Great transformative inventions — railroads, the internet, and now AI — are always accompanied by the belief that they will 'rewrite the rules,' by over-investment, and by a temporary collapse in which most investors lose their shirts, even as the technology genuinely changes the world.

causalpending

Speaker

Jeremy Grantham

Evidence Quote

They were always accompanied by over-investment and temporary collapse, out of which the railroads changed the world, the internet changes the world. This is exactly the case today.

Source

Billionaire investor Jeremy Grantham: This is the most expensive market in American historyCNBC Television
Created: 7/5/2026, 11:28:50 PM

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