Hewes

Are we confusing how important AI is with how safe it is to invest in? Today I’m sitting down with Jeremy Grantham - a man whose firm managed up to $165 billion and helped create one of the world's first index funds. He has spent more than 60 years studying markets, money, and human behaviour. Along the way, he’s built a legendary reputation for spotting financial ‘bubbles’ long before most people admit they exist - those rare, dangerous moments when pure excitement and FOMO push asset prices completely out of reality, far beyond what they are actually worth. And Jeremy believes that exact pattern is happening with AI right now... We broke this down some more: - Could AI be revolutionary and still become a dangerous bubble? - Why do the most exciting stocks often fall the hardest? - What would happen if AI stocks dropped by 70%? - How did Amazon fall 92% and still become one of the biggest companies on earth? - Are markets driven more by psychology than numbers? - Why is Jeremy moving his own money out of US stocks? - Could house prices still have further to fall? And this conversation didn’t stop at markets… Jeremy also opened up about what’s happening to human fertility… He broke down why sperm counts have dropped so dramatically since 1970 and the hidden role that pesticides, plastics, and PFAS are playing that most people completely fail to realise. What became clear to me during our chat is that Jeremy isn't just warning us about AI. He's warning us about our behaviour around risk - the assumption that because something will matter in the future, any price we pay for it today must be justified. He wants us to know that something can be revolutionary and STILL be overpriced… For anyone trying to understand what we might be missing in this AI moment and beyond, this is an essential conversation.