I would say that financial markets are very inefficient, and capable of extremes of being completely dysfunctional.
Jeremy GranthamBattering down solar cells on the roofs of Wal-Marts in California. I think that will be some of the highest-return investments that anyone ever makes.
Jeremy GranthamThe investment business has taught me โ increasingly as the years have passed โ 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