Jeremy Grantham is chief investment strategist of Grantham Mayo van Otterloo, a firm that tracks bubbles. Not the soapy kind, but when the price of an asset in relation to its real value has exceeded its average by a certain amount. Of the 36 bubbles that the firm tracks, 33 have popped. That is a remarkable track record, which should provide Grantham credence when he criticizes central banks for how they deal with bubbles.

Read the story.