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Stock-market legend who called 3 financial bubbles says this one is the ‘Real McCoy,’ this is ‘crazy stuff’
‘And the chutzpah involved in having a bubble at a time of massive economic and financial uncertainty is substantial,’ says Jeremy Grantham
‘My confidence is rising quite rapidly that this is, in fact, becoming the fourth, real McCoy, bubble of my investment career. The great bubbles can go on a long time and inflict a lot of pain but at least I think we know now that we’re in one. And the chutzpah involved in having a bubble at a time of massive economic and financial uncertainty is substantial.’
That is Jeremy Grantham, co-founder and chief investment strategist at Boston-based money manager Grantham, Mayo, Van Otterloo & Co., offering up a stark warning to speculators driving the stock market to new heights amid the greatest pandemic of the past century.
“This is really the real McCoy, this is crazy stuff,” said Grantham during a Wednesday afternoon interview on CNBC that appeared to knock some of the stuffing out of a market that had been drifting along listlessly on Wednesday.
Gratham painted a very dire picture of the investment landscape in the U.S., suggesting that rampant trading by out-of-work investors and speculative fervor around bankrupt companies, including car-rental company Hertz Global Holdings Inc. HTZ, -3.88%, reflects a market that may be the most bubblicious he’s seen in his storied career.
“It is a rally without precedence,” he told CNBC, noting that the run-up comes amid a period in which U.S. economic health is at a low point, with millions of people out of work and bankruptcies likely to continue to rise due to a slowdown in business activity and closures that have come in the aftermath of lockdowns implemented to curb the spread of the deadly COVID-19 pathogen.
Markets, however, have been busting higher since hitting a low on March 23. Indeed, the Dow Jones Industrial Average DJIA, -0.80% has zoomed 40.5% higher since late March, the S&P 500 SPX, -0.56% has climbed 39% and the technology-heavy Nasdaq Composite Index COMP, +0.03% has soared more than 44% over the period, establishing an all-time high last week for the first time since Feb. 19…..More Here
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