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So that's my worry that we're demonstrating extreme levels of euphoria and from now on any little bump in the road will cause a retraction.

And once you start to retract confidence is eroded

more money is pulled back and it becomes the self-reinforcing move and there is no

real value to support it as far as the I can see and that is why

Following these bubbles the declines are very severe typically 50% or worse.

Welcome to the Barron Streetwise Podcast.

I'm Jack Howe.

The voice you just heard is renowned investor Jeremy Grantham.

He's co-founder of a Boston-based money manager called GMO.

He's also a market historian, known for his occasional letters to investors warning about speculative excess bubbles.

He sent one of those just this month warning that we appear to be in the late stage of a bubble

and it looks like, in his words, a real humdinger.

Listening in is our audio producer Meta.

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