February 1, 2026
The Making of a Permabear: The Perils of Long-term Investing in a Short-term World
Jeremy Grantham with Edward Chancellor
Jeremy Grantham’s The Making of a Permabear reveals the surprising breadth of a career that pioneered indexing, quantitative analysis, and small cap investing long before they became industry standards. We found his unwavering commitment to mean reversion particularly resonant, even as he candidly addresses the challenge of navigating structurally higher profit margins in the post-GFC era. While sections on environmental activism may drag for those strictly focused on markets, his current argument that U.S. markets are in a "Superbubble" offers a provocative counter-narrative favoring international deep value. For institutional investors, this book serves as both a history of modern asset management and a challenge to reexamine the durability of current market valuations.