In a recent interview with CNBC, investing legend and GMO co-founder Jeremy Grantham “painted a very dire picture of the investment landscape in the U.S.” according to an article in MarketWatch.

Grantham, who has accurately predicted three financial bubbles, said: “My confidence is rising quite rapidly that this is, in fact, becoming the fourth, real McCoy, bubble of my investment career. The great bubbles can go on a long time and inflict a lot of pain but at least I think we know now that we’re in one. And the chutzpah involved in having a bubble at a time of massive economic and financial uncertainty is substantial.”

He told CNBC that the current rally is “without precedence” since it comes during a period of low economic health in the U.S., and cites high unemployment levels and rising bankruptcies—that are likely to increase further—as contributing factors.

When asked what level of exposure investors should have to U.S. equities, Grantham responded, “I think a good number now is zero and less than zero might not be a bad idea if you can stand that.”