当然，格兰汉姆从来就不曾是一个死硬的通货膨胀主义者。

To be sure, Grantham up until now hasn't been a die-hard inflationist.

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格兰汉姆表示，若是市场转向下跌，则这些股票至少跌幅也会来得较小，而且它们自身都有相应的优点。

Grantham says that such stocks should decline by less than the market during declines, and are thus worthy of our consideration in their own right.

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在刚刚发布的信件当中，格兰汉姆写道，“现在，我在个人立场上，已经或多或少打算代表通货膨胀派彻底投降了。

In his just-released letter, Grantham wrote: "Well, I, for one, am more or less willing to throw in the towel on behalf of Inflation."

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