Jeremy Grantham sees another bubble. Here's where he's hiding

What he worries about is the fact that markets tend to get over-excited about such trends, and before the real winners emerge, a bubble inflates and pops. "Such revolutions are in the end often as transformative as those early investors could see and sometimes even more so - but only after a substantial period of disappointment during which the initial bubble bursts." The best example is Amazon, which rose 21-fold between 1998 and its 1999 peak, then lost 92 per cent of its value between 2000 and 2002, and before eventually "inheriting half the retail world". Grantham admits the bubble-within-a-bubble…