Jeremy Grantham has certainly been in his element recently. His most recent missive was widely read on Wall Street, especially by the big institutional investors that Grantham long served at GMO. Grantham sees a collapsing “superbubble,” which is not just an emotional impression, but defined as a greater-than-2.5-standard-deviation rise above long-term average valuations. Actually, there was a triple superbubble, in stocks, bonds and real estate. The natural conclusion is a super bubble collapse, according to Jeremy Grantham.
Read: “Entering the Superbubble’s Final Act,” by Jeremy Grantham
I was interviewed by David Lin of Kitco about our new book Inflation. People told me it went well. Listen here.
I was also asked to speak at the Newport Global Summit, an invitation-only event. My presentation is available here. I like to write my presentations so they are readable as a standalone item, without the commentary.
Lastly, here is a schedule for new LNG additions in the US. This is still a ways off. However, it is quite likely that, by then, US natural gas production will already have peaked and begun a decline, as described recently by Goehring and Rozencwajg. In other words, we can expect less production, and more of that production going overseas, which certainly suggests an equalization of domestic/international gas prices; or, a return of natural gas to btu parity or above — a long-term expectation of mine. But, this would be for 2024 and beyond.