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Hidden Forces

The Last Bubble? Finding Value in a World on Fire | Jeremy Grantham & Edward Chancellor

Hidden Forces

Demetri Kofinas

Business, Government

4.8 • 1.6K Ratings

🗓️ 2 February 2026

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In Episode 461 of Hidden Forces, Demetri Kofinas speaks with co-founder and chief investment strategist of GMO, Jeremy Grantham, and financial historian, journalist, and investment strategist Edward Chancellor. Together, they have collaborated on Jeremy's autobiography, titled "The Making of a Permabear," which chronicles Grantham's evolution as a value investor and the valuable lessons that can be learned from his six-decade career in investment management.

They spend the first hour of their conversation discussing the collaboration behind the book, Grantham's formative experiences in finance, the principles that have guided his investment philosophy, the role of mean reversion in asset markets, and why they both believe that US equities are more overvalued today than at almost any point in history—with important implications for where returns will come from over the next decade.

The second hour is devoted to a conversation about the mechanics of financial bubbles, the relationship between ultra-low interest rates and asset price inflation, Jeremy's framework for navigating overvalued markets by shifting capital to international and emerging market equities, the challenges of selecting investment managers, and Grantham's deep concerns about existential risks to human civilization—including climate change, resource scarcity, and the toxic assault on human fertility that he believes poses an underappreciated threat to our species' long-term survival.

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If you enjoyed today's episode of Hidden Forces, please support the show by:

Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos Nicolaou

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Episode Recorded on 01/28/2026

Transcript

Click on a timestamp to play from that location

0:00.0

What's up, everybody? My name is Demetri Kaffinus, and you're listening to Hidden Forces,

0:06.1

a podcast that inspires investors, entrepreneurs, and everyday citizens, to challenge consensus

0:12.6

narratives, and learn how to think critically about the systems of power shaping our world.

0:18.4

My guests in this episode of Hidden Forces are co-founder and chief investment

0:22.0

strategist of asset management firm GMO, Jeremy Grantham, and financial historian, journalist,

0:28.0

and investment strategist, Edward Chancellor. Together, they have collaborated on Jeremy's autobiography,

0:34.4

titled The Making of a Perma Bear, which chronicles Grantham's evolution as a value

0:39.5

investor and the valuable lessons that can be learned from his six-decade career in investment

0:44.6

management. We spend the first hour of our conversation discussing the collaboration behind the

0:49.7

book, Jeremy's formative experiences in finance, the principles that have guided his investment philosophy,

0:55.9

the role of mean reversion in asset markets, and why they both believe that U.S. equities are

1:00.6

more overvalued today than in almost any point in history, with critically important implications

1:06.2

for where returns will come from over the next decade. The second hour is devoted to a conversation about the mechanics of financial bubbles,

1:14.6

the relationship between ultra-low interest rates and asset price inflation, Jeremy's framework

1:19.6

for navigating overvalued markets by shifting capital to international and emerging market equities,

1:25.6

the challenges of selecting investment managers,

1:28.5

and Jeremy's deep concerns about existential risks to humanity, including climate change,

1:33.9

resource scarcity, and the toxic assault on human fertility that he believes poses an underappreciated

1:40.2

threat to our species' long-term survival. If you want access to all of this conversation,

1:46.1

go to hiddenforces.io slash subscribe and join our premium feed, which you can listen to on your

1:52.1

mobile device using your favorite podcast app, just like you're listening to this episode right now.

1:58.4

If you want to join in on the conversation and become a member of the Hidden Forces

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