Need to Know: Jeremy Grantham is right that there’s a bubble, this strategist says. Why right now is a good buying opportunity for stocks.

To understand how valuations have soared and the S&P 500 SPX has climbed 98% from its bear-market low, first there needs to be a little history. In a presentation on “TINA and the everything bubble” — a reference to the acronym There Is No Alternative — Longview Economics CEO and chief market strategist Chris Watling pointed out that the post-Bretton Woods financial system lacks an anchor.

“If you look back in history from 1971 back several hundreds of years, even millennia, you will see that almost all the time except during…