As I have mentioned many times on the Berkshire boards, I have been following Grantham for close to 40 years. Grantham writes and then he invests or his firm does, they aren't the same. Although I haven't followed Grantham's investment results for some time now, his firm did apparently achieve returns of 3 percentage points above the market for a long time.

Grantham's firm investment model is far different from his intense writings. I'd be far more inclined to invest the way he invests rather than to run my money the way he writes. In my view investing according to his investment columns would make anyone/everyone act like the man who was swallowed by a while then spit out. Lunatic crazy crap is all you'd be doing if you invest via column verbatim, and that would be nothing but stupid.

The Grantham stuff is a gotch moment, an easy fear sale. Too bad he doesn't take his own advise so we could see how that turns out. Grantham is smart, I admire him. But his stuff is over-thought, and for the most part something to plug in to outlandish expecation curbing or self-control.

As most of you kown I'm not young and I have held many of my stocks now well into 4-5 decades. This hard sale of Grantham is not what you want to be concerned with. Picking the bottom is the game in down markets and those screaming the lowest figure get the most media. And in up markets chanting ownership of the correct "names" (remember valuation no longer matters) is the mandate and get you air (read Cathie) time. Neither picking the bottom nor having the "names" is relevant to successful long term investing.