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Grantham is always brilliant, but this interview is landmark. Markets for assets have become unhinged. He articulates the dynamics with perfect clarity.
by thread_id 5y ago
Grantham is always brilliant, but this interview is landmark. Markets for assets have become unhinged. He articulates the dynamics with perfect clarity.
- failwhaleshark 5y agoPeople really want magical realism to be true right now more than ever due to conditions (their inelastic needs) caused by the pandemic and decades of inequality. "When there are no doubters..." that's when to worry about irrational exuberance. "Burst of euphoria" should be called "last orgasm over-expanding productive capacity." The economy is walking on air over a cliff like Wile E. Coyote structurally due to the reasons Grantham outlines. Big fail impending.