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all right so jeremy grantham said the market bubble will burst in the next couple weeks or months i haven't read the article we'll read it together uh jeremy grantham the perma-bear the big uh thing who the guy who thinks that we're all going to die under a pit of global warming and climate change yeah i guarantee jeremy grantham takes a private chat though guarantee all right so take a look here jeremy grantham big lib big climate change uh guy fear monger i just i'm embarrassed for these people that uh they say we're all gonna die from a uh you know pit of global warming and climate change as they're flying all around the world in their private jets jeremy grantham the market bubble will burst in weeks or months jeremy grantham has made a science of studying asset bubbles correctly predicting the path of japanese.com and housing overvaluations did he today's because he's been talking about the u.s bear market for years all right today's bubbles in equities is unlike any other he says but a burst in weeks if not months or months if not weeks he's the founder for boston-based firm gmo uh they manage billions of dollars man and all given to left-wing people it's i tell you this is why the idea of the investment industry is right-wing is nuts they're not uh he was interviewed by a webinar by a guy who's a co-investment office evoke wealth and heiress consulting we're in a bubbles is grantham but it's unlike any other the excessive bubbles of history took an economic situation and extrapolated that in the future based on assumption that today's perfect conditions will continue but doing that today leads to the opposite of a bubble he said given the p e ratios at the highest 15 percent of historical values values despite the dismal economy everything is overpriced he said but there's no way to say when they'll peak to call that peak is to look uh as it is useful to look for signs of crazy behavior that was not lacking the rally off the cover the low that was a late stage rally with rapid surge in prices another sign of craziness is the flood of interest in special purpose acquisition companies which are based on the proposition to give me your money and trust and i'll do something useful with it well i don't even know what special purpose acquisition companies are so is there craziness among regular investors not that there's a true testimonial to the speculative nature of the market see this is a problem with guys like jeremy grantham uh they're so in their bubble they don't know what regular people are going through and believe it or not regular people still control a lot of assets now me specifically no but me and you and pablo and that guy over there and they're combined in our 401ks and our tsps and our iras we control a boatload of money man that's a fact and so the idea that we're all we want special purpose acquisition i don't know what those things are spax yes yes back special per purpose acquisition companies uh let's see the real testimony is the speculative nature of the market he had the same is true the valuations of hertz and tesla the latter of which he called the great company but unjustifiable today's stock price the stores are everywhere and what you need for a bubble and the stories are everywhere and are what you need for a bubble to break but he said there's an indicator that but does not offer certainty that we are close to the break it could be weeks or months okay well he just weeks or months is pretty close to the break you cannot be assertive as the prior bubbles those bubbles were due for near certain collapse my bet is that reality will catch up with the high pes according to grantham a high pe is intrinsically dangerous and risky situation that relies on investor confidence if you break the confidence are way overpriced you are looking at substantial declines he runs a family foundation as a focus on green energy investments where much of his time energy and passion is focused but he studies the market intensely the interview is focused on a climate change in the capital markets rising sea levels present existing existential threat to the percentage of the global population the rising sea levels present an existential threat to a large percentage of the global population over the next century he predicted that countries in africa will be destabilized the big chunks of the indian subcontinent will be devastated we'll go from one half percent of the planet being uninhabitable to 17 mostly near the equator 2 billion people primarily in bangladesh pakistan india will lose their homes five out of the nine million people on earth will be threatened he said that will lead to immigration and pressure on europe why will they get hit with sea level rises and will become a big geopolitical risk and real threat to the well-being of society these guys are freaking nuts man but humans are completely capable of handling it yet in real life we don't behave well because we fly around private jets come here come here come on good boy all right there we go uh we uh those who understand except the threat of climate change need to do everything in their power to use their influence through political media advocacy you can never do too much i guarantee i bet jeremy grantham is uh donating to the icl the imperial college of london we'll find out put that on the side real quick in 2007 he wrote a paper about climate change since it was clear to him that we'd be troubled for oil stocks oil has gone for 25 percent of the market capitalization of the uh s p 500 1982 to two and a half percent which he said was the biggest loss in value in the history of the major groups in the index he acknowledged they could never predict when that collapse happened so he wrote that in 2007 but 1982 i mean so he's saying look i said this in 2007 when 1982 oil was 25 of market capitalization now it's two and a half percent all right well he wrote in 1987 which is 22 years 25 years after it started going down i mean does that mean oil stocks are actually i mean literally think about it does that mean oil stocks are actually lost leaders i mean actually lost or has been other things capitulated above it this whole thing these guys are freaking idiots man i'm sorry so oil used to be 25 percent of the s p 500 a rising tide lifts all boats so the s p 500 rises oil is still rising but it's rising at a decelerating pace relative to the other things that are taking over financial companies and particularly because of things of the free market capitalistic we thought mentality of the wall street but we've gone from main street to wall street has such finance companies that particularly have dominated the s p 500 and technological companies too as technology has exploded it's not a bad thing man not a bad thing at all it's not as if oil stocks have just lost value since 1982 it's just freaking stupid man uh you were on the wrong side of history if you own oil is that true he called that a great demonstration long-term slow burn of an industry that's what the rest of climate change looks like now uh we will win the questions whether the world will still be living in uh he uh he said he has been dragged into politic democratic administration uh will embrace deficit as well as green spending which he said would be great well why jeremy you freaking do all the green spending man why do you need my tax dollars to spend you got billions of dollars they'll give a shock to the economic system that drive us out of the dreary slow growth rates of the last two decades the developed world had been losing his growth and age uh okay so he's a big fan of venture capital especially investments in green technology uh i guarantee he's contributing big time to world economic forum green venture capital will have very high return areas like wind of solar and electric cars all right uh central banks the fed are i guarantee is big on masks and everything too i guarantee it all right so i'm sick of this guy so uh do not let conservative politicians and some economist persuade you that debt is a bone crusher it is not um okay so he said i've been dragged into politics i didn't want to but they needed me they needed me bill gates and all these other rich guys do not a conservative politician so some economists perceive you that debt is a bone crusher uh he is not intimidated by leverage only by interest cost coverage the entire corporate system is in pretty good shape okay bring on the left-wing democrats let's make sure it's done right i don't mind a little inflation doesn't threaten the economy it threatens pes no threatens bonds that would have inflation uh so he's a big lefty fiscal spending can reasonably lead to inflation all right um he's recommended avoiding u.s equities and phase emerging markets okay so he he just uh he doesn't like i i don't care so let's take a look at uh let's take a look at grantham hold on just a second serious says the man who called the 2008 financial crisis how many many people call the 2008 financial crisis because he's been bare the whole time a broke clock is right twice a year a day i said the stock market will break a lot of hearts in the next 20 years that's what's in 2019.
