--- title: "Meaning & Key Takeaway of: The pure administration of…" description: "\"The pure administration of Graham-and-Doddery really needs a long-term lock-up like Warren Buffett has, or it will have occasional quite dreadful clien..." image: "https://sms4smile.com/quotes/i/47b/jeremy-grantham-11433_administration_the-pure-administration-of-graham-and-do_1896512.png" --- # The pure administration of Graham-and-Doddery really needs… ![“The pure administration of Graham-and-Doddery really needs a long-term lock-up like Warren Buffett has, or it will have occasional quite dreadful client problems.” quote by Jeremy Grantham](https://sms4smile.com/quotes/i/47b/jeremy-grantham-11433_administration_the-pure-administration-of-graham-and-do_1896512.png) [Download](https://sms4smile.com/quotes/i/47b/jeremy-grantham-11433_administration_the-pure-administration-of-graham-and-do_1896512.png) [Open image](https://sms4smile.com/quotes/i/47b/jeremy-grantham-11433_administration_the-pure-administration-of-graham-and-do_1896512.png) > “The pure administration of Graham-and-Doddery really needs a long-term lock-up like Warren Buffett has, or it will have occasional quite dreadful client problems.” [Jeremy Grantham](https://sms4smile.com/quotes/author/jeremy-grantham/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Long‑term lock‑up structures protect investment firms from short‑term client issues, similar to Buffett’s approach. **In simple terms:** Lock‑up periods shield firms from client problems. Key Takeaway Adopt longer lock‑up periods for stability. Themes investment strategy client management risk mitigation long‑term planning financial stability Mood analytical cautious pragmatic Type financial strategic When to use this quote - private equity funds - mutual funds - hedge funds - venture capital - family offices Key Concepts capital commitment client expectations market volatility Questions to Reflect On - What lock‑up length balances protection and flexibility? - How can firms communicate lock‑up benefits to clients? A Different Perspective May reduce liquidity for investors. ★ ★ ★ ★ ★ No ratings yet [Administration](https://sms4smile.com/quotes/about/administration/) [Long term](https://sms4smile.com/quotes/about/long-term/) [Management](https://sms4smile.com/quotes/about/management/) [Problem](https://sms4smile.com/quotes/about/problem/) ## Related quotes > [“It is better to lock up your heart with a merciless padlock, than to fall in love with someone who doesn't know what they…](https://sms4smile.com/quotes/michael-bassey-johnson/it-is-better-to-lock-up-your-heart-with-a-merciless-padlock-than-to/) [Michael Bassey Johnson](https://sms4smile.com/quotes/author/michael-bassey-johnson/) > [Root out the counterrevolutionaries without mercy, lock up suspicious characters in concentration camps... Shirkers will be shot, regardless of past service.](https://sms4smile.com/quotes/leon-trotsky/root-out-the-counterrevolutionaries-without-mercy-lock-up-suspicious/) [Leon Trotsky](https://sms4smile.com/quotes/author/leon-trotsky/) > [We need more extreme movies in Sweden.Personal projects that are necessarily made for a bigger audience. I think it creates a creative lock-up to…](https://sms4smile.com/quotes/noomi-rapace/we-need-more-extreme-movies-in-sweden-personal-projects-that-are/) [Noomi Rapace](https://sms4smile.com/quotes/author/noomi-rapace/) > [We have to lock up people, without trial, whether they are communists, whether they are language chauvinists, whether they are religious extremists. If you…](https://sms4smile.com/quotes/lee-kuan-yew/we-have-to-lock-up-people-without-trial-whether-they-are-communists/) [Lee Kuan Yew](https://sms4smile.com/quotes/author/lee-kuan-yew/) > [One night she hid the pink cotton scarf from her raincoat in the pillowcase when the nurse came around to lock up her drawers…](https://sms4smile.com/quotes/sylvia-plath/one-night-she-hid-the-pink-cotton-scarf-from-her-raincoat-in-the/) [Sylvia Plath](https://sms4smile.com/quotes/author/sylvia-plath/) > [When I do comedy, my brain sort of locks up in the infinite possibilities. That's where I get sort of lost. I think, "Oh,…](https://sms4smile.com/quotes/ryan-reynolds/when-i-do-comedy-my-brain-sort-of-locks-up-in-the-infinite/) [Ryan Reynolds](https://sms4smile.com/quotes/author/ryan-reynolds/) > [The Waters are Nature's storehouse in which she locks up her wonders.](https://sms4smile.com/quotes/izaak-walton/the-waters-are-nature-s-storehouse-in-which-she-locks-up-her-wonders/) [Izaak Walton](https://sms4smile.com/quotes/author/izaak-walton/) > [When President Clinton starts talking about what is