Jeremy Grantham over at GMO has his latest quarterly letter out. Registration is required if you haven't before but it is free and I have never received any email or communication from them. It is a must read.
It is funny to hear Jeremy try to be bullish (he is known as a long term great bear). In general I don't really disagree with him. My mistake has been thinking the market would correct in some form or fashion. Jeremy is adding to the growing chorus that thinks the market climbs between 1000 and 1100. I really don't have a problem with that forecast (in my letter I said 1000). He mentions several reasons that I have mentioned. I just keep thinking there has to be a 10% correction in the market someway somehow before we reach it. I continue to be short and wrong surrounding this thought.
Where I do differ with Jeremy is that I think once we get up there, issues will develop that will cause the market to crumble lower setting new lows in the fall or next year. He thinks the markets will be way overvalued and move back down to a more fair value (around 850).
The newest letter is a must read.
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