

Jeremy Grantham: "Pollution, Population & Purpose”
68 snips Nov 29, 2023
Jeremy Grantham, co-founder of GMO Financial Holdings, discusses the interaction between finance, population, ecology, and pollution. Topics include super bubbles in the stock market, debt's impact, exploring green energy sources, limitations of technological solutions, AI's role in climate change, inequality crisis in America, philanthropy, decline of sperm count and insect populations, investing in environmental causes, and valuing the natural world.
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Super Bubbles
- Super bubbles, exceeding two standard deviations, feature speculative frenzy and new paradigm beliefs.
- These bubbles revert to the trend, often painfully, causing recessions or worse.
Mean Reversion and the Trend Line
- Mean reversion assumes a stable trend, but factors like peak cheap oil and ecosystem disruptions may alter it.
- The trend line itself might flatten or decline, impacting financial predictions.
Economics' Fatal Flaw
- Economics ignores energy's role, omitting resources and heat from production.
- This flawed model, coupled with the efficient market hypothesis, misleads finance.