Jeremy Grantham: The Most Expensive Market in American History 6/26/26

Squawk Pod

CNBC

Investing, Business, Business News, News

4.2 • 547 Ratings

🗓️ 26 June 2026

⏱️ 41 minutes

🔗️ Recording | Apple Podcasts | RSS

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Summary

Investing legend Jeremy Grantham founded one of the first index funds in the 1970s, and in a special Squawk interview, he’s issuing a warning to investors. A permabear, Grantham expects a market decline of 70%, and he’s counseling his team to avoid U.S. stocks. Plus, OpenAI may wait until 2027 to IPO, and Apple is hiking product prices, thanks to rising costs of memory chips. Jeremy Grantham - 16:00 MacKenzie Sigalos - 41:55 In this episode: MacKenzie Sigalos, @KenzieSigalos Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music, please.
0:04.0	Hi, I'm CNBC producer Katie Kramer.
0:07.0	Today on Squawk Pod.
0:09.0	Investor Jeremy Grantham is a veteran in the field.
0:12.0	He founded one of the first index funds in the early 1970s.
0:17.0	Based on the value of the stock market compared to the GDP with modification.
0:22.8	This is the most expensive market in American history.
0:26.4	And he's a noted contrarian, a permabair who says bad days are ahead.
0:31.8	A 70% decline, you think, is in order.
0:34.7	Yes, I do. And bear in mind, we said a 75% decline for the NASDAQ in 2000 in our quarterly letters,
0:43.4	and it went down 82.
0:45.3	Grantham's warning in a special interview.
0:48.2	Avoid U.S. stocks.
0:49.7	The rest of the world has looked perfectly fine.
0:53.3	Plus, the rest of today's news, OpenAI delaying an IPO, your iPhone getting more expensive.
0:59.9	The Apple story may be the story of the year.
1:01.6	And waiting on an Iran deal as well as a World Cup win for the U.S. men.
1:07.5	They'll have that winning.
1:08.6	Winning.
1:10.4	It's Friday, June 26th.
1:12.9	Squawk Pod begins right now.
1:16.5	Stand and Andrew. Five. Three, two, one.
	...

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