Transcript
Introduction
Patrick
My guest today is Jeremy Grantham. Jeremy is the Long-Term Investment Strategist and Co-Founder at GMO. Jeremy has an encyclopedic knowledge of the history of markets, which made it such a pleasure to have him back on the show. In this conversation, we discussed the three key signs of a market bubble, why Jeremy believes we're in a bubble right now, and how it's being led by retail rather than institutional investors. We close with the important role that demographics and productivity will play over the next few decades across the world. Please enjoy my conversation with Jeremy Grantham.
Today's Market Bubble
Patrick
So Jeremy, I've been excited to do this with you again. The last time we spoke in early July of last year, we were still in the throes of the early stages of the pandemic, and the market was about 35% below where it sits today. Not a whole ton has improved about the economy, the market has done quite well. And the topic of our conversation today, I think is going to be your view on the state of this equity market, and its potential to be in the bubble category with some of the great bubbles that you've studied as a market historian. So to begin, I would just love to hear your broad market perspective, through what lenses you're viewing this market and what history might teach us.