businessinsider | Below is an essay by Jeremy Grantham, the Chief Investment Officer of GMO Capital (with over $106 billion in assets under management). Normally, we wouldn't highlight an investment firm's quarterly newsletter, but when one of the world's largest asset managers articulates the same themes that have been debated on The Oil Drum for the past 6 years, such a watershed for biophysical awareness deserves to be highlighted.
Grantham's essay catalogues many of the issues related to resource depletion in a no-nonsense and urgent tone, yet with an odd juxtaposition - he is saying these things about limits, resource constraints, and human behavior as the head of a firm whose objective it is to increase financial capital. I expect his message will fall on deaf ears within the industry, but as has oft been pointed out here, in order to create change, we all have to start speaking a common language. This piece is a positive step in that direction.
Mr. Grantham began his investment career as an economist with Royal Dutch Shell and earned his undergraduate degree from the University of Sheffield (U.K.) and an M.B.A. from Harvard Business School. His essay, reformatted for TOD, is below the fold. (Original, on GMO Website, here)
Grantham's essay catalogues many of the issues related to resource depletion in a no-nonsense and urgent tone, yet with an odd juxtaposition - he is saying these things about limits, resource constraints, and human behavior as the head of a firm whose objective it is to increase financial capital. I expect his message will fall on deaf ears within the industry, but as has oft been pointed out here, in order to create change, we all have to start speaking a common language. This piece is a positive step in that direction.
Mr. Grantham began his investment career as an economist with Royal Dutch Shell and earned his undergraduate degree from the University of Sheffield (U.K.) and an M.B.A. from Harvard Business School. His essay, reformatted for TOD, is below the fold. (Original, on GMO Website, here)
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