Jeremy Grantham: 'Almost Everything Looks More Attractive Than the US Equity Market'

Jeremy Grantham: 'Almost Everything Looks More Attractive Than the US Equity Market' discusses the GMO co-founder’s views on valuation, bubbles, and investor behavior during a Morningstar podcast tied to his book, The Making of a Permabear. Grantham, who co-founded Grantham, Mayo, Van Otterloo & Company (GMO) in 1977 and serves on its asset-allocation committee and board, speaks with Morningstar’s Amy Arnott alongside co-author Edward Chancellor. The conversation addresses how long-term investors can identify market bubbles, assesses current outlook and valuation risks, and examines issues such as speculative trading and the efficiency of markets. It also covers themes including artificial intelligence hype and where “attractive assets” may still exist, plus climate risks, resource constraints, and demographic changes. The episode is framed as part of broader debate over long-horizon investing in a short-term world, with detailed timing markers for different segments in the recording.