Jeremy Grantham, 87, studied economics at the University of Sheffield and attained an MBA at Harvard Business School before entering the investment field in the 1960s. He cofounded GMO, a Boston-based global investment management firm with more than $78 billion under management, in 1977. Known as a contrarian investor with a deep value streak, Grantham is a member of GMO's asset allocation team and serves as the firm's long-term investment strategist. His book, The Making of a Permabear: The Perils of Long-term Investing in a Short-term World, was published in January. Here, Kiplinger speaks with Grantham about short-term patience, long-term opportunities, bubbles and more.
Kiplinger: Why do you call yourself a permabear, at least on the cover of your new book?
