Salient to Investors:

Jeremy Grantham at GMO advises:

  • You don’t know how the important people in your life will behave under pressure.
  • Local cultural differences can be very lasting.
  • Even great ideas can fail.
  • Investing is serious and should not be driven by excitement, as it is for many individual investors.
  • From 1970 to 1990, institutional investors seemed to prefer start-ups to the giant banks, which did so badly in the 1974 decline.
  • It is better to be lucky than good.

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