This segment was recorded in February 2022 and remains highly relevant.
GMO co-founder and Chief Investment Strategist Jeremy Grantham says there’s a huge commercial imperative for big firms to play right up to the end of this market ‘superbubble.’ Here is a direct video link.
Today, amid all the media hyperbole, stocks remain historically expensive, and portfolio positioning remains skewed to risk assets. Household equity flows are shown below in blue with the S&P 2-year total return in yellow (since 1990, courtesy of Lance Roberts). The bear market bottom lies somewhere ahead when retail will be liquidating. No capitulation selling yet!
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