Salient to Investors:

Jeremy Grantham said:

  • The stock market is expensive and headed for a bubble at S&P 500 above 2250, and offers paltry returns for years to come.
  • Expect an explosion of M&As to record numbers due to cheaper debt in this cycle, profit margins that will remain high, a still young economic recovery due to labor market slack and room for capital spending.
  • Investors only now regaining their courage, while low interest rates are forcing companies to find new ways to grow.

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