Highlights From Jeremy Grantham

Jeremy Grantham is on CNBC and he is fairly bearish on stocks, and he is modestly underweight as a whole on stocks.

Grantham said that blue chips are much cheaper than other stocks, and he is recommending to his clients that they be overweight in blue chip names, such as Coca-Cola (NYSE: KO) and Johnson & Johnson (NYSE: JNJ).

Grantham said he is recommending a modest overweight in emerging markets, and said that if you wish to speculate, that the next year will be profitable, but after that, things will end very badly.