Jeremy Grantham's Big Calls: Emerging Markets, Venture Capital, and the Green Revolution

Real Vision: Finance & Investing

Real Vision

Investing, Business News, News, Business

4.1 • 1.1K Ratings

🗓️ 1 January 2021

⏱️ 84 minutes

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Summary

Long-term investment strategist and co-founder of GMO Jeremy Grantham has made a name for himself as a bubble spotter. In this interview with Mike Green of Logica Capital Advisors, Grantham argues that although we are again in a market bubble, it has an entirely different make up than prior bubbles and is almost devoid of the opportunity that these periods of misallocation historically provide. As a result, he sees opportunities as few and far between in public markets. With the exception of emerging markets and the greening of the economy, an endeavor that he believes is a societal necessity, he encourages investors to look towards venture. Together, Grantham and Green also debate China's position in Grantham's emerging market thesis and the green revolution, the pollution paradoxes of greening the economy, and the merits of societies and forms government that incentivize cooperation among people and risk taking in the form of early stage venture capital. Key Learnings: Emerging markets are the only place that Grantham sees clear opportunity in public markets. Using COVID response as a case study, Grantham worries about America’s potential to solve the problem of climate change. He also argues that if not for venture capital, American innovation would be non-existent. Recorded on November 18, 2020. Learn more about your ad choices. Visit podcastchoices.com/adchoices

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0:26.0	Learn more at Vonage.com. Mike Green I'm here for Real Vision, sitting at home in Marin, hoping soon to get out, but I am really
0:46.4	excited to invite one of my long-term, you know, man crushes on Jeremy Grantham of Grantham male Van Otterloo has played an incredibly
0:59.1	important role in my career. He was actually a limited in my first investment firm.
1:06.1	And you've been unique in this industry
1:09.5	in terms of your ability to sit a stride multiple bubbles and cycles.
1:13.6	Jeremy, welcome to Real Vision.
1:15.4	Thank you for joining us.
1:16.7	Yeah, pleasure to be here.
1:18.9	So today we're going to try and talk about a bunch of stuff.
1:22.2	One of the ways that I'd love to start
1:24.1	this is let's just talk a little about background. As I mentioned you and I know each
1:27.4	other from my first firm Moody Aldrich partners where you had been instrumental in the founding of that actually contributing much of the capital and the opportunity there.
1:38.0	There's a number of stories that I know from that about the startup of GMO. of you went through such a period of lean times that despite the fact that you were a
1:56.0	rabid Celtics fan you would limit yourself to purchasing one copy of the Boston
2:01.9	Globe a week so that you could actually read about the
2:04.7	Celtics without drawing down on the resources that you had preserved. Is that
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