Brett Arends’s ROI: When bears stop growling, bulls should start worrying

Legendary Boston-based value investor Jeremy Grantham has hit out at the media, calmly but firmly. Some journalists, “overeager perhaps for a punchy headline,” he said, had either misquoted or misunderstood his latest market call. He added that some had been “unwilling to invest time in my two long and quite possibly boring pieces” about the market.

No, he added, he hasn’t abandoned his longstanding warnings about U.S. stocks. No, he hasn’t decided that high valuations are here to stay forever. And no, he hasn’t abandoned his signature belief that over time the market will return to average valuations.

But, Grantham said, he now believes that U.S.

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