Jeremy Grantham bearish for more than a decade and so far wrong
Jeremy Grantham has a new and provocative argument for why the U.S. stock market will produce mediocre returns this year.
Jeremy Grantham has been bearish on the U.S. stock market for more than a decade and, so far at least, he’s been wrong.
Yet Grantham commands a wide following on Wall Street.
Though early in forecasting both the bursting of the internet bubble and the bear market during the global financial crisis, Grantham had the last laugh.
Most stock-market analysts would disagree with Grantham’s current bearishness, but worry that they dismiss his arguments at their peril.
“My prediction is that 2026 is going to see a level of IPO excitement that we haven’t seen in a while. My guess is that at least two of the private giants (OpenAI, Anthropic, SpaceX) will go public, and this is likely to put pressure on the U.S. market later in the year. … Post-IPOs, initially, maybe the market rises, but longer term, as more stockholders are able to monetize, that will create a challenge for the U.S. market.”
Mark Hulbert MarketWatch Feb. 17
Grantham and the Superbubble, januari 25, 2023
This time last year, Grantham made an aggressive call that US stocks were in a true bubble that would soon burst.
https://englundmacro.blogspot.com/2023/01/grantham-and-superbubble.html
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