Grantham built a career calling bubbles. In a recent appearance on Diary of a CEO, he cautioned about Amazon’s 92% drop during the dotCom bust. So here is the test. Pick a moment to buy Amazon, hold it, and never sell. Imagine you bought shares right at the tippy top of the DotCom Bubble (set…
For three years now the same prophecy has circled the timeline like a buzzard. Bitcoin dips, and within minutes someone posts the chart: this is it, this is the cascade, Saylor is about to get margin-called into oblivion and drag the whole market down with him. It never happens. And the reason it never happens…
Most people who follow markets already know that global debt is bigger than global equity. The number gets quoted often enough that it has lost its meaning. As of 2025, total global debt sits at roughly $348 trillion. Global equity market capitalization sits at roughly $136 trillion. Debt is more than two and a half…