Heterodox
Summary of Grantham's guesses (described "absolutely my personal views")A melt-up or end-phase of a bubble within the next 6 months to 2 years is likely, i.e., over 50%. If there is a melt-up, then the odds of a subsequent bubble break or melt-down are very, very high, i.e., over 90%. If there is a market decline following a melt-up, it is quite likely to be a decline of some 50%. If such a decline takes place, I believe the market is very likely (over 2:1) to bounce back up way over the...
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