Jeremy Grantham Q4 Letter: Pavlov's Dogs

In Jeremy Grantham’s 4Q Letter, he summarizes what went well and not so well in 2010, then looks ahead to 2011, sharing what he believes to be critical issues for investors to focus on. He also continues his series of Letters to the Investment Committee with a piece called “On the Importance of Asset Class Bubbles for Value Investors and Why They Occur.” Must read.

Pavlov’s Bulls (pdf)