The market currently exhibits one of the two or three highest price levels in history despite facing multiple severe headwinds: population bust in Japan, South Korea, and China; accelerating climate damage costing roughly 0.5% of global GDP annually with worsening trends; geopolitical instability with Russia and China simultaneously; active wars in multiple locations; and trade war escalation.

factualpending

Speaker

Jeremy Grantham

Evidence Quote

By having one of the two or three highest price markets in the history of the business... And if you think the future looks one of the two or three best futures that we have ever had in the last 100 years, you're smoking dope, right? This is a fraught, dangerous, growth-limiting world.

Source

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

My Notes

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