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Hi, and welcome to the Longview. I'm Jeff Patak chief ratings officer for Morningstar Research Services.

And I'm Christine Ben's director of personal finance and retirement planning for Morningstar.

Our guest this week is Jeremy Grantham. Jeremy is the long-term investment strategist at his

namesake firm, Grantham, Mayo, Van Otterloo & Company, or GMO, which he co-founded in 1977.

He serves on GMO's asset allocation committee and board of directors.

Prior to GMO, Jeremy was co-founder of Battery March financial management, and before that

was an economist at Royal Dutch Shell.

He earned his undergraduate degree from the University of Sheffield and his MBA from Harvard

University. Jeremy is a member of the Academy of Sheffield and his MBA from Harvard University.

Jeremy is a member of the Academy of Arts and Sciences, holds a CBE from the UK, and is a recipient

of the Carnegie Medal for Philanthropy. Jeremy, welcome to the Longview.

It's a real pleasure to be here.

Well, it's our pleasure to have you. Thanks again for being our guest.

I wanted to start in what's the logical place, which is bubbles.

You've correctly called two recent bubbles that popped in the U.S., the internet bubble and the housing bubble, yet an investor who bought and held from the late 1990s to now has made out pretty well.

So the question is why worry about bubbles as long as we have a long enough time horizon?

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