Renowned investment manager Jeremy Grantham poses on a balcony in his office in Rowes Wharf, Boston.
Lane Turner | The Boston Globe via Getty Images
The party’s over on Wall Street as the massive surge in stock markets since 2009 has now turned into a “full-fledged epic bubble,” said billionaire Jeremy Grantham.
The S&P 500 has soared almost 450% since the low of its financial crisis on March 9, 2009, and has reached a level never seen before.
Between 2009 and 2020, the broader market index recorded nine annual gains, including three years with a return of more than 20%. In 2020, the S&P 500 bounced back from a decline of more than 30% and climbed 16.3% to an all-time high by the end of the year.