"What is this big idea?
I’m not saying it’s a big idea. It may be very humble. I noticed a series of deficiencies in the data as typically presented. It’s as if only debt matters, only finance matters, only banking matters. We have been manipulated to see ourselves in a world where those things rule the roost and therefore we have to be protective of the big banks.
Can the Fed take away easy money without jolting the markets?
Who cares? This is the game I’m complaining about. We will prosper by the quality and quantity of our labor and capital. Do not pretend that how they twitch around has any material effect."
That is, the complaints from Gross et al are the whinings of a bunch of welfare queens.
Can always count on Grantham for a nice whine session.
He was whining at Dow 10,000.
Predicted 10 of the last 3 bad markets.
But always good read. Thoughts on the world interesting, despite the lack of correlation to financial performance.
Grantham knows everything about what's going to happen in the world, and is Perma Neutral Bear on Stocks.
Buffett knows nothing about what's going to happen in the world, or doesn't bet on it...and just wins all the time.
Everything Grantham whines about is already discounted.
Breaking news: there are big problems in the world.