Investment bubbles and high animal spirits do not materialize out of thin air. They need extremely favorable economic fundamentals together with free and easy, cheap credit, and they need it for at least two or three years. Importantly, they also need serial pleasant surprises in such critical variables as global GNP growth.
Jeremy GranthamBy background I'm both a Quaker and a Yorkshireman, which I like to call double jeopardy.
Jeremy GranthamYou can't run the economy on BMWs alone. If the average person is in a pickle, how do you have a healthy economy?
Jeremy GranthamModern agriculture has been accurately described as a way of turning oil into food. As the price of oil continues to rise, so will the price of food.
Jeremy GranthamThe investment business has taught me – increasingly as the years have passed – that people, especially investors (and, I believe, Americans), prefer good news and wishful thinking to bad news; and that there are always vested interests to offer facile, optimistic alternatives to the bad news.
Jeremy Grantham