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Jeremy Grantham says soaring valuations around AI makes the U.S. stock market historically expensive.
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ON A sunny Saturday afternoon, within kicking distance of Uruguay's national football stadium, 14 seven-year-olds walk onto a bumpy pitch. They are cheered by their parents, who are also the coaches, kit-washers and caterers. The match is one of hundreds played every weekend as part of Baby Football, a national scheme for children aged four to 13. Among the graduates are Luis Suárez and Edinson Cavani, two of the world's best strikers.
Messrs Suárez and Cavani are Uruguay's spearheads at the World Cup, which kicks off in Russia on June 14th. Bookmakers reckon La Celeste are ninth-favourites to win, for what would be the third time. Only Brazil, Germany and Italy have won more, even though Uruguay's population of 3.4m is less than Berlin's. Though it is no longer the giant that it was in the early 20th century, Uruguay still punches well above its weight. Messrs Suárez and Cavani reached the semi-finals in 2010 and secured a record 15th South American championship...Continue reading
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