Investing legend Jeremy Grantham founded one of the first index funds in the 1970s, and in a special Squawk interview, he’s issuing a warning to investors. A permabear, Grantham expects a market decline of 70%, and he’s counseling his team to avoid U.S. stocks. Plus, OpenAI may wait until 2027 to IPO, and Apple is hiking product prices, thanks to rising costs of memory chips. Jeremy Grantham - 16:00 MacKenzie Sigalos - 41:55 In this episode: MacKenzie Sigalos, @KenzieSigalos Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Jeremy Grantham: The Most Expensive Market in American History 6/26/26

Squawk Pod

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[SPEAKER_04] Bring in show music, please.

[SPEAKER_05] Hi, I'm CNBC producer Katie Kramer. Today on Squawk Pod. Investor Jeremy Grantham is a veteran in the field. He founded one of the first index funds in the early 1970s.

[SPEAKER_07] Based on the value of the stock market compared to the GDP with modification. This is the most expensive market in American history.

[SPEAKER_05] And he's a noted contrarian, a perma bear who says bad days are ahead.

[SPEAKER_09] A 70 percent decline you think is in order.

[SPEAKER_07] Yes, I do. And bear in mind, we said a 75 percent decline for the Nasdaq in 2000 in our quarterly letters and it went down 82.

[SPEAKER_05] Grantham's warning in a special interview.

[SPEAKER_07] Avoid U.S. stocks. The rest of the world has looked perfectly fine.

Jeremy Grantham: The Most Expensive Market in American History 6/26/26

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Jeremy Grantham: The Most Expensive Market in American History 6/26/26

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.