moral, as he did when recommending a national law banning human cloning, it's time for us…](https://sms4smile.com/quotes/cal-thomas/when-president-clinton-starts-talking-about-what-is-moral-as-he-did/) [Cal Thomas](https://sms4smile.com/quotes/author/cal-thomas/) > [But I have learned a thing or two; I know as sure as fate, when we lock up our lives for wealth, the gold…](https://sms4smile.com/quotes/will-carleton/but-i-have-learned-a-thing-or-two-i-know-as-sure-as-fate-when-we-lock/) [Will Carleton](https://sms4smile.com/quotes/author/will-carleton/) > [As far as the hate, it makes me laugh. Everybody is a critic. Every critic I've ever had, they weren't wrestlers. Every wrestler I've…](https://sms4smile.com/quotes/roman-reigns/as-far-as-the-hate-it-makes-me-laugh-everybody-is-a-critic-every/) [Roman Reigns](https://sms4smile.com/quotes/author/roman-reigns/) > [If you want a language that tries to lock up all the sharp objects and fire-making implements, use Pascal or Ada: the Nerf languages,…](https://sms4smile.com/quotes/scott-fahlman/if-you-want-a-language-that-tries-to-lock-up-all-the-sharp-objects/) Scott Fahlman > [Although I consider myself pretty liberal, I'm not against punishment. There's nothing wrong with punishing someone who has done something wrong. Or with public…](https://sms4smile.com/quotes/peter-moskos/although-i-consider-myself-pretty-liberal-i-m-not-against-punishment/) [Peter Moskos](https://sms4smile.com/quotes/author/peter-moskos/) > [But you must still know to respect other people's faith.' 'Why? We don't respect any other delusion. We lock up people who believe they're…](https://sms4smile.com/quotes/michael-arditti/but-you-must-still-know-to-respect-other-people-s-faith-why-we-don-t/) [Michael Arditti](https://sms4smile.com/quotes/author/michael-arditti/) > [Lock up your libraries if you like; but there is no gate, no lock, no bolt that you can set upon the freedom of…](https://sms4smile.com/quotes/virginia-woolf/lock-up-your-libraries-if-you-like-but-there-is-no-gate-no-lock-no/) [Virginia Woolf](https://sms4smile.com/quotes/author/virginia-woolf/) > [And some people, you've got to lock up. If you don't, they're going to hurt you.](https://sms4smile.com/quotes/anonymous/and-some-people-you-ve-got-to-lock-up-if-you-don-t-they-re-going-to/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) ## More by Jeremy Grantham > [The investment business has taught me – increasingly as the years have passed – that people, especially investors (and, I believe, Americans), prefer good…](https://sms4smile.com/quotes/jeremy-grantham/the-investment-business-has-taught-me-increasingly-as-the-years-have/) [Jeremy Grantham](https://sms4smile.com/quotes/author/jeremy-grantham/) > [The stock market is overpriced. Everything is overpriced. Junk is king.](https://sms4smile.com/quotes/jeremy-grantham/the-stock-market-is-overpriced-everything-is-overpriced-junk-is-king/) [Jeremy Grantham](https://sms4smile.com/quotes/author/jeremy-grantham/) > [Some societies are also more optimistic than others: the U.S. and Australia are my two picks Tell a European you think there’s a housing…](https://sms4smile.com/quotes/jeremy-grantham/some-societies-are-also-more-optimistic-than-others-the-u-s-and/) [Jeremy Grantham](https://sms4smile.com/quotes/author/jeremy-grantham/) > [The potential for alternative energy sources, mainly solar and wind power, to completely replace coal and gas for utility generation globally is, I think,…](https://sms4smile.com/quotes/jeremy-grantham/the-potential-for-alternative-energy-sources-mainly-solar-and-wind/) [Jeremy Grantham](https://sms4smile.com/quotes/author/jeremy-grantham/) > [Battering down solar cells on the roofs of Wal-Marts in California. I think that will be some of the highest-return investments that anyone ever…](https://sms4smile.com/quotes/jeremy-grantham/battering-down-solar-cells-on-the-roofs-of-wal-marts-in-california-i/) [Jeremy Grantham](https://sms4smile.com/quotes/author/jeremy-grantham/) > [When it comes to portfolios, my personal advice is for anyone who can, put money into forestry or farmland. Long term, you would probably…](https://sms4smile.com/quotes/jeremy-grantham/when-it-comes-to-portfolios-my-personal-advice-is-for-anyone-who-can/) [Jeremy Grantham](https://sms4smile.com/quotes/author/jeremy-grantham/) > [By background I'm both a Quaker and a Yorkshireman, which I like to call double jeopardy.](https://sms4smile.com/quotes/jeremy-grantham/by-background-i-m-both-a-quaker-and-a-yorkshireman-which-i-like-to/) [Jeremy Grantham](https://sms4smile.com/quotes/author/jeremy-grantham/) > [Volatility is a symptom that people