Jeremy Grantham does not take any pleasure in watching world markets melt down. Well, perhaps just a little.
This is because back in mid-November, the chairman of the Boston-based money manager GMO was feeling pretty foolish. He had just read in the Financial Times that corporate profit margins were taking a hit from the economic slowdown, and the news sent him into in a rare panic.
The 69-year-old investor had long thought those margins were the last leg propping up a shaky US economy, and if they collapsed, many other things would follow.
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