Subject: Re: Grantham: In which stage are we?
. what do you say to Grantham and where we are right now? Any Macro opinion?

It's taken me a long time to learn this lesson from Buffett, but the macro doesn't matter. You can't control it, and the world seems ever in danger of ending one way or another, so the focus should only ever be on the value proposition of individual companies. As long as I am focused on creating a portfolio of well chosen equities purchased at a decent margin of safety. I don't expect that portfolio to be unaffected by macro forces, I just expect it to outperform the indexes during those downturns by falling less than the averages.

Focus on companies and ignore the noise. It's that myopia that has made Buffett such a great investor.