# The Last Bubble? Finding Value in a World on Fire | Jeremy Grantham & Edward Chancellor Page: https://stenobird.com/podcast/hidden-forces-203667/the-last-bubble-finding-value-in-a-world-on-fire-jeremy-grantham-edward-chancellor Text version: https://stenobird.com/podcast/hidden-forces-203667/the-last-bubble-finding-value-in-a-world-on-fire-jeremy-grantham-edward-chancellor.md Podcast: [Hidden Forces](https://stenobird.com/podcast/hidden-forces-203667) Published: 2026-02-02T08:00:00+00:00 Episode link: https://hiddenforces.io/podcasts/the-last-bubble-value-investing-making-of-a-permabear-jeremy-grantham-amp-edward-chancellor Audio file: https://dts.podtrac.com/redirect.mp3/traffic.libsyn.com/secure/hiddenforces/Ep.461_Jeremy_Grantham__Edward_Chancellor_Main_Feed_2-2-26.mp3?dest-id=457899 Processing state: not_requested JSON: https://stenobird.com/v1/public/podcasts/hidden-forces-203667/episodes/the-last-bubble-finding-value-in-a-world-on-fire-jeremy-grantham-edward-chancellor Duration seconds: 2964 ## Resource In Episode 461 of Hidden Forces, Demetri Kofinas speaks with co-founder and chief investment strategist of GMO, Jeremy Grantham, and financial historian, journalist, and investment strategist Edward Chancellor. Together, they have collaborated on Jeremy's autobiography, titled "The Making of a Permabear," which chronicles Grantham's evolution as a value investor and the valuable lessons that can be learned from his six-decade career in investment management. They spend the first hour of their conversation discussing the collaboration behind the book, Grantham's formative experiences in finance, the principles that have guided his investment philosophy, the role of mean reversion in asset markets, and why they both believe that US equities are more overvalued today than at almost any point in history—with important implications for where returns will come from over the next decade. The second hour is devoted to a conversation about the mechanics of financial bubbles, the relationship between ultra-low interest rates and asset price inflation, Jeremy's framework for navigating overvalued markets by shifting capital to international and emerging market equities, the challenges of selecting investment managers, and Grantham's deep concerns about existential risks to human civilization—including climate change, resource scarcity, and the toxic assault on human fertility that he believes poses an underappreciated threat to our species' long-term survival. Subscribe to our premium content—including our premium feed, episode transcripts, and Intelligence Reports—by visiting HiddenForces.io/subscribe . If you'd like to join the conversation and become a member of the Hidden Forces Genius community—with benefits like Q&A calls with guests, exclusive research and analysis, in… ## Actions - request_transcript: `POST https://stenobird.com/v1/public/podcasts/hidden-forces-203667/episodes/the-last-bubble-finding-value-in-a-world-on-fire-jeremy-grantham-edward-chancellor/transcription-requests` — Idempotently request low-priority transcript generation for this episode. - read_markdown: `GET https://stenobird.com/podcast/hidden-forces-203667/the-last-bubble-finding-value-in-a-world-on-fire-jeremy-grantham-edward-chancellor.md` — Read the agent-friendly Markdown representation of this episode resource. A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed. ## Transcript Full transcripts are not published on public pages unless there is a clear rights basis.