Jeremy Grantham: Stop Ruining My Perfectly Good Bear Market
January 23, 2026
AI Summary
5 min read🎙️ The Voices & The Context
- The Format: Casual interview with lively banter between hosts and guest, blending market history, personal anecdotes, and forward-looking predictions.
- The Key Players:
- Hosts: Josh Brown (Downtown Josh Brown) and Michael Batnick – sharp, engaging duo with great chemistry; Josh drives big-picture questions, Michael probes behavioral angles. Main banter on bubbles, career regrets, and optimism.
- Guest: Jeremy Grantham – living legend, co-founder of GMO, valuation pioneer, bubble caller (Japan, dot-com, GFC); famous for bold quarterly letters and environmental philanthropy. Here promoting his new autobiography.
- The Vibe: Educational yet fun, optimistic undertones amid bearish warnings – thoughtful, rambling like a "bullshit session," with humor on regrets and human folly.
🗝️ Key Themes & Topics
The episode dives into Grantham's 60-year career, market bubbles, structural shifts, and long-term global risks/opportunities, framed by his book The Making of a Permabear.
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What you'll learn
- 1 (00:00) **🎙️ Introduction: Jeremy Grantham**
- 2 (03:23) **The Making of a Permabear Book Title**
- 3 (04:46) **Current Bull Market Phases**
- 4 (09:06) **Historical Bubble Signals**
- 5 (13:21) **Grantham's Career Highlights**
- 6 (14:40) **Book Collaboration with Edward Chancellor**
- 7 (18:04) **Long Time Horizon Confession**
+ Full timestamped outline available in the app
Show Notes
On episode 226 of The Compound and Friends, Michael Batnick and Downtown Josh Brown are joined by Jeremy Grantham to discuss: stock market bubbles, the ups and downs of managing money, how the wealth divide has grown so wide, the future of clean energy tech, and much more!
This episode is sponsored by PIMCO. Learn more about PIMCO’s Advisor Forum at https://www.pimco.com/
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Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
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