Grantham forecasts the market

Renowned investor Jeremy Grantham (Trades, Portfolio) is doubling down on his bubble call, telling CNBC’s Wilfred Frost on Tuesday’s “Closing Bell” that the conditions in the stock market right now are even crazier than the periods leading up to the crashes of 1929 and 2000.

As a result, he cautioned that investors should consider “avoid[ing] the U.S. like the plague.”

“The value stocks outside the U.S. are not too bad,” Grantham said. “They are overpriced, but they are going to return over the next 10 years a positive return. Our forecast in the U.S. is for a negative return over the next seven years…I strongly believe that will be accurate.”

During the interview, the guru, who is one of the co-founders of GMO, also commented on the future of the green energy market as well as despaired over meme stocks, calling them a “travesty of serious investing.”

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Despite his recent advice to “avoid the U.S. like the plague,” as of the end of the second quarter, GuruFocus portfolio data shows the guru’s five largest holdings were Microsoft Corp. (MSFT, Financial), UnitedHealth Group Inc. (UNH, Financial), Apple Inc. (AAPL, Financial), U.S. Bancorp (USB, Financial) and Oracle Corp. (ORCL, Financial).