I would say that financial markets are very inefficient, and capable of extremes of being completely dysfunctional.
Jeremy GranthamThe world is using up its natural resources at an alarming rate, and this has caused a permanent shift in their value. We all need to adjust our behavior to this new environment. It would help if we did it quickly.
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 GranthamProfit margins are probably the most mean-reverting series in finance, and if profit margins do not mean-revert, then something has gone badly wrong with capitalism. If high profits do not attract competition, there is something wrong with the system and it is not functioning properly.
Jeremy Grantham