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Wednesday, January 26, 2011

Jeremy Grantham – US Market Outlook 2011

Jeremy Grantham's 4Q Client Letter is out!


Summary of Key points to note:


  1. Be prepared for a strong market, Year 3 of Presidential Cycle typically does well.

  2. But beware. S&P500 worth 910.

  3. If S&P500 rises to 1500 by October 2011, if market and economy could survive small possibilities of double-dips, you shld probably be thinking much more conservatively. It would officially be the latest true bubble!

  4. All famous bubbles broke only after short rates had started to rise. Only a couple broke in midst of declining rates.

  5. If commodity prices rise so large in next few months, governmental policies in emerging markets might put a stop to the global equity bull market.

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