ClaimsPeople

Jeremy Grantham

Jeremy Grantham is an investor who co-founded the asset managers GMO and Batterymarch, is listed by GMO as its long-term investment strategist, and co-authored 'The Making of a Permabear'.

1,004 claims collected, 267 researched, 73 resolved. Report of 5 November 2026, method 0.1.0+28da144b.

Scores by kind of claim

Each kind of claim is scored on its own, out of 100: the share that held up, with the range it likely falls in. Fewer resolved claims give a wider range.

  • Factual claims

    Statements about the present or the past, checked against the record: did they hold up?

    72 63 80

    Medium confidence, 42 factual claims resolved. From 15 documents, 2007 to 2025; 15 documents sampled from 32 candidates found.

    Not scored: 53 unresolvable, 28 checkable only against their own records.

  • Predictions

    Statements about events outside the person's control, checked once they fell due: did they come true?

    56 46 67

    Medium confidence, 31 predictions resolved. From 10 documents, 2007 to 2023; 15 documents sampled from 32 candidates found.

    Not scored: 93 unresolvable, 1 checkable only against their own records. 17 more fall due later.

    Does not yet allow for how likely each prediction was when made.

  • Promises

    Commitments to the person's or organisation's own future action, with something to deliver: was it delivered?

    Insufficient record: 0 promises resolved, 5 needed for a score.

    Not scored: 2 unresolvable.

All types combined: 65 (likely 59 to 72, high confidence), from 73 claims: 42 factual claims, 31 predictions. It mixes kinds of claim in different proportions for different people, so compare people kind by kind.

