Jeremy Grantham, co-founder and long-term strategist of GMO, has a long history of calling bubbles. As he recounts in his new memoir, The Making of a Permabear: The Perils of Long-Term Investing in a Short-Term World, that includes spotting the dot-com bubble of the early 2000s, which some people see as analogous to the current excitement over AI. And when it comes to today's market, there are a lot of signs of frothiness you could point to. In this episode, we speak to Grantham about how he sees markets right now, including a watershed change for Big Tech stocks, the signs he watches out for to spot when a bubble might burst, and what really keeps him up at night. Chapters: 00:00:00 - Cold Open 00:02:34 - Introduction: Jeremy Grantham 00:06:36 - AI Enthusiasm and Market Momentum 00:09:37 - The "Perma Bear" Label and Portfolio Management 00:11:15 - Client Management During Bubbles 00:14:30 - Timing Bubble Bursts 00:21:02 - 2021 vs Current Market Comparison 00:24:19 - Mag Seven Analysis 00:30:18 - Railroads vs. AI 00:33:48 - Channeling Competitiveness Productively 00:36:29 - Bear Market Calls and Market Timing 00:40:37 - AI's Disruption of Traditional Macro 00:44:00 - Historical Bull Market Calls 00:47:06 - Structural Changes in Investor Behavior 00:52:26 - AI's Environmental and Existential Implications 00:58:20 - Population Decline and Planetary Resources 00:59:42 - Closing Thoughts Watch Bloomberg Vodcasts: https://www.youtube.com/playlist?list=PLe4PRejZgr0MS0Tqk_zQl1LVVTdWuH2Di Watch more Odd Lots episodes: https://www.youtube.com/playlist?list=PLe4PRejZgr0OJbRzA6nWybYiThLJd_ouz Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets. Join the conversation: discord.gg/oddlots Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts Check out more Odd Lots: https://youtube.com/playlist?list=PLe4PRejZgr0MuA6M0zkZyy-99-qc87wKV Get the Odd Lots newsletter: https://www.bloomberg.com/account/newsletters/oddlots And for all things Odd Lots, visit https://www.bloomberg.com/oddlots #Investing #Markets #Finance #Bloomberg #Podcast #OddLots Visit us: https://www.bloomberg.com/podcasts For coverage on news, markets and more: http://www.bloomberg.com/video Visit our other YouTube channels: Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg