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we've never seen uh bigger profits the concentration in each industry has increased and the fangs that are remarkable companies are in their own way instant monopolies so the monopolistic of of our economy today and somewhat around the world has increased this is very good for profits it's not so good for growth and the governments are beginning to twitch a bit so the big question jeremy is what should investors be doing against this backdrop of super bubbles what assets should they be owning if you if you have to own u.s stocks you should earn high quality stocks that are in good financial shape because this can always spiral in to something of a financial crisis they often do i would emphasize in general though non-us stocks and quite a few countries as i said are not that bad emerging markets has some overhang problems if the us goes and commodities are high priced uh it's a mixed blessing at best for them but they're very very cheap and in the end cheapness usually trumps everything else so emerging markets some of the cheaper developed countries would be very much better idea than a massive holding of u.s equities and what about aussie equities have you seen any good buying opportunities here i i'm not an expert on australian equities um it doesn't look cheap but it doesn't look horrific we're entering this period of rising rates and inflation we're seeing labor shortages and potentially reduced growth is this the goldilocks period over i think it is ending i'm trying to write a paper which is basically the end of the golden era or goldilocks and and and three hungry bears um it's um everything has been different for the 20 years of the 21st century the pe is average not just a little bit higher but 56 higher profit margins averaged 30 35 percent higher than they had in the previous 50 60 years everything seemed to work out corporations got a lot of political power the taxes on capital all dropped tax on dividends tax on interest rates tax on capital gains all came down most of the uh most of the regulatory bodies were somewhat captured by corporations and they've had a golden era we've never seen bigger profits the concentration in each industry has increased and the fangs that are remarkable companies are in their own way instant monopolies so the monopolistic feature of of our economy today and somewhat around the world has increased this is very good for profits it's not so good for growth and the governments are beginning to twitch a bit what's your view on digital assets jeremy should everyone hold some no i i don't think they're assets i think they embed a technology that may turn out rather like the internet to be useful here there and everywhere and when they are useful and when they're making money in the traditional way then you value it like any other money making enterprise but while they just sit there and they go up in price because people are persuaded that they will go up in price it's very much a question of the emperor and his clothes think uh bitcoin in particular it does nothing for anybody and is superseded by a whole generation of smarter and and more effective crypto currencies many of which in their turn do not make money in the traditional way and a few do so i'm sure the idea um embedded in cryptocurrency will be around for perhaps forever but i'm equally certain that most of the value uh today as a store of value is a hoax it is not a store of value everyone can agree that the volatility is massive it goes up and down with the high risk stocks what is the point of a store of value that trades like a hyperspace i mean this is not this is not the principle goal in comparison uh with several thousand years of practice has been boringly stable throughout the last couple of years i should know i earn some so finally jeremy if we have begun this u.s equities crash what hope can you give investors for the period ahead uh stay out of trouble make sure you don't buy expensive markets expensive stocks emphasize value cheapness for what you get hunt around for the cheaper countries hunt around for the cheap cheaper stocks within those countries carry some cash reserves there'll be perhaps some very nice buying opportunities and um whatever you do get rid of this fear of missing out this terrible lust to participate in profit making that comes along at the end of every one of the great bubbles it is incredibly seductive very hard to resist being there done that myself a few decades ago made a fortune and wiped myself out a very salutary and i i would wish on most of you that you avoided jeremy grantham thank you yeah it's a pleasure thank you bye you
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