That’s right 4plexowner. The odds of a two-sigma event (on the right hand tail of the normal distribution – as in a bubble) NOT being representative of a bubble condition (assuming that the calculations were done properly) is around 2.2%. Consequently, there’s is always the chance – obviously quite remote – that we’re not in a property bubble. But it’s a horrible bet. If you consistently bet against Grantham’s methodology you’ll be broke in short order… for what it’s worth.
