Investment bubbles and high animal spirits do not materialize out of thin air. They need extremely favorable economic fundamentals together with free and easy, cheap credit, and they need it for at least two or three years. Importantly, they also need serial pleasant surprises in such critical variables as global GNP growth.

I consider most of the talent in the financial world to be suboptimal. It could be better placed earning its living in the real world.

I would say that financial markets are very inefficient, and capable of extremes of being completely dysfunctional.

Jeremy Grantham Quotes