This is from Jeremy Grantham´s letter to shareholders for the first quarter of 2011:
This is an amazing picture and it is absolutely not a reﬂection of general investment euphoria. Global stocks are pricey but well withinnormal ranges, and housing is mixed. But commodities are collectively worse than equities (S&P 500) were in theU.S. in the tech bubble of 2000! If you believe that commodities are indeed on their old 100-year downward trend,then their current pricing is collectively vastly improbable. It is far more likely that for most commodities the trendhas changed, just as it did for oil back in 1974, as we’ll see later.