The Making of a Permabear

Grantham’s quarterly letters, which command a cult following of readers within and beyond the financial industry, inspire even the most short-term profit-minded investors to do a little fate-of-the-world-scale thinking * New York Times Magazine *[Grantham] occupies a legendary place in the world of finance for predicting all the major stock market bubbles of recent decades (and doing very well in the process) * Guardian *[Grantham] is famous for predicting doom. And he’s famous for being right, with a remarkable record of spotting investment bubbles before they pop * Bloomberg Businessweek *More than the head of asset-management giant GMO, this man should be recognized as the world’s greatest environmentalist * Business Insider *[Edward Chancellor is] one of the great financial writers of our era * Financial Analysts Journal *

Jeremy Grantham is cofounder and long-term investment strategist of GMO, a Boston-based investment management firm with offices around the world, and founder of the Grantham Foundation for the Protection of the Environment. He is a member of the American Academy of Arts and Sciences and received the Carnegie Medal for Philanthropy in 2017 as well as the Harvard Business School’s 2025 Alumni Achievement Award. He lives in Boston.

Edward Chancellor is an award-winning financial journalist. He is the author of The Price of Time, winner of the 2023 Hayek Book Prize, and Devil Take the Hindmost: A History of Financial Speculation, a New York Times Notable Book of the Year. He lives in Somerset.