Jeremy Grantham says ‘easiest leg’ of stock-market bubble burst is over. Here’s what’s next.

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Think the bear market in U.S. stocks has been rough? The hard part may still lie ahead, according to longtime stock market investor Jeremy Grantham.

The legendary co-founder of Boston-based investment firm GMO argued in a Tuesday paper, cheerfully titled, “After a Timeout, Back to the Meat Grinder,” that “the first and easiest leg of the bursting of the bubble we called for a year ago is complete.”

The…