Investing
Jeremy Grantham’s Firm Says Stocks Are Overpriced and Social Media Is Wrong
The money manager expects investments to lose money in 10 of 11 asset classes over the next seven years.
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One of the investing world’s most prominent bears says that the meme stonk crowd has it wrong: Not only are some stocks priced too high, nearly all companies are in fact overvalued.
By every measure, U.S. stocks are too expensive, says Boston-based asset management firm GMO, whose co-founder Jeremy Grantham warned that stocks were overvalued before crashes in 2000 and 2007. The firm said social-media criticism of its bearishness is misplaced.