Wall Street’s main indexes fell on Thursday and a rally in U.S. stocks faded late in the session as investors debated whether equities were becoming bargains after a sell-off to start the year that has seen the NASDAQ fall into correction territory.
Major U.S. indexes had been up sharply for much of the day after a steep drop to start the week. The NASDAQ on Wednesday closed 10.7% below its November all-time high, confirming it was in a correction.
In a note posted Thursday, Grantham, the co-founder of Boston asset manager GMO, describes U.S. stocks as being in a “super bubble,” only the fourth of the past century. And just as they did in the crash of 1929, the dot-com bust of 2000 and the financial crisis of 2008, he’s certain this bubble will burst, sending indexes back to statistical norms and possibly further.
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