Jeremy Grantham

speaker

906 appearances 3 recordings 2 series first heard Jun 2026 last heard 30 Jul

Jeremy Grantham’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 3 in all, peaking in Jun 2026 with 2.

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And now the U.S.

is up there.

Since about 1975.

All of the wealth we're talking about has gone to the top 10% and a lot of that to the top 0.01.

Before that, by the way, from 1935, from FDR to 1975, so that's 40 years, we had a wonderful period of growth.

We had gains of over 3.5% a year.

But the nice thing was that the poorest quarter made a little bit more than average, let's say 4%.

And the richest quarter made a little less, let's say 3%.

And everybody got richer.

Everyone was happy.

And then from 75 onwards, basically the average hour worked in America has barely gotten more adjusted for inflation than it did in 1975.

Forget, in a sense, the bottom 20% is tragic, but the guy in the middle, the 50th percentile, he is unhappy also.

And when your average guy is unhappy because he's not doing very well, you know you have a problem.

We had a similarly unequal society back in the so-called Gilded Age of the 1880s and 90s and so on.

We got lucky in an ugly way.

We ran into World War I.

which was catastrophically expensive, killed off a huge fraction of the officer class.

And then we went into the Great Depression.

Then we went into World War II.

We came out as a very equal society by historical standards.

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