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GMO’s Jeremy Grantham Says Stocks Could Be Heading for a ‘Melt-Up’

  • Well-known bear sees signs auguring a sharp late-bubble rise
  • Manager points to market psychology, excitement over bitcoin
NYSE buildings

Photographer: Paul Taggart/Bloomberg

Jeremy Grantham, long known for his bearish views, says the market’s next move could take stocks higher. Dramatically higher.

“As a historian of the great equity bubbles, I also recognize that we are currently showing signs of entering the blow-off or melt-up phase of this very long bull market,” Grantham, the chief investment strategist for GMO in Boston, wrote in a letter to investors Wednesday.