The Making of a Permabear: The Perils of Long-term Investing in a Short-term World

by Jeremy Grantham, Edward Chancellor

Raised in a Yorkshire coal-mining town, Jeremy Grantham's iconoclastic investment career was launched into the stratosphere by a few simple buy cheap, watch for bubbles, and stick to your guns when you know you're right.


Grantham created one of the first index funds in the 1970s, pioneered quantitative investment in the 1980s, and embraced emerging markets before other firms saw their potential. He became famous when he accurately predicted and sidestepped a series of bubbles, and his firm skyrocketed to a peak of $155 billion in assets under management. But as his wealth grew, so did his concerns about the deficiencies of capitalism and the unfolding climate crisis. He decided - at the top of his game - to donate nearly all his wealth to environmental protection.


With wit that's as cutting against himself as his critics, Grantham reveals how hunting for bargains requires understanding the inefficiencies of the market and the human behaviour that drives it. Ultimately, Grantham offers a deeply human, often heretical and quietly profound lens on investing today.

Kindle Edition

Expected publication February 5, 2026