Jeremy Grantham – An Uncertain Crisis - [Invest Like the Best, EP.177]

My guest today is Jeremy Grantham. Jeremy is the co-founder and chief investment strategist of Grantham, Mayo, & van Otterloo (aka GMO). GMO, which manages more than $60B for clients, was a firm that helped educate me early in my investing career. They’ve long published thought-provoking research, most of which came from Grantham himself. He is regarded as a highly knowledgeable investor in various stock, bond, and commodity markets, but is particularly noted for his prediction of various bubbles. In this conversation we discuss the current crisis, which he calls the fourth major event of his long and storied career as an investor. As he says, this one is the most uncertain. We also discuss unique topics like commodity-based companies, and how opportunity often lies between fields of expertise. Please enjoy our conversation. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag Show Notes (1:37) – (First question) – What keeps him going in investing (2:54) – Changing approaches to managing money over the decades (7:27) – Their investment forecast for major allocations and how that has evolved (10:06) – How to markets compete with FAANG stocks (16:06) – More opportunity for active investors and where (30:55) – How he talks to clients about major stock market events (34:09) – His interest in natural resources/commodities (47:07) – Long term argument for the three natural resources: oil, metals, and food (47:10) – An Investment Only A Mother Could Love: The Tactical Case (52:01) – Specific case for particular metals (56:46) – Areas in the future that excite him or that he wants to learn more about (1:03:42) – Advice for people interested in investing (1:05:15) – Kindest thing anyone has done for Jeremy Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on Twitter at @patrick_oshag