Grantham identified the bottom of the 2008-2009 financial crisis to within a day or week in March 2009 (the S&P 500 closed at 666), recognizing that valuations were priced to deliver ~12% real returns over 7 years, making it the highest price on their 7-year forecast in 22 years—cheap enough to call the bottom despite being higher than 1974 or 1982 lows.