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Since I was a kid, every Thanksgiving growing up in New York, we always watched 'The March of the Wooden Soldiers' by Laurel and Hardy. Never miss it.

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Jeremy Grantham

There is no single theory that is used in economics that considers the finite nature of resources. Its shocking.

Considers, Economics, Resources, Single, Used
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Investment bubbles and high animal spirits do not materialize out of thin air. They need extremely favorable economic fundamentals together with free and easy, cheap credit, and they need it for at least two or three years. Importantly, they also need serial pleasant surprises in such critical variables as global GNP growth.

Air, Animal, Credit, Gnp, Together, Two

Remember that history always repeats itself. Every great bubble in history has broken. There are no exceptions.

Broken, Bubble, Exception, Exceptions, Remember

Market timing, by the way, is a tag some buy-and-hold investors use to put down anything that involves using your brain. These are the same people who like to watch the locomotive coming and get run down in the name of discipline.

Coming, Names, Running, Use, Using Your Brain, Watch

I believe the only things that really matter in investing are the bubbles and the busts

Believe, Busts, Investing, Matter

Everyone asks about gold. This is the irony: just as Jim Grant tells us (correctly) that we all have faith-based paper currencies backed by nothing, it is equally fair to say that gold is a faith-based metal. It pays no dividend, cannot be eaten, and is mostly used for nothing more useful than jewelry. I would say that anything of which 75% sits idly and expensively in bank vaults is, as a measure of value, only one step up from the Polynesian islands that attached value to certain well-known large rocks that were traded.

Attached, Gold, Islands, Pays, Rocks, Tells
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