Jeremy Grantham Puts a Number on Market Exuberance

The Bear Market Podcast with Fexingo: Surviving Downturns, Buying the Dip, and Long-Term Resilience · Jun 27, 2026 · 6m · transcript

Jeremy Grantham, the legendary value investor who called the dot-com and housing bubbles, said this week that the current U.S. stock market is the most expensive in American history. On The Bear Market Podcast, Lucas and Luna unpack what Grantham actually means by that. They walk through his preferred valuation metric — the Buffett Indicator, which measures total market cap to GDP — and note that it sits at roughly 195 percent, well above the 2000 peak of 140 percent. They also look at the VIX at 18.41, up 6.5 percent in five days, suggesting some anxiety is creeping in even as indexes like…