Grantham: Future markets might tax stocks to fund human price discovery
Jeremy Grantham · Jeremy Grantham – Bubbles, Value Investing, and the Long Game at GMO (EP.493) · Mar 23, 2026 · at 56:02
Jeremy Grantham, co-founder of GMO, examines the structural limits of index investing if passive ownership reaches 100% of the market.
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“In the end, you have to have some price work. You have to find a way of paying a few thousand good analysts to help price the equities, and I don't know how they will work it out. It's over my pay grade, but one day in the distant future, there might be a very tiny tax on all stocks to pay for 10,000 well-trained analysts to help price it.”
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