Jeremy Grantham, a popular investor with a history of calling out the market crash, said on Wednesday that the bursting of multiple asset bubbles he warned about has yet to happen despite the extreme volatility of 2022. “The current super bubble is characterized by extreme volatility in 2022,” said Grantham in a note published on Wednesday. With an unprecedentedly dangerous combination of cross-asset overvaluation (with bond, housing and stock prices skyrocketing and now losing momentum quickly), commodity shock, and Fed hawks.” “Every cycle is different and unique – but every historical similarity indicates that the worst is yet to come.” Grantham, founding partner of Grantham Mayo van Otterloo in 1977, is a widely followed investor and market historian with a proven track record of identifying market bubbles. He predicted the bear market in 2008 and the bursting of the dot-com bubble in 2000. The 83-year-old investor said that super bubbles take multiple stages. He said that after a bubble forms and a reversal occurs, as happened in the first half of the year, there will usually be spikes in the bear market before the market hits the bottom. “Bear market rallies in cool bubbles are easier and faster than any other rallies,” Grantham said. At its intraday peak on August 16, the S&P 500 recovered 58% of its losses from its June low. Grantham said the magnitude of the bear market resurgence looked “frighteningly similar” to other great historical bubbles during 1929, 1973 and 2000. Grantham said the market’s next move is likely to be driven by lower profit margins. He also cited a number of near-term problems including Russia’s invasion of Ukraine, fiscal tightening, and the COVID-19 outbreak in China. In May, when the S&P 500 fell about 20% from its all-time high, Grantham called on stocks to at least double their losses. Now the S&P 500 is down 17.9% from its peak as of Wednesday’s close. “If history repeats, the play will be a tragedy again,” Grantham said.