Who is jeremy grantham gmo

Six months later, the stock market is starting to show some cracks. Grantham spoke with Reuters about this moment of market history. Q: When your letter of warning came out, what was the response like? A: I got a lot of pushback. Waves of Bitcoin freaks attacked me in every way possible. They said my ears were too big, and that I needed to be locked up in an old-folks home. Q: So if we were already in a bubble then, where do things stand right now?

A: Bubbles are unbelievably easy to see; it's knowing when the bust will come that is trickier. You see it when the markets are on the front pages instead of the financial pages, when the news is full of stories of people getting cheated, when new coins are being created every month. The scale of these things is so much bigger than in or in Q: What is your take on equity valuations now?

A: Looking at most measures, the market is more expensive than in , which was more expensive than anything that preceded it. My favorite metric is price-to-sales: What you find is that even the cheapest parts of the market are way more expensive than in Q: What might bring an end to this bubble?

A: Markets peak when you are as happy as you can get, and a near-perfect economy is extrapolated into the indefinite future.

That in turn has crowded out private-sector ownership of private-sector-listed assets and pushed market participants up the risk curve. That has landed markets in a place where not just the U.

And in response, investors are all in — the U. Corporations via stock buybacks, and foreign central banks such as the Bank of Japan and Swiss National Bank, are also buying equities aggressively. Watling agrees with GMO co-founder and market historian Jeremy Grantham that markets are in a bubble. But far from recommending investors get out, he said now is a good tactical opportunity. That eventually will change as commercial banks start lending into the recovery and the jobs market heals.

Longview upgraded its tactical U. Retail sales rose 0. Does my organisation subscribe? Group Subscription. Premium Digital access, plus: Convenient access for groups of users Integration with third party platforms and CRM systems Usage based pricing and volume discounts for multiple users Subscription management tools and usage reporting SAML-based single sign-on SSO Dedicated account and customer success teams.

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