GRANTHAM COMMITS THE CARDINAL SIN

Way back in the 4th quarter of 2015, GMO’s Jeremy Grantham wrote a piece titled “Part II: 2015 and 2016, U.S. Equity Bubble Update, and Yet More on Oil.”

It is easy to forget, but at that point, the S&P was trading around 2,000 and everyone was bearish. QE had ended, the Fed was fumbling with their first hike and “fully valued” were the buzz words used t…