Carl Benjamin Predicts A Future After WallStreetBets & GameStop

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During the week of Jan 4, two of the all time great stock market sages - who've been expert at calling speculative crazes for decades-charged that the bulls has lost their marbles. Carl Icahn went public claiming that equities are vastly overpriced and due for a steep selloff. 

The same week, the cockeyed optimists from Wall Street money managers to Gen Xers hooked on day trading ignored their warning, staging still another buying frenzy that on Thursday, Jan 7 pushed the S&P 500, Dow, and Nasdaq to fresh records. 

Today, Grantham’s interests center on his foundation supporting environmental causes, the institution he’s backed with 92% of his wealth. But though he’s no longer picking individual stocks, Grantham follows the market’s overall trajectory closely, and he prides himself on calling when types of assets are excessively cheap or pricey compared with past periods. Grantham and Icahn come at their forecasts from different angles. This writer has interviewed Icahn many times, and he’s never heard the storied investor talk about price-to-earnings multiples, discount rates, risk premiums, or any of the other metrics the experts typically cite in assessing where the market stands. I have no doubt Icahn knows all the numbers, but he appears to rely on instincts that tell him, I’ve seen this scenario before, and it always spells trouble.