) fair value is around 900 versus its current value of 1,210 today. Thus, Mr. Grantham believes stocks are roughly 25% overvalued. Mr. Grantham is a strong critic of the Federal Reserve and thinks the central bank should stick to controlling the money flow. He is strongly against its recent stimulus efforts, including its recent announcement of $600 billion in quantitative easing. Why should one care about Mr. Grantham's opinions? Well, he is known for directing his clients away from impending crashes that have followed bubbles. Mr. Grantham avoided the Japanese equity and real estate bubbles in the late 80s, the tech bubble in the 90s, and the housing bubble in the early 2000s.