Jeremy Grantham is one of the greatest investors of all time, and is famous for correctly identifying the four major stock market bubbles of his 60 year investment career. He joins Wilf to discuss the key ideas of his new book The Making of a Perma Bear: The Perils of Long-Term Investing in a Short-Term World and what they mean for investors today.
Jeremy and Wilf explore the factors that drove him to admire value stocks; what makes for good idea generation and decision making when it comes to investing; and the factors he identified that academics missed.
In particular they explore why quality stocks and momentum remain persistent – and often misunderstood – market inefficiencies, and why this created the opportunity for the extraordinary outperformance he delivered at the firm he founded – GMO (Grantham, Mayo, & van Otterloo). But they also discuss why value is the ultimate gravitational market force that delivers performance over the long term.
Looking at today’s environment, Grantham assesses the Iran War’s impact on oil prices, AI, meme stocks and the “Magnificent Seven”, drawing parallels with 1970s, 1999, 2007 and the post-Covid boom. He sets out the conditions he believes typically lead to a bubble bursting and also tackles longer-term headwinds – from demographics and de-globalisation to climate damage and geopolitical risk – arguing that these are fundamentally at odds with the near-record valuations investors are currently paying.
Along the way, Grantham discusses his early role in the birth of index investing; his respect for Warren Buffett and Jack Bogle; why most institutions will never tell clients to get out before a crash; and how to know when to “reinvest when terrified”.
This is a candid, insightful masterclass from one of the defining investment thinkers of the last half-century.
Recorded Monday 13th April 2026.
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buy the cheapest losers stocks lol
how long has he been wrong?
One sees his father in everything about Wilfried Frost, the face, the mannerisms, even the way he sits – it‘s almost like seeing the great David Frost again.
His historical returns are pathetic. Been calling for a bear market for about 10 years? Lost count. I took him seriously long ago, not now.
Lessons from 60 years of underperforming the market.
If a retired blue collar no college blockhead like myself can make $40k – 70k a year swing trading then you know the market is way overpriced.
America is going through a much needed restructuring. Restructuring is not easy… but yes, I do think we're in the best period for this country and our allies in more than 100 years.
Lost me at "climate change".
Climate change, humbug!
Grantham’s advice has lost many millions of dollars in terms lost opportunity. I’ve followed him for many years and his advice is as dangerous as it is helpful.
Way too many ads
Brilliant, thank you very much both Wilfred and Jeremy. Incredible insight and perspective
stopped listening at climate change
A 46 year bullmarket ends this year….coming soon to a theater near YOU!!!😂😂😂🎉🎉🎉
It's called trailing stop loss.
Listen to this guy, and you will go broke.
🤡 60 years in the game and this guy was born before ww2; it’s time to retire boomer’s dad!
He’s the permabear king. Very arrogant and obnoxious
Great interview and guest. Impressive how he was able to squeeze some questions in between the ads
Enough with the stupid ads. Makes the show seem so fucking desperate and grifty. Horrible.
Dude, 4 ads? That's disrespectful for your viewers
Look up Ecolomondo Corporation. ECM on the TSX.
Ridiculous number of ads. I gritted my teeth through it for the pleasure of listening to Grantham. But I won't watch this podcast ever again.
Wilfred Frost sounds so erudite and eloquent. (And most people don't realize that only 5-15% of SRP speakers live in Britain, if that. )
Here is the entire interview:
1) The US market is wildly overvalued
2) Climate change is an existential crisis
ads so annoying
smoking dope? lol go drink some more ethanol, old boy
If you'd listened to Grantham 10 years ago you'd have sold out and missed stratospheric market gains. He's predicted 10 out of the last 2 recessions.
Wilfred is not the smartest cookie in the jar🎉🎉🎉
The sad truth is that no one has a clue, we all react to what happens as it happens and try to analyse it but can’t predict an iota of what is going to unfold in the markets… content creators are like amplifiers, when times are good they affirm it and try to tell you why it’s good and that it’s looking bullish but then all of a sudden the market turns bearish and everyone affirms it again and try to analyse why… it’s so sad that many are so powerless and it's not about guessing the market's next move; it's about playing it smart and steady Day trading..Managed to grow a nest egg of around 140k to a decent 932k in the space of a few months. Thanks again, Avery Livingstons,crypto for the regular updates.
Jeremy is so articulate. Perfect choice of words and humility. 🫡