Jeremy Grantham, a veteran investor with six decades of experience, warns that the current U.S. stock market is trapped in the largest investment bubble in history, driven by reckless AI euphoria. Historically, such bubbles—like the 2000 tech crash or Japan’s 1989 peak—inevitably collapse, leading to prolonged economic misery. Grantham advises investors to pivot toward non-U.S. equities, bonds, and precious metals while avoiding overvalued tech giants. Beyond financial markets, he identifies a catastrophic "chronic baby bust" fueled by endocrine-disrupting chemicals like phthalates and pesticides, which are plummeting human fertility rates. He argues that the U.S. social contract is dissolving, evidenced by declining life expectancy and extreme wealth inequality, and urges a transition toward detoxifying the environment and prioritizing family-friendly policies to ensure long-term societal survival.
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