Mate,
i have had this problem on two different cars for two different reasons.
First car was an easy fix, just remove the thermostat...its so obvious that it makes you cry in frustration...this was mentioned earlier.
Second one is way trickier. It happend to my last Z so hold on here it is.......
Car ran hot and I couldn't work it out....then by chance due to a leaky water pump I stumbled across the problem.
The aluminium timing cover (the one at the front not the rocker cover) had developed a hole between two water jackets that lay inside the water pump.
So effectively when the pump pumped it heart out all it did was either bypass the engine/radiator or it made it so inefficient that it didint do its job.
If its not a hole its a blockage in one of the cores.
good luck.