Not a lot to say about this piece by Mr. Grantham.
"Sell in May and go away" + oil shock + japanese issue impacting short-term (even though long term he finds the after-effects to be positive).
Those are the basic take aways.
He considers these 3 factors as more relevant than the market does and also thinks the current levels in earnings are to be watched.
2011 05 11 - Jeremy Grantham - Part 2 - Time to Be Serious (and Probably Too Early) Once Again