Market behaviour

Be aware that the market does not turn when market participants begin to see light at the end of the tunnel. It turns when all looks black, but just a subtle shade less black than the day before.

- Jeremy Grantham

Bubbles give back

Bubbles have always given back everything. There have been no exceptions, none.

- Jeremy Grantham

Why people are buying stocks?

Volatility is a symptom that people have no idea of the underlying value - that they have stopped playing the asset game. They're not buying because it's a company with certain attributes. They're buying because the price is rising.

- Jeremy Grantham