Jeremy Grantham, co-founder and long-term strategist of GMO, has a long history of calling bubbles. As he recounts in his new memoir, The Making of a Permabear: The Perils of Long-Term Investing in a Short-Term World, that includes spotting the dot-com bubble of the early 2000s, which some people see as analogous to the current excitement over AI. And when it comes to today&#x27;s market, there are a lot of signs of frothiness you could point to. In this episode, we speak to Grantham about how he sees markets right now, including a watershed change for Big Tech stocks, the signs he watches out for to spot when a bubble might burst, and what really keeps him up at night.<br>Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — plus unlimited access to the site and app. Sign up at bloomberg.com/subscriptions/oddlots<br>See omnystudio.com/listener for privacy information.

Jeremy Grantham on How to Tell If a Bubble Is About to Burst

Odd Lots

# Full Transcript

**Podcast:** Odd Lots

## Participants

- **Tracy Alloway** (Bloomberg)
- **Joe Weisenthal** (Bloomberg)
- **Jeremy Grantham** (GMO)

## Transcript

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Bloomberg Audio Studios. Podcasts. Radio. News. Hello and welcome to another episode of the Odd Lots. I'm Tracy Alloway. And I'm Joe Weisenthal. Joe, I have a headline for you. Go on. This is a good day for headlines. You probably... We're recording this June 16th. You have a lot of headlines you could... That's right. ...you could choose from.

But one in particular... Yeah. I'm sure you saw this already. SpaceX extends gain to 17% set to overtake Microsoft in value. I had a feeling... I think at some point, did they also overtake Amazon? Yeah, I think so. Like all of those? Yes. I think in the last week... I mean, we were traveling the week of the SpaceX IPO. I know. But it just captivated everyone day after day. And there are any number of superlatives...

You know, at Bloomberg, we really like superlatives. It's like the largest gain since X or the biggest. And I... These are more stats than superlatives, right? Well, I suppose. But there was also one I saw, I guess, yesterday. So June 15th was the world's 500 richest people collectively added $366 billion to their wealth. It was the single biggest... The numbers get...

Jeremy Grantham on How to Tell If a Bubble Is About to Burst

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Jeremy Grantham on How to Tell If a Bubble Is About to Burst

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.