okay let's keep going down here but january of 2018 what did jeremy uh grantham say stocks could be heading for a melt up grantham's long known for his bearer's views that the market's next move could take stocks higher dramatically higher well what happened in 2018 the stocks fell 2019 they went up and we just talked about how we said in 2019 that he says it could be ugly so let's keep the gmo seven year asset class real return focused uh forecast and uh starting in two in july of 2018 u.s large cap stocks they predicted the annual rate of return of negative 4.9 percent u.s high quality small caps negative 2.3 emerging markets 2.7 on the positive so he said we would lose uh 4.9 percent on average in 2018 for the next seven years which obviously has not happened it could emerging debt would i mean so look at this you've got uh emerging markets and emerging debt are the only asset class other than the cash to net next uh positive returns for the next seven years as in 2018.
ironically enough he said in 2018 i just showed you that the market was going to melt up so what's going on here um uh gmo is notoriously extreme about their predictions because they spend a lot of time on uh on dissecting historical market bubbles yep and here's 2010 asset class uh on the other hand there are seven here asset class forecasts from 2010 uh us equities large cap would average real point four percent uh small caps negative 1.9 international equity is negative 1.4 emerging markets 4.1 and u.s high quality whatever that is an average of 4.9 all right so these guys are just fools i mean look at that's their 10-year seven-year asset class forecast in 2010.
uh and here are the actual results let's go large cap 12.2 that's a set out of inflation and this guy says uh i left out high quality because i'm not really sure how they define that and managed timber seems to have dropped off the new projections do they got managed timber on here yeah managed timber 5.0 or 6.0 isn't that funny because managed timber is what they were doing at the yale uh david swenson uh yale model everyone's like man there's timber so it's just funny how these guys these guys are all fake man look at that so everything he said the i mean he predicted emerging equities emerging let's see emerging markets what do they do oh they did 0.5 and they predicted 4.1 uh international equity small cap 7.7 they predicted negative 1.4 u.s equity small cap they predicted negative 1.9 and they did 11.8 uh you know these guys are just foolish man um i don't want to keep beating this drum oh let's hold on a second the imperial college of london where the world infamous neil ferguson uh laid his claim to the deaths of hundreds of thousands of people with his insanity of saying there's gonna be three point four percent death rate because of covet 19 nuts nuts nuts nuts and the shutdowns and two million people and i think was the uk i can't remember so here's imperial college of london they're sustainable imperial sustainable imperial we are committed to making our campuses as sustainable as possible do you have a suggestion for a sustainability team look we got uh recycle we got where's the winds right there where's the pv and we got any pv on here we can't tell but so check it out who is one of these let's take a look shall we who's one of their contributors oh the grantham institute huh who's a grantham institute let's take a gander you want to take a uh you want to guess who this is the grantham institute um do you really need to know who is the grantham institute climate change meet our affiliates explore a grant from a grant this al gore is one big fraud meet our affiliates explore our grantham affiliates directory final imperial staff with institute who are driving forward and climate change in the environment they got al gore you don't want to be against the environment do you these are all freaking frauds man imperial college at london grantham foundation for the protection of the environment let's take a gander all right the grand foundation seeks to raise awareness of urgent environmental causes and individuals working to find solutions our grant-making support we believe the climate climate change represents the world's primary environmental threat today and mitigating adapting to changing climate will lead to a more sustainable purpose and future the grantham foundation we are to talk about that um about uh there he is old jeremy his foundation the protection environment was found in 1997 by jeremy and hannah war who's gmo jeremy is the co-founder of gmo llc investment manager firm both actively involved in setting the strategic direction of the of the planet uh some of these guys are all fake dude all fake how do i just want to know does jeremy grantham never ever get on an airplane i guarantee he has a private airplane it's all fake just like when uh what's his name uh mckenzie bezos when she's saying she's going to give billions of dollars of her money that she got from jeff when they divorced because jeff bezos you know who knows he got hurt hanging and all of a sudden out of nowhere all these people i mean i read the thing she did this thing on medium actually all these people were begging like hey whatever mckenzie basil's i've i got you know i i do climate change you should fund me i you know i do black lives matter you should fund me all these people are just out for a quick buck and they go after rich people who are they they just the rich people have no faith in anything supernatural they believe in nothing else but the state of the earth they think this is all i got this is it and it's just as sad it's sad and but they're you know foolish money will always part well jeremy grantham's a fool that's just all there is to it yet unfortunately he's a rich fool and rich fools can take a lot of us out with him for sure because he's got a lot of money to get a lot of politicians bought and sold who will do his bidding this is bad stuff
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