links for 2011-08-15

Grantham has often been early, the besetting sin of the value investor. Sounding the alarm and bailing out well before the peak of one bubble after another has cost him profits and clients. But if he’s right again and early again in identifying rising commodity prices­ as not just another bubble but as a paradigm shift with far-reaching consequences, then he’s giving us a little more time to come up with thoughtful, humane responses — not that he expects us to.

Following the historic U.S. credit downgrade, Standard & Poor's president Deven Sharma talks about the market sell off, the president's response and why the Treasury might be taking this all so hard.