 Pages | ISBN: 0802167071
Description:
From the renowned iconoclast investor comes a brilliant account of sixty years spent hunting for value and sidestepping bubbles in a changing financial world
When Jeremy Grantham entered the investment business in the 1960s, he brought the thrifty Quaker values and Yorkshire independence he had been raised with. While other money managers were focused on blue chip stocks, he studied stock market history and constructed by hand the first indices for small-cap and value stocks. Charting their ebb and flow, he could see clearly the powerful force that would become central to his investment philosophy: mean reversion, "the heartbreaking principle that good times always revert back to more boring, more ordinary times."
In the early 1970s Grantham was a pioneer of index investing. Soon after, he co-founded GMO and spent the firm's early earnings on a hard drive the size of an industrial washing machine, becoming the first firm to use a computer for investment...
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