Gratham painted a very dire picture of the investment landscape in the U.S., suggesting that rampant trading by out-of-work investors and speculative fervor around bankrupt companies, including car-rental company Hertz Global Holdings Inc. HTZ, -3.88%, reflects a market that may be the most bubblicious he’s seen in his storied career.
Asked what level of exposure investors should have to U.S. equities, Grantham offered an unflinching view that may leave some bulls gobsmacked.
“I think a good number now is zero and less than zero might not be a bad idea if you can stand that.”