Jeremy Grantham's claims

42 claims, sorted by newest said. Choose a claim to read it in full.
VerdictKindSaidClaimTopic
Mostly false Factual 28 Jul 2025 Bonds currently offer the lowest interest rates in human history. Factual · 28 Jul 2025 Economics and markets
Mostly true Factual 28 Jul 2025 Thirty-one years after Japan's 1989 bubbles, Japanese land prices and stocks had not returned to their 1989 levels. Factual · 28 Jul 2025 Economics and markets
Mostly true Factual 28 Jul 2025 Emerging markets and value stocks trade at one of the two or three lowest relative valuation points in history compared to the U.S. Factual · 28 Jul 2025 Economics and markets
Mostly true Factual 5 Jul 2023 Since ChatGPT and October-November 2022, there has been a new little flurry of market interest in AI that is very concentrated. Factual · 5 Jul 2023 Economics and markets
Mixed Factual Jan 2023 Administrations aim to achieve this objective, and to do so they stimulate the economy 12 to 18 months earlier because the economy is large, complicated and has plenty of inertia. Factual · Jan 2023 AI policy and governance
Mixed Factual Jan 2023 In 1974 the US market turned up, after a 62% real decline over two years, exactly as the first Fed rate cut took place. Factual · Jan 2023 Economics and markets
Mostly true Factual Jan 2023 GMO's Equity Dislocation strategy, long the cheapest U.S. stocks and short an equal amount of the most overpriced, delivered a double-digit positive return in 2022. Factual · Jan 2023 Economics and markets
Mostly true Factual Jan 2023 Every US recession in the past 50 years was preceded by a negative yield spread; there were no recessions without one. Factual · Jan 2023 Economics and markets
Resolved true Factual 31 Aug 2022 A bear market rally is one of the common features of historical superbubbles. Factual · 31 Aug 2022 Economics and markets
Mostly true Factual 31 Aug 2022 Few superbubbles exist in history to study, and they share clear common features. Factual · 31 Aug 2022 Economics and markets
Mostly true Factual 31 Aug 2022 The summer 2022 stock rally has so far perfectly fit the pattern of the bear market rally that Grantham describes. Factual · 31 Aug 2022 Economics and markets
Mostly true Factual 8 Jan 2021 Bonds are even more expensive by historical comparison than stocks. Factual · 8 Jan 2021 Economics and markets
Mostly true Factual 2020 The U.S. economy is currently in its worst 10% of historical conditions, perhaps even the worst 1%. Factual · 2020 Economics and markets
Mostly true Factual 2020 In Grantham's opinion, the U.S. trend GDP growth rate has fallen from over 3% a year to at best 1.5%. Factual · 2020 Economics and markets
Resolved true Factual 2017 Donald Trump said a few anti-Fed things during the election campaign. Factual · 2017 Economics and markets
Resolved true Factual 2017 For about 20 years after 1996 the S&P 500 P/E ratio stayed high by 1935-1995 standards. Factual · 2017 Economics and markets
Resolved true Factual 2017 Grantham used to call profit margins the most dependably mean-reverting series in finance. Factual · 2017 Economics and markets
Mostly true Factual 2017 Grantham said the US market has been acting as if it is oscillating normally enough, but around a much higher average P/E. Factual · 2017 Economics and markets
Resolved true Factual 7 Nov 2016 On November 7, 2016 the S&P 500 price was 8% below the 2-sigma level of 2300 calculated by GMO. Factual · 7 Nov 2016 Economics and markets
Resolved true Factual Jan 2016 China uses a much larger fraction of total global minerals than it does of global oil. Factual · Jan 2016 Economics and markets
Mostly true Factual Jan 2016 In his previous quarterly letter written in January, Grantham said market commentators were too pessimistic on global stock markets, especially the U.S. Factual · Jan 2016 Their own work or organisation
Mostly true Factual Jan 2016 Grantham had earlier warned of trouble if China quickly slowed its demand growth for minerals. Factual · Jan 2016 Their own work or organisation
Mostly false Factual Jan 2016 Mining stocks are the only group with a negative correlation to the rest of a portfolio over 10-year periods and very low correlation over 5 years. Factual · Jan 2016 Economics and markets
Mostly true Factual Jan 2016 By the time China's demand growth for metals and coal stopped, miners had spent an unprecedented $1.25 trillion on expansion. Factual · Jan 2016 Economics and markets
Mostly true Factual 2016 From late 2002 into 2006 the Fed raised rates by as much as 430 basis points as the economy recovered. Factual · 2016 Economics and markets
Mixed Factual 2016 Fed chairs Yellen, Bernanke and Greenspan overtly bragged about their success in driving asset prices, particularly stocks, higher. Factual · 2016 Economics and markets
Mixed Factual 3 Dec 2012 Hurricane Sandy helped several climate-change-denier congressmen lose their seats in the 2012 election. Factual · 3 Dec 2012 Other global risks
Resolved true Factual 3 Dec 2012 GMO is solvent and has stayed in business. Factual · 3 Dec 2012 Their own work or organisation
Mixed Factual 3 Dec 2012 GMO has modeled momentum and value as two key variables for 33 years. Factual · 3 Dec 2012 Their own work or organisation
Mostly true Factual Apr 2012 Robert Shiller's "fair value" series assumed perfect foresight of all future dividends. Factual · Apr 2012 Economics and markets
Mostly true Factual Apr 2012 GMO's calls on the Japan 65 P/E market and the 2000 U.S. tech bubble were 2 to 3 years early. Factual · Apr 2012 Their own work or organisation
Mostly true Factual Apr 2012 Keynes explained that to keep your job you must never, ever be wrong on your own. Factual · Apr 2012 Philosophy, ethics and society
Mostly true Factual Apr 2011 China, with nearly 1.3 billion people, started doubling its economy every 10 years or less, starting around 21 years before 2011. Factual · Apr 2011 Economics and markets
Mostly true Factual Apr 2011 Commodity prices in general declined steadily throughout the 20th century. Factual · Apr 2011 Economics and markets
Mixed Factual Apr 2011 Commodity marginal cost increases of about 2.0% a year were outweighed by annual productivity increases of 3.2% over the 20th century. Factual · Apr 2011 Economics and markets
Resolved true Factual Apr 2011 In April 2011, GMO said that, as far as it was able to determine and while noting it was not an expert in oil costs, the full cost of finding and delivering a major chunk of new oil was about $70 to $80 a barrel. Factual · Apr 2011 Economics and markets
Resolved true Factual Jul 2010 Non-greenhouse factors such as changes in solar output cannot alone explain the rise in global temperature over the past 50 years. Factual · Jul 2010 Other global risks
Mostly true Factual Jul 2010 Financial services made up 3% of GDP in 1965, and that decade was a strong candidate for the greatest economic decade of the 20th century. Factual · Jul 2010 Economics and markets
Mostly true Factual Jul 2010 A warmer atmosphere melts glaciers and ice sheets and causes global sea levels to rise. Factual · Jul 2010 Other global risks
Mostly true Factual Oct 2009 Less than a year before October 2009, the banks behind that year's record bonus pool, estimated at about $23 billion, had been on the edge of a run on the bank. Factual · Oct 2009 Economics and markets
Mixed Factual Apr 2007 Good or excellent economic fundamentals combined with tightening credit often result in a falling market. Factual · Apr 2007 Economics and markets
Mostly true Factual Apr 2007 In May 2006 emerging markets declined by 25% in three weeks, during what was fundamentally their best year in history. Factual · Apr 2007 Economics and markets
Back to the list

