In his previous quarterly letter written in January, Grantham said market commentators were too pessimistic on global stock markets, especially the U.S.

This is a factual claim about Grantham's own earlier writing: that in his previous quarterly letter, written in January, he said market commentators were too pessimistic on global stock markets, particularly the US. TRUE if that previous GMO quarterly letter, written in or dated January, says commentators or the consensus were too pessimistic on global stocks, with the US singled out. MOSTLY TRUE if the letter makes that point but the timing differs slightly (e.g. written in late December or early February), or the US is not explicitly singled out. MOSTLY FALSE if the letter only hinted at the view, e.g. noted pessimism without saying it was excessive. FALSE if the letter shows he agreed with or amplified the pessimism, or did not address commentators' tone at all.

Set before the research began.

1. E1 Jeremy Grantham: Ultra-low Resource Prices Are Not Sustainable, U.S. Equity Bubble Update hedgefundalpha.com · 4 February 2016 Own record

   “Looking to 2016, we can agree that uncertainties are above average. But I think the global economy and the U.S. in particular will do better than the bears believe it will because they appear to underestimate the slow-burning but huge positive of much-reduced resource prices in the U.S. and the availability of capacity both in labor and machinery.”

2. E2 Jeremy Grantham: Ultra-low Resource Prices Are Not Sustainable, U.S. Equity Bubble Update hedgefundalpha.com · 4 February 2016 Own record

   “The U.S. and global economies are likely to do significantly better this year than recent opinions predict.”

3. E3 Jeremy Grantham: Ultra-low Resource Prices Are Not Sustainable, U.S. Equity Bubble Update hedgefundalpha.com · 4 February 2016 Own record

   “So the bears can claim this one, although I think with an asterisk because the market was not really going up last year”

The previous quarterly letter, reproduced on 2016-02-04, says the global economy "and the U.S. in particular will do better than the bears believe" (E1). It also says the US and global economies are likely to do significantly better than recent opinions predict (E2). So the letter does say the pessimists were too gloomy and singles out the US, but its point is about economies rather than stock markets. On the bubble question it also concedes a point to the bears (E3). That makes this a close but not exact match to the claim, so it resolves mostly true.