Jeremy Grantham: ‘No market for young men’

Be sure to catch Johnathan Burton’s piece on MarketWatch.  Here’s the upshot:

“This is no market for young men,” Grantham said. “At least us old men remember what a real bear market is like, and the young men haven’t got a clue.”

and this,

Especially worrisome to Grantham is the gulf between wage earners in the U.S. The top 10% of U.S. workers currently receive about half of the nation’s total income, with half of that going to the top 1%. The last time this country saw a wage gap so extreme was just before the 1929 stock-market crash and the Great Depression. By comparison, in the late 1970s the top 1% garnered about 9% of all earnings.

“You can’t run the economy on BMWs alone,” Grantham said. “If the average person is in a pickle, how do you have a healthy economy?”

“You can’t run the economy on BMWs alone.”   Smart guy.

This entry was posted in Black Swan Watch, Whales and tagged , . Bookmark the permalink.

2 Responses to Jeremy Grantham: ‘No market for young men’

  1. Thanks for the heads up…great note

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