Grantham is tough to like...I mean, the gall to post an article a week after a bear rally deflates and says,
Only a few market events in an investor’s career really matter, and among the most important of all are superbubbles. 1 These superbubbles are events unlike any others: while there are only a few in history for investors to study, they have clear features in common.
One of those features is the bear market rally after the initial derating stage of the decline but before the economy has clearly begun to deteriorate, as it always has when superbubbles burst."
I too can write about last week's news and call it prescient...