Factual Economics and markets

“the lowest rates in the history of man,”

Jeremy Grantham, interviewed 28 July 2025 Jeremy Grantham: Navigating Bubble-Land (The Acquirer's Multiple)

Bonds currently offer the lowest interest rates in human history.

Mostly false False in substance, right in a detail.

The second judge would not resolve this claim; the verdict shown is the first judge's.

What would count as true or false

The test is the date of the claim, 28 July 2025, with the proposition taken as stated: bonds currently, at that date, offer the lowest interest rates in human history. TRUE if benchmark government bond yields in major markets (e.g. US Treasuries, German Bunds) were at or very near all-time historical lows as of July 2025. MOSTLY TRUE if yields were within a small margin of record lows in the main markets. MOSTLY FALSE if yields in July 2025 were well above record lows, but the statement rests on a true recent episode (the record lows of 2020–2021) wrongly presented as current, or applies only to a narrow market. FALSE if benchmark yields in July 2025 were clearly and substantially above their historical lows (e.g. US 10-year far above its 2020 low of about 0.5%) and no such current record lows existed in any major market.

Evidence

  1. Monthly Market Wrap: July 2025 - YCharts YCharts · 4 August 2025
    “Equities rose to kick off H2 2025, existing home prices hit a record, and Treasury yields climbed across the curve.”
  2. 10-year Federal Reserve Board (H.15 data download)
    “2025-06,4.38 2025-07,4.39 2025-08,4.26”
  3. 10-year Federal Reserve Board (H.15 data download)
    “2020-06,0.73 2020-07,0.62 2020-08,0.65”

Reasoning

The Federal Reserve H.15 10-year series puts the July 2025 monthly yield at 4.39 [E2], against 0.62 in July 2020 [E3]. That is several times above the recent low. YCharts reports that Treasury yields rose across the curve in July 2025 [E1]. So, at least for US Treasuries, the claim of history's lowest rates does not hold for July 2025. The evidence does fit a true earlier episode, the 2020 lows, presented as current, which the criteria class as mostly false. The evidence covers only US Treasuries, so it cannot rule out record lows in another major market such as German Bunds, which the criteria require for a plain false.

Cite this claim

Jeremy Grantham, “Bonds currently offer the lowest interest rates in human history.” (said 28 July 2025). Verdict: mostly false. Reliability API, claim c_663a44e56f2e, method 0.1.0+28da144b. https://epistacklabs.com/claims/c_663a44e56f2e

Claims without a verdict

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