% 5% 0% -5% -10% -15% 20% -1.40/19age ACI3t0Valt (030s) (RHS) —House Prices YoY 140 130 120 110 100 90 80 70 -60 50 40 30 20 0 Jeremy Grantham of GMO, an investment management firm, looked at every historical bubble and found that all of them, eventually, move back to the trend that existed

charged the other for a cup of sake, then used the proceeds to buy a cup for himself, and so on. The brothers ended the day drunk and empty-handed. Jeremy Grantham of GMO, a fund-management group, is a detached and cynical observer of the financial and economic scene. The way he sees it, "all debt seems to do i