When Grantham talked to Fortune in April about his memoir, The Making of a Permabear, Grantham laid out the framework underpinning his current AI call: a “bubble within a bubble.” The original super-bubble was already inflating dangerously through 2021, he told Fortune, and it even cracked — with the S&P 500 falling roughly 25% from January through October 2022 — before ChatGPT’s arrival reversed the decline. His core distinction is between wealth and money: “Wealth is not the same as money,” he said. You have to sell the wealth to get money because you can only spend money.” The post Ray Dalio on the AI bubble nearing 1929, 2000 levels and the lesson people always forget: ‘wealth is not the same as money’ appeared first on Fortune.