The market does not turn at tops or bottoms when signs of hope appear; it turns when conditions look bleakest but are slightly less bleak than the day before—a counterintuitive pattern that explains why almost nobody picks market extremes.

factualpending

Speaker

Jeremy Grantham

Evidence Quote

market does not turn when it sees light...turns when all looks black...subtle shade less black...hard to convince yourself

Source

Jeremy Grantham: Lessons from 60 Legendary Years of InvestingThe Master Investor Podcast with Wilfred Frost
Created: 8/12/2026, 6:39:12 PM

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