This quarter’s letter from GMO’s Jeremy Grantham doesn’t disappoint – I particularly liked the weighty, truthiness of his intro:

Ugh.

The media loves a soundbite – especially an unambiguously positive or negative one.  Such and such earnings report “beat the Street” or “gave a weaker than expected outlook” will always do in a pinch – the article/segment practically writes itself. But there is something going on this earnings season that is not so Prêt-à-Porter for…

What if one guy had single-handedly sifted through all of those millions of pieces of market-related contents for seven days a week, six years straight, almost without having missed a single day’s worth of intelligence?

72% of S&P stocks have “beaten” this earnings season. So what.

Poll results are in, 52% of money managers bullish.

Video.

Video.

Video.