have no idea of the underlying value-that they have stopped playing the asset game. They're not buying because…](https://sms4smile.com/quotes/jeremy-grantham/volatility-is-a-symptom-that-people-have-no-idea-of-the-underlying/) [Jeremy Grantham](https://sms4smile.com/quotes/author/jeremy-grantham/) > [Libertarians believe that any government interference is bad. Anyone with a brain knows that climate change needs governmental leadership, and they can smell this…](https://sms4smile.com/quotes/jeremy-grantham/libertarians-believe-that-any-government-interference-is-bad-anyone/) [Jeremy Grantham](https://sms4smile.com/quotes/author/jeremy-grantham/) > [Think how weird profit margins are: We've got high unemployment and financial crises - and world record profit margins. People think the American market…](https://sms4smile.com/quotes/jeremy-grantham/think-how-weird-profit-margins-are-we-ve-got-high-unemployment-and/) [Jeremy Grantham](https://sms4smile.com/quotes/author/jeremy-grantham/) > [Bubbles have quite a few things in common, but housing bubbles have a spectacular thing in common, and that is every one of them…](https://sms4smile.com/quotes/jeremy-grantham/bubbles-have-quite-a-few-things-in-common-but-housing-bubbles-have-a/) [Jeremy Grantham](https://sms4smile.com/quotes/author/jeremy-grantham/) > [Modern agriculture has been accurately described as a way of turning oil into food. As the price of oil continues to rise, so will…](https://sms4smile.com/quotes/jeremy-grantham/modern-agriculture-has-been-accurately-described-as-a-way-of-turning/) [Jeremy Grantham](https://sms4smile.com/quotes/author/jeremy-grantham/) > [The individual is far better-positioned to wait patiently for the right pitch while paying no regard to what others are doing, which is almost…](https://sms4smile.com/quotes/jeremy-grantham/the-individual-is-far-better-positioned-to-wait-patiently-for-the/) [Jeremy Grantham](https://sms4smile.com/quotes/author/jeremy-grantham/) > [Ridiculous as our market volatility might seem to an intelligent Martian, it is our reality and everyone loves to trot out the 'quote' attributed…](https://sms4smile.com/quotes/jeremy-grantham/ridiculous-as-our-market-volatility-might-seem-to-an-intelligent/) [Jeremy Grantham](https://sms4smile.com/quotes/author/jeremy-grantham/) > [We live on a finite planet. We have finite resources, and we're running out of good, arable land.](https://sms4smile.com/quotes/jeremy-grantham/we-live-on-a-finite-planet-we-have-finite-resources-and-we-re-running/) [Jeremy Grantham](https://sms4smile.com/quotes/author/jeremy-grantham/) [Explore all 60 Jeremy Grantham quotes ](https://sms4smile.com/quotes/author/jeremy-grantham/) ## More Administration quotes > [We need a system that serves our needs, not the needs of others. Remember, under a Trump administration it's called America first. Remember that.](https://sms4smile.com/quotes/donald-trump/we-need-a-system-that-serves-our-needs-not-the-needs-of-others/) [Donald Trump](https://sms4smile.com/quotes/author/donald-trump/) > [While the people retain their virtue and vigilance, no administration, by any extreme of wickedness or folly, can very seriously injure the government in…](https://sms4smile.com/quotes/abraham-lincoln/while-the-people-retain-their-virtue-and-vigilance-no-administration/) [Abraham Lincoln](https://sms4smile.com/quotes/author/abraham-lincoln/) > [If you want to serve in a Trump administration, you're going to serve this country, not yourself.](https://sms4smile.com/quotes/sean-spicer/if-you-want-to-serve-in-a-trump-administration-you-re-going-to-serve/) [Sean Spicer](https://sms4smile.com/quotes/author/sean-spicer/) > [Listen, I have a great affection and respect for Joe Biden. I think he's been a great vice president. He's taken on a lot…](https://sms4smile.com/quotes/david-axelrod/listen-i-have-a-great-affection-and-respect-for-joe-biden-i-think-he/) [David Axelrod](https://sms4smile.com/quotes/author/david-axelrod/) > [I don't believe anyone that I know in the administration ever said that Iraq had nuclear weapons.](https://sms4smile.com/quotes/donald-rumsfeld/i-don-t-believe-anyone-that-i-know-in-the-administration-ever-said/) [Donald Rumsfeld](https://sms4smile.com/quotes/author/donald-rumsfeld/) > [What was unique about me being in City Hall during the Giuliani Administration, I was the only one who wasn't an attorney. I may…](https://sms4smile.com/quotes/joe-lhota/what-was-unique-about-me-being-in-city-hall-during-the-giuliani/) [Joe Lhota](https://sms4smile.com/quotes/author/joe-lhota/) > [The Trump administration launched the cruise missile strikes in Syria, an