Billionaire's WARNING: I'm SELLING. The Crash Is Already Here!

The biggest investment bubble in American history, why your investment adviser will never warn you, and what to do with your money before it bursts.

With Jeremy Grantham

"You will not receive the advice from investment advisers to get your tail out of the market, ever. It is not good business for them to do that, and they will not ever say it to you." — Jeremy Grantham

Jeremy Grantham, on the episode

Jeremy Grantham spent 60 years in the investment business and managed up to 165 billion dollars at his firm GMO. The pop framing of his work is that he calls market crashes, but the actual model he runs is more specific: he looks for the moment when a genuinely important idea attracts so much capital that the price of owning it becomes catastrophically divorced from reality. In this conversation with Steven Bartlett, Grantham argues that the US stock market is currently in the largest investment bubble in American history, driven by AI, and that the structural incentives of the entire financial advisory industry guarantee that no one with a business to protect will tell you this. The protocol below pulls the specific allocation advice, the historical precedents, the fertility and toxicity data, and the framework for thinking about career risk and institutional silence that Grantham laid out across the conversation.