The Compound and Friends

chevron_right

Jeremy Grantham: Stop Ruining My Perfectly Good Bear Market

whatshot 94 snips

Jan 23, 2026

Guest

Jeremy Grantham

Jeremy Grantham, co-founder of GMO and a long-time market strategist, shares insights on the current financial landscape. He discusses how prolonged bull markets create a perception of permanent bears and highlights the dynamics of market bubbles. Grantham examines the implications of AI on the market, the importance of sustainable investing, and the widening wealth gap. He also reflects on strategies for navigating market downturns while addressing the emotional toll of being right during crises.

01:25:09

forum

Ask episode

web_stories

AI Snips

view_agenda

Chapters

menu_book

Books

auto_awesome

Transcript

info_circle

Episode notes

insights

INSIGHT

Long Bulls Turn Skeptics Into "Permabears"

Long bull markets make persistent valuation warnings sound like permanent pessimism.
Jeremy Grantham argues markets can stay overpriced for years, turning skeptics into perceived "perma bears".

insights

INSIGHT

Speculative Stocks Crash Before Blue Chips

End-of-bubble behavior often shows speculative names crashing while blue-chips keep rising.
Grantham compares 1929 and 2021 where high-flying speculative stocks tanked before the broader market did.

volunteer_activism

ADVICE

Manage Client Time Horizons Proactively

Recognize clients have short time horizons and career risk drives their decisions.
Manage allocations with client psychology in mind or they will fire you despite long-term correctness.

Get the Snipd Podcast app to discover more snips from this episode

Grantham's New Book and 'PermaBear' Title

01:56 • 2min

chevron_right

How Long Bulls Create 'Perma' Labels

04:01 • 3min

chevron_right

This Bull Market’s Four Phases

06:58 • 2min

chevron_right

End-of-Bubble Market Signals

08:42 • 2min

chevron_right

QuantumScape and 2021 Speculation

10:30 • 1min

chevron_right

Market Downturns: 2022 Losses and Bonds

11:34 • 1min

chevron_right

Grantham on Melt-ups and Minsky

13:00 • 5min

chevron_right

Long Horizons Vs. Career Risk

17:48 • 5min

chevron_right

Value, Momentum, and GMO's Strategy

22:54 • 3min

chevron_right

The Corzine/Goldman Opportunity

25:58 • 3min

chevron_right

Client Behavior and 'Best Portfolio They Can Live With'

28:50 • 3min

chevron_right

Emotional Toll of Being Right During Crises

32:07 • 6min

chevron_right

Market Structure: Passive Flows and Retail Trading

37:46 • 4min

chevron_right

Retail Traders: Learning Through Loss

41:20 • 5min

chevron_right

AI Interrupted the Bear Market

45:56 • 4min

chevron_right

AI Bubble: CapEx and Inventory of Expensive Chips

50:12 • 1min

chevron_right

Margins, Monopoly and the MAG-7 Era

51:33 • 9min

chevron_right

Inequality, Policy, and Citizens United

01:00:11 • 3min

chevron_right

How a Systemic Shock Could Undo Concentration

01:03:20 • 2min

chevron_right

Climate Damage and Population Bust Risks

01:05:40 • 7min

chevron_right

Where Grantham Invests: Geothermal, Fusion, Storage

• Mentioned in 35 episodes

Devil take the hindmost

A History of Financial Speculation

Edward Chancellor

In 'Devil Take the Hindmost,' Edward Chancellor traces the origins of the speculative spirit back to ancient Rome and chronicles its revival in the modern world. The book covers various financial bubbles and crashes, including the tulip scandal of 1630s Holland, the South Sea Bubble of 1720, the railway mania of the 19th century, the crash of 1929, and more recent events like the dotcom bubble and the Japanese bubble economy. Chancellor explores how human psychology and financial practices have led to repeated cycles of speculation and financial instability over the centuries.

#940

• Mentioned in 39 episodes

Scale

The Universal Laws of Growth, Innovation, Sustainability, and the Pace of Life in Organisms, Cities, Economies, and Companies

Geoffrey West

Scale by Geoffrey West explores the hidden mathematical laws that govern growth, life, and evolution across organisms, cities, and companies. Drawing on his background as a theoretical physicist, West reveals how everything from the lifespan of animals to the pace of innovation in cities follows universal scaling laws. He demonstrates that despite their complexity, living systems and human organizations obey predictable patterns that can explain why cities thrive while companies tend to die. Blending insights from biology, physics, and social science, the book provides a scientific framework for understanding sustainability, innovation, and the limits of growth. It’s an ambitious, interdisciplinary look at the underlying principles that shape life and civilization itself.

#5700

• Mentioned in 9 episodes

The Making of a Permabear

The Perils of Long-Term Investing in a Short-Term World

Jeremy Grantham

Edward Chancellor

The Making of a Permabear explores Jeremy Grantham's investment philosophy and career, emphasizing the dangers of long-term investing in a market environment focused on short-term gains. The book combines Grantham's insights with Edward Chancellor's financial journalism to provide a thorough analysis of market cycles, bubbles, and the importance of patience and value investing. It reflects on Grantham's iconoclastic approach and his warnings about market excesses.

On episode 226 of The Compound and Friends, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Jeremy Grantham to discuss: stock market bubbles, the ups and downs of managing money, how the wealth divide has grown so wide, the future of clean energy tech, and much more!

This episode is sponsored by PIMCO. Learn more about PIMCO’s Advisor Forum at https://www.pimco.com/

Sign up for The Compound Newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠instagram.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠twitter.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠linkedin.com/company/the-compound-media/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

TikTok: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠tiktok.com/@thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.

The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information.

Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠⁠⁠⁠⁠

Learn more about your ad choices. Visit megaphone.fm/adchoices

Home Top podcasts Popular guests Top books