now lets get to a big warning from a big bear investor jeremy grantham says the stocks super bubble that he warned about previously has yet to pop the gmo cofounder sees more trouble ahead due to what he calls a dangerous mix of overvalued equities bonds and housing bloombergs dani burger joins us now so dani its not surprising that jeremy grantham is bearish but people always find it very interesting yeah i mean look definitely a perma bear it does feel like in this current environment that though the bears are the loudest in the room of if not the most plentiful i have to read a portion of what he said because its almost shakespearean he said prepare for an epic finale of history repeats the play will once again be a tragedy we must hope this time for a minor one so a lot of drama injected in here but i think the most interesting thing are among the most interesting thing about grantham is called that a super bubble hasnt deflated yet is that its not necessarily about the fed look weve seen equity markets have this major reprice as that powerful pivot gets priced out but its not interest rates that graham is worried about it is earnings it is multiple compression it is margins taking a hit that is something that perhaps the market has yet to grapple with so his original call was down 50 percent from the peak at the worst of the june lows we got to about 25 percent its not just him its mike wilson from morgan stanley and matt hes a perma bear too thats also worth pointing out but he also thinks were going to retest those june lows and he also says its because of earnings so right now were trying to digest the fed has the second shoe dropped 40 pieces dropped by about two and a half percent from the peak tom which does suggest that if margins are going to deteriorate theres some pricing in left to do their