Jeremy Grantham says 'easiest leg' of stock-market bubble burst is over. Here's what's next.

Think the bear market of 2022 in U.S. stocks has been rough? The hard part may still lie ahead, according to longtime stock market investor Jeremy Grantham.

The legendary co-founder of Boston-based investment firm GMO argued in a Tuesday paper, cheerfully titled, “After a Timeout, Back to the Meat Grinder,” that “the first and easiest leg of the bursting of the bubble we called for a year ago is complete.” Such an outcome wouldn’t be “the end of the world but compared to the Goldilocks pattern of the last 20 years, pretty brutal.

Grantham said that while such an outcome remains highly likely, investors should have far less certainty about the timing and extend of the market’s next leg down.

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