Legendary investors Jeremy Grantham and Howard Marks clearly did some deep thinking over the holidays.

They’ve both released lengthy essays on the state of the current stock market and how and where to find value.

Grantham, Co-Founder and Long-Term Investment Strategist at GMO, says the bull market has matured into a “fully-fledged epic bubble.”

And Marks, Co-Founder and Co-Chairman of Oaktree Capital Management, examines the meaning of value investing after talks with his son Andrew, also a professional investor, who favours long-term investments in technology growth companies.

For educational purposes only, we present links to the thoughts and ideas of these two investing giants.

Waiting for the Last Dance: The Hazards of Asset Allocation in a Late-Stage Major Bubble – Jeremy Grantham

Something of Value – Howard Marks

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