"As a historian of the great equity bubbles, I also recognize that we are currently showing signs of entering the blow-off or melt-up phase of this very long bull market," Grantham, the chief investment strategist for GMO in Boston, wrote in a letter to investors Wednesday... In today's letter, he called the current market one of the highest-priced in history...

He warned investors to keep an eye on what is showing on television in restaurants. "When most have talking heads yammering about Amazon, Tencent and bitcoin and not Patriot replays -- just as late 1999 featured the latest in Pets.com -- we are probably down to the last few months," he wrote. "Good luck. We'll all need some."

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