The legendary investor Jeremy Grantham told CNBC on Thursday that he was certain the stock market is in a bubble following its "powerful, rapid, and, in many areas, truly crazy" rally from March lows.
"The more spectacular the rise and the longer it goes, the more certainty one can have that you're in the 'real McCoy' bubble," said Grantham, the cofounder and chief investment strategist of the asset-management firm GMO.
Grantham initially expressed fears about a bubble to CNBC in June, when he told investors to have zero exposure to US equities and said he might be witnessing the fourth major market bubble in his career. The S&P 500 has gained roughly 14% since his call, and Grantham said this and "crazy behavior" from investors were only making him more certain the US is in a bubble.
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