Behind the Balance Sheet · 2026-05-21 · 1h 28m
Jeremy Grantham is known as a permabear and an expert on bubbles so you should not be surprised that he sees an AI-induced bubble today and thinks the market will fall by 50%. He points out that at peaks you always have high multiples applied to abnormally high profit margins and today is no different. We discuss his experiences at GMO, where they didn’t have a sales person for their first 22 years, how his refusal to participate in the dot.com bubble cost him half his clients and none of them came back when he was proved right, how he recruited some of the best minds in finance, and why timing the market can deliver outsize returns. Grantham is no longer managing portfolios, instead devoting his considerable energies to philanthropy. We discuss his foundation’s efforts to combat climate change, to resource depletion, and to toxicity which is affecting fertility - he highlights how population will be in decline unless this is addressed. Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors.Each episode dives into how real‑world investors source ideas, build convictionand manage their portfolios.
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