Grantham is always brilliant, but this interview is landmark. Markets for assets have become unhinged. He articulates the dynamics with perfect clarity.
"When there are no doubters..." that's when to worry about irrational exuberance.
"Burst of euphoria" should be called "last orgasm over-expanding productive capacity."
The economy is walking on air over a cliff like Wile E. Coyote structurally due to the reasons Grantham outlines. Big fail impending.