Large financial corporations (Goldman Sachs, JP Morgan, Morgan Stanley) will never publicly warn investors to exit overpriced markets because their business model requires constant optimism; therefore, if no serious financial institution is warning of a crash, this is not evidence the market is fairly priced—it simply reflects institutional incentives to always say everything is fine.

causalpending

Speaker

Jeremy Grantham

Evidence Quote

Any big corporation in finance has to tell you that everything is fine all the time...You will never have the Goldman's, JP Morgan's, Morgan Stanley's...tell you to get your tail out of the market...do not think because no one serious is telling to sell out that this means the market is reasonably priced

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

Loading notes...