Jeremy Grantham on Why Bubbles Break and Value Wins (opens in new tab)

Jeremy Grantham’s long career offers a useful reminder that investing is less about elegant theory than repeated encounters with human behavior. Markets change costumes, but greed, fear, and impatience rarely miss an earnings season. His own framework starts with a plain preference for value: “cheap is better than expensive.” That sounds obvious, yet every cycle proves how quickly obvious truths are discarded when prices start levitating.