1/ V highly recommend this note by Jeremy Grantham predicting we're in late stage of 1929-style crazy bull market. Was sent it by hedge funder & don't think I ought to post full document but I encourage ppl to try to get hands on it! 
2/ Tesla's absurd price, the "Buffett indicator" (total stock market capitalization to GDP) has broken thro its all-time-high 2000 record, bonds even more spectacularly expensive by historical comparison than stocks...
3/ 'the P/E ratio of the market is in the top few percent of the historical range and the economy is in
the worst few percent. This is completely without precedent'
the worst few percent. This is completely without precedent'
4/ Fascinating re incentives of big institutions/error-correction: big institutions didn't call out Japan even when PE ratio x65!! So don't expect Goldman to shout 'bubble, sell'
5/ For clarity this was written in Jan. Only just read now. But this isn't point (other than obv re Tesla which has dropped a lot) - he's comparing overall situation of past few years to historic market crises... What's the best thing written taking opposite view...?
6/ Actually it's been made public - here - gmo.com/globalassets/a…
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