Jeremy Grantham's Q1 letter is now available on line, see Playing with Fire (A possible race to the old highs).
He also provides a link to an interview he did last week with the Financial Times on bubbling markets around the world. See it here. (Thanks to Jeff H. for the reminder)
Of special note he mentions looming housing bubbles in Australia, the UK (and I would add Canada), as well as commodities and emerging market equities.
“It is not usual that you get a series of bubbles in a period of 10 years.” But thanks to Greenspan and Bernanke, we are in living through outrageously bubbly times.
He suggests that now is a time to be prudent and boring and for money managers to do something “brave” to protect their investors. Of course the bubbles can go on for longer yet before they blow. Handle with care.
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