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Today on the podcast, we’re delighted to welcome back Jeremy Grantham to discuss his book, The Making of a Permabear: The Perils of Long-term Investing in a Short-term World, which he co-authored with Edward Chancellor. Jeremy is the long-term investment strategist at his namesake firm, Grantham, Mayo, Van Otterloo & Company, or GMO, which he co-founded in 1977. He serves on GMO’s asset-allocation committee and board of directors. Prior to GMO, Jeremy was co-founder of Batterymarch Financial Management and, before that, was an economist at Royal Dutch Shell. He earned his undergraduate degree from the University of Sheffield and his MBA from Harvard University. Jeremy is a member of the Academy of Arts and Sciences, holds a CBE from the UK, and is a recipient of the Carnegie Medal of Philanthropy. In 1997, he and his family started the Grantham Foundation for the protection of the environment, which supports research and action to address climate change.
Episode Highlights00:00:00 Writing Permabear With Edward Chancellor
00:06:44 Value Investing and Identifying Market Bubbles
00:15:07 Current Market Outlook and Valuation Risks
00:20:28 Value Discipline, SpaceX’s IPO, and Past Market Bubbles
00:27:26 Speculative Trading, Indexing, and Zero‑Sum Markets
00:34:24 Market Inefficiencies, Small-Cap Stocks, and the Greater Fool Theory
00:43:27 Artificial Intelligence Hype, Attractive Assets, and Market Pessimism
00:47:02 Climate Risks, Resource Constraints, and Shrinking Populations
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If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
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