, Columnist
Investing and the Zero-Sum Poker Game
That’s one plausible way to think about financial markets, says Jeremy Grantham.
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Investors should think about markets as if they were spectators watching players at a poker table. Some will win, some will lose, but the net takeaway for the table is zero. That’s the advice of Jeremy Grantham, co-founder of money manager Grantham Mayo Van Otterloo & Co., and this week’s guest on Masters in Business.