Jeremy Grantham, a famed investor with a track record of identifying market bubbles, said the market downturn today is worse than the tech bubble of 2000.
Jeremy Grantham, a famed investor with a track record of identifying market bubbles, said the downturn today is worse than the tech bubble of 2000, calling stocks to at least double their losses. "The other day, we were down about 19.9% on the S & P 500 and about 27% on the Nasdaq. I would say at a minimum, we are likely to do twice that," the co-founder of GMO told CNBC's Kelly Evans on " The Exchange " Wednesday.
tech and led by the Nasdaq going to incredible highs," Grantham said. The technology sector has been at the epicenter of the market turmoil this year, especially hitting unprofitable firms and richly valued software names. The tech-heavy Nasdaq Composite is sinking deeper into a bear market in the face of rising rates, off about 29% from its all-time high. Still, the 83-year-old investor said there are some key differences to the two bubbles. In 2000, the sell-off was concentrated in U.S.
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