A Top Investment Fund Chairman Weighs In on Climate Change: Jeremy Grantham Says Buy It

by Janet Ritz

Jeremy Grantham, Chairman of the Board of Grantham Mayo Van Otterloo (GMO), a Boston-based asset management firm, one of the largest managers of such funds in the world, has written in his quarterly letter:

Conspiracy theorists claim to believe that global warming is a carefully constructed hoax driven by scientists desperate for … what? Being needled by nonscientific newspaper reports, by blogs, and by right-wing politicians and think tanks? Most hard scientists hate themselves or their colleagues for being in the news. Being a climate scientist spokesman has already become a hindrance to an academic career, including tenure. I have a much simpler but plausible “conspiracy theory”: that fossil energy companies, driven by the need to protect hundreds of billions of dollars of profits, encourage obfuscation of the inconvenient scientific results.

Grantham's asset management fund controls over 170 billion dollars. He is the investor and fund manager who predicted the failure of the bubble style of economics, postulating that economies had a tendency to "return to the mean."  The quarterly report by Grantham gives his view on the direction of the economy and the trends therein. He has included a section (on page seven), entitled: Everything You Need to Know About Global Warming in 5 Minutes and recommends investment in industries that will reduce our dependence on fossil fuels. Continued...

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