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Jeremy Grantham: Only price matters

‘There are no ‘new eras’. The behaviorally driven, inefficient market is full of minor distortions that can usually be helped a lot by governmental action, and a few, very much more important major bubbles and busts in which the rules change and the usual governmental moves are of little or much reduced help. Only price matters and can be depended on in the long run, but sometimes it can be painfully long before rational pricing is restored.”

—Jeremy Grantham.


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