Bubbles can overshoot well beyond two sigma — some rose to two-and-a-half sigma and Japan reached almost three sigma — which is the practical problem because a client's patience runs out before the bubble finally breaks.

factualpending

Speaker

Jeremy Grantham

Evidence Quote

they can be painfully higher than just two sigma. And that's the problem. Because the client's patience is not quite as long.

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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