GMO Quarterly Letter | 2Q 2010

2Q 2010 GMO Quarterly Letter

Authors

Jeremy Grantham

Mr. Grantham co-founded GMO in 1977 and is a member of GMO’s Asset Allocation team, serving as the firm’s long-term investment strategist. He is the Chairman of the GMO Board of Directors, a partner of the firm, and has also served on the investment boards of several non-profit organizations. Prior to GMO’s founding, Mr. Grantham was co-founder of Batterymarch Financial Management in 1969 where he recommended commercial indexing in 1971, one of several claims to being first. He began his investment career as an economist with Royal Dutch Shell. Mr. Grantham earned his undergraduate degree from the University of Sheffield (U.K.) and an MBA from Harvard Business School. He is a member of the Academy of Arts and Sciences, holds a CBE from the UK and is a recipient of the Carnegie Medal for Philanthropy.

A series for summer essays by Jeremy Grantham:

Portfolio Outlook and Recommendations | Page 1

Finance Goes Rogue (But Volcker Wins a Round!) | Page 3

The Fearful, Speculative Market | Page 4

Everything You Need to Know About Global Warming in 5 Minutes | Page 7

“Seven Lean Years” Revisited | Page 9

Aging Populations, Pensions, and Health Costs | Page 11

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U.S. Opportunistic Value Strategy

Equities

Quality Strategy

Equities

Record Highs…But We’re Still Excited

By Asset Allocation Team

The Great Paradox of the U.S. Market!

By Jeremy Grantham

Horizons Strategy

Equities

Climate Change Strategy

Equities

Jeremy Grantham

Long-Term Investment Strategist, Co-Founder

Tom Hancock

Head of Focused Equity

U.S. Opportunistic Value Strategy

Equities

Quality Strategy

Equities

Record Highs…But We’re Still Excited

By Asset Allocation Team

The Great Paradox of the U.S. Market!

By Jeremy Grantham

Horizons Strategy

Equities

Climate Change Strategy

Equities

Jeremy Grantham

Long-Term Investment Strategist, Co-Founder

Tom Hancock

Head of Focused Equity

2Q 2010 GMO Quarterly Letter

A series for summer essays by Jeremy Grantham:

Register for full access to GMO's Research

U.S. Opportunistic Value Strategy

Equities

Quality Strategy

Equities

Record Highs…But We’re Still Excited

By Asset Allocation Team

The Great Paradox of the U.S. Market!

By Jeremy Grantham

Horizons Strategy

Equities

Climate Change Strategy

Equities

Jeremy Grantham

Long-Term Investment Strategist, Co-Founder

Tom Hancock

Head of Focused Equity

U.S. Opportunistic Value Strategy

Equities

Quality Strategy

Equities

Record Highs…But We’re Still Excited

By Asset Allocation Team

The Great Paradox of the U.S. Market!

By Jeremy Grantham

Horizons Strategy

Equities

Climate Change Strategy

Equities

Jeremy Grantham

Long-Term Investment Strategist, Co-Founder

Tom Hancock

Head of Focused Equity

2Q 2010 GMO Quarterly Letter

A series for summer essays by Jeremy Grantham:

Register for full access to GMO's Research

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