GMO’s co-founder Jeremy Grantham is a market legend with a deep sense of investing history and intense understanding of market psychology. He is driven by numbers and pragmatic as is evident in his quarterly newsletters and during our conversation at GMO’s Rowes Wharf headquarters that overlooks the Boston Marina. He talks with a poise that can only come when you’ve been there, done that. Right now, he is the strongest voice batting for emerging markets exposure, notwithstanding what he eloquently explains as career risk. As composed as he is, Grantham is not bereft of spontaneity. In the middle of the interview he graciously decides to go hunting for the notoriously hard-to getin-touch-with James Montier. Grantham jokes, “He will tell you what profound disagreements he has with me because he is an unreformed Ben Grahamite”. John Maynard Keynes is a bigger hero for Grantham as he thinks Keynes was a lot more sophisticated and understood career risk and how the real world acts as opposed to how it should act. With great mirth, Grantham also recalls the morning that he was invited to address the annual Ben Graham breakfast at Columbia University. In his words, “I started it with a quote from Julius Caesar, “Friends, Romans, I come to tease Ben Graham, not to praise him and I teased him for half an hour and had fun pointing out how boring he was.”