Jeremy Grantham: Lessons from 60 Legendary Years of Investing

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. *** If you’d like to attend the upcoming Master Investor Show in London on Saturday 25 April, where I’ll be interviewing Jim Mellon amongst others, with over 5000 like minded investors in attendance, then click the link below and use code “MIPOD” for a free ticket: https://forms.reg.buzz/masterinvestor... *** For more content like this, subscribe to The Master Investor Podcast Youtube Channel -    / @themasterinvestorpodcast   And follow @WilfredFrost on X - https://x.com/wilfredfrost?lang=en And Linked In -   / wilfred-frost-279667374   Sponsored by BNY Investments, World Gold Council, London Stock Exchange Group (LSEG) and Interactive Brokers - ibkr.com/masterinvestor. The Master Investor Podcast is produced by Paradine Productions and Master Investor Ltd in association with Bird Lime Media. This podcast is for information purposes only. It does not constitute an invitation or inducement to engage in any investment activity. It is not a financial promotion as defined under section 21 of the Financial Services and Markets Act 2000 (FSMA). The views expressed by the presenter of this podcast are those of the presenter and are provided in the course of journalism. This podcast benefits from the exemption under Article 20 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO), It does not require approval by a person authorised under the FSMA. Generic information, not identifying any specific investment, fund, provider or service, about a class of investments such as shares, bonds, derivatives and cryptoassets, might be provided and/or discussed during this podcast. Such discussion falls within the generic promotions exemption (Article 17 of the FPO). Such discussion is not a financial promotion requiring approval by an authorised person under section 21 of the FSMA. Investing involves risk. You should consult a suitably qualified adviser who can assess your individual circumstances before making any investment decision