#59 The "Permabear" - Jeremy Grantham on why he expects a market crash, navigating bubbles and giving away $1bn

#59 The "Permabear" - Jeremy Grantham on why he expects a market crash, navigating bubbles and giving away $1bn

Author: Stephen Clapham's Podcast on Value Investing | Stockmarket Analysis | Equities May 21, 2026 Duration: 1:27:32

Jeremy Grantham is known as a permabear and an expert on bubbles so you should not be surprised that he sees an AI-induced bubble today and thinks the market will fall by 50%. He points out that at peaks you always have high multiples applied to abnormally high profit margins and today is no different.

We discuss his experiences at GMO, where they didn’t have a sales person for their first 22 years, how his refusal to participate in the dot.com bubble cost him half his clients and none of them came back when he was proved right, how he recruited some of the best minds in finance, and why timing the market can deliver outsize returns.

Grantham is no longer managing portfolios, instead devoting his considerable energies to philanthropy. We discuss his foundation’s efforts to combat climate change, to resource depletion, and to toxicity which is affecting fertility – he highlights how population will be in decline unless this is addressed.


Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors.Each episode dives into how real‑world investors source ideas, build convictionand manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk,behaviour and incentives, so you can refine your own process rather than copy stock tips. For show notes, transcripts and additional resources, visit our ⁠⁠⁠website⁠⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

Give our sponsors some love - check them out!

AlphaSense, the AI-powered expert network platform 

Behind the Balance Sheet is aforensic accounting and fundamental investing podcast for serious investors.Each episode dives into how real‑world investors source ideas, build convictionand manage their portfolios.

You’ll hear frameworks foranalysing industries, understanding business models, and thinking about risk,behaviour and incentives, so you can refine your own process rather than copystock tips.For show notes, transcripts and additional resources, visit our ⁠⁠⁠website⁠⁠⁠.

If you value thoughtful, process-driven investingdiscussions, follow the show and consider leaving a short review, or just a 5*rating on Spotify or Apple Podcasts. Please help spread the word.

Give our sponsors some love - check them out!

AlphaSense, the AI-powered expertnetwork platform 


Stephen Clapham hosts Behind the Balance Sheet, a detailed conversation series that pulls back the curtain on how elite fund managers really think. Each episode is built on the premise that understanding a company requires digging far deeper than headlines or simple ratios. You’ll hear Clapham engage with celebrated investors such as John Armitage, Mario Gabelli, and Bill Nygren, dissecting their actual processes for evaluating businesses and spotting market inefficiencies. The discussions are technical and substantive, focusing on practical frameworks for forensic accounting, navigating capital cycles, and rigorous valuation. This isn’t about hot stock tips; it’s about the disciplined craft of equity research and risk management. The podcast serves as a continuing education for anyone-from dedicated private investors and students to working analysts and portfolio managers-who aims to sharpen their fundamental analysis and develop a more professional, critical investment mindset. Tune in for a masterclass in the principles of value investing, delivered through candid talks with the practitioners who have consistently generated alpha. You’ll come away with a clearer sense of the questions that need asking before any capital is committed.
Author: Language: English Episodes: 50

Behind the Balance Sheet
Podcast Episodes
E3 Carine Smith Ihenacho of Norges Bank IM [not-audio_url] [/not-audio_url]

Duration: 48:12
Carine Smith Ihenacho is Chief Governance and Compliance Officer at Norges Bank Investment Management, the Norwegian wealth fund. It’s the largest single equity owner in the world and sets out to be the most transparent.…