act of war, without a U.N. resolution or Congressional authorization.](https://sms4smile.com/quotes/peter-bergen/the-trump-administration-launched-the-cruise-missile-strikes-in-syria/) [Peter Bergen](https://sms4smile.com/quotes/author/peter-bergen/) > [The only way I'll ever run a marathon is if I'm involved in the administration.](https://sms4smile.com/quotes/sally-phillips/the-only-way-i-ll-ever-run-a-marathon-is-if-i-m-involved-in-the/) [Sally Phillips](https://sms4smile.com/quotes/author/sally-phillips/) > [Obama spent the first two years of his administration practicing political unilateral disarmament.](https://sms4smile.com/quotes/cenk-uygur/obama-spent-the-first-two-years-of-his-administration-practicing/) [Cenk Uygur](https://sms4smile.com/quotes/author/cenk-uygur/) > [The actions of the University in my case make it abundantly clear that the Administration's rhetoric about Harvard's desire to attract and retain the…](https://sms4smile.com/quotes/margaret-geller/the-actions-of-the-university-in-my-case-make-it-abundantly-clear/) [Margaret Geller](https://sms4smile.com/quotes/author/margaret-geller/) > [In mid-May, the House of Representatives approved the full amount of money that the Veterans Administration said was needed for next year - plus…](https://sms4smile.com/quotes/doc-hastings/in-mid-may-the-house-of-representatives-approved-the-full-amount-of/) [Doc Hastings](https://sms4smile.com/quotes/author/doc-hastings/) > [In 1953, the United States played a significant role in orchestrating the overthrow of Iran's popular prime minister, Mohammed Mossadegh. The Eisenhower administration believed…](https://sms4smile.com/quotes/madeleine-albright/in-1953-the-united-states-played-a-significant-role-in-orchestrating/) [Madeleine Albright](https://sms4smile.com/quotes/author/madeleine-albright/) > [The administration of George W. Bush, emboldened by the Sept. 11 attacks and the backing of a Republican Congress, has sought to further extend…](https://sms4smile.com/quotes/noah-feldman/the-administration-of-george-w-bush-emboldened-by-the-sept-11-attacks/) [Noah Feldman](https://sms4smile.com/quotes/author/noah-feldman/) > [When we criticize in Iran the actions of the government, the fundamentalists say that we and the Bush Administration are in the same camp.…](https://sms4smile.com/quotes/shirin-ebadi/when-we-criticize-in-iran-the-actions-of-the-government-the/) [Shirin Ebadi](https://sms4smile.com/quotes/author/shirin-ebadi/) > [We will finally complete the biometric entry-exit visa tracking system, which we need desperately. For years Congress has required biometric entry-exit visa tracking systems…](https://sms4smile.com/quotes/donald-trump/we-will-finally-complete-the-biometric-entry-exit-visa-tracking/) [Donald Trump](https://sms4smile.com/quotes/author/donald-trump/) [Browse all 1,855 Administration quotes ](https://sms4smile.com/quotes/about/administration/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "The pure administration of Graham-and-Doddery really needs a long-term lock-up like Warren Buffett has, or it will have occasional quite dreadful client problems.", "creator": { "@type": "Person", "name": "Jeremy Grantham" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/jeremy-grantham/the-pure-administration-of-graham-and-doddery-really-needs-a-long/", "about": { "@type": "Thing", "name": "Administration" }, "@id": "https://sms4smile.com/quotes/jeremy-grantham/the-pure-administration-of-graham-and-doddery-really-needs-a-long/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/47b/jeremy-grantham-11433_administration_the-pure-administration-of-graham-and-do_1896512.png", "contentUrl": "https://sms4smile.com/quotes/i/47b/jeremy-grantham-11433_administration_the-pure-administration-of-graham-and-do_1896512.png", "url": "https://sms4smile.com/quotes/i/47b/jeremy-grantham-11433_administration_the-pure-administration-of-graham-and-do_1896512.png", "width": 1080, "height": 1080, "caption": "“The pure administration of Graham-and-Doddery really needs a long-term lock-up like Warren Buffett has, or…” — Jeremy Grantham", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Jeremy Grantham", "item": "https://sms4smile.com/quotes/author/jeremy-grantham/" }, { "@type": "ListItem", "position": 4, "name": "The pure administration of Graham-and-Doddery really...", "item": "https://sms4smile.com/quotes/jeremy-grantham/the-pure-administration-of-graham-and-doddery-really-needs-a-long/" } ], "@id": "https://sms4smile.com/quotes/jeremy-grantham/the-pure-administration-of-graham-and-doddery-really-needs-a-long/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```