, Columnist
Why Jeremy Grantham Wishes You Would Cheer Up
The famous contrarian worries that markets are now over-worried. Plus: Bitcoin’s happy Lunar New Year.
On the contrary, Happy New Year.
Photographer: Daniel Acker/Bloomberg
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Jeremy Grantham, the doggedly contrarian seer of asset management and founder of the Boston firm GMO, has a confession to make. He’s often worried, as we know. This time last year, he made an aggressive call that US stocks were in a true bubble that would soon burst. Just for a reminder, he argued back then that the latest market rally looked like the tops of three previous great bubbles: