Great interview with Grantham from GMO in this weekend’s Barrrons. My favorite quote:
Barrons: Do you think we will learn anything from all of this turmoil?
G: We will learn an enormous amount in a very short time, quite a bit in the medium term and absolutely nothing in the long term. That would be the historical precedent.
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Nice stats from the guys over at Blackstar Funds:
YTD Performance of:
5-Star Mutual Funds*: -40%
S&P500: -38%
*An average of the 200 largest mutual funds rated 5-stars by Morningstar
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How this bear market compares.
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I had no idea the Tulane B-school students from Ricchiuti’s Burkenroad Reports ran a mutual fund – and they’re doing great!
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From the Wiki from the Panic of 1907:
Despite his ill health, J.P. Morgan testified before the Pujo Committee, facing several grueling days of questioning from Samuel Untermyer. Untermyer and Morgan’s famous exchange about the fundamentally psychological nature banking—that it is an industry built on trust—is oft quoted to this day:
- Untermyer: Is not commercial credit based primarily upon money or property?
- Morgan: No, sir. The first thing is character.
- Untermyer: Before money or property?
- Morgan: Before money or anything else. Money cannot buy it … a man I do not trust could not get money from me on all the bonds in Christendom.
