Sounds like jealousy to me 😎

People at the top of the pyramid rely on academics to justify their social engineering. The same Marxist academics that overwhelmingly populate our universities make policy recommendations to our political leaders. Yet, academics don't understand why more and more people are criticizing universities and the "research" they produce. Academics and "science" has been politicized and therefore, you'll never have buy-in from the public. Ideology is now more important than truth which is why mainstream media no longer gets both sides of an issue. Just the side they want to promote.

You’re not alone. Also MG disagrees.😁😉

+100

Funny how euro-based posters always trumpet their national allegiance like its some badge of honor. No one goes around saying "USA CITIZEN HERE", because we're not rabidly promoting ourselves. Your efforts smack of some kind of deficiency that you're trying to desperately prove doesn't exist. No worries, the ECB will take care of your prosperity with their garbage stewardship.

GFY 😇

😂

Agree and you see great corps like Intel and Boeing in, arguably, decline.

The downvotes are triggered yanks who can't accept they are a distant #2 economy and falling further behind massively with each passing year now. EU should overtake US this year. The largest real economy in the world today by far is in fact China and it approaches double the size of the US by year-end 2020. Read up from the current World Bank and even the IMF and to a lesser extent even the US CIA factbook. In addition. the largest trading partner for most countries in the world today is China, while only 10% of countries trade more with the US. China in 2020 is also the world's largest consumer market by both numbers and value. Even US allies like Germany sell more to China now than to the US. The game is over and China has won. Now they're just running up the score.

@David - I gather you haven't kept track of what the ECB is doing. The Euro experiment will come to an ugly end under their "stewardship". How anyone thought that pile of sloppy economic arbitrage was going to survive needs their head examined. China stats are faked, like a lot of their product quality. The only real way to get an idea of what they're doing is tracking metrics that can't be cheated - satellite imagery of commuter flows, factories, electricity usage (though they cottoned on to that and now order factories to run even if they're not producing anything, cheeky bastards), etc.. If you've bought into the China rising story I feel very bad for the funds you've committed to such a flawed enterprise.

Grantham may be an original thinker with respect to investing, but I found most of his narratives during this interview to be at just about the level of thinking that you might get on The View. Mike Green runs intellectual circles around this dude. If anything, he was having trouble keeping up.

Disagree.

Mike did a superb job with his questions and counter arguments. Brilliant

JG has become an old bitter hack, his "work" on wind and solar appears elementary at best, zero discussion about geography, ability to store wind/solar etc...he is pushing a narrative as hard as he can. Mike did a good job but the old man is clearly on the mental decline. He should just lock his door and stay in his basement for another 3 years

Agree. One wonders why he and Ray Dalio haven’t already moved there.

I didn't hear JG espousing a centrally planned economy. That sounds like the socialist US, where the government owns almost 50% of mortgages (soon to be 100%) and the US Central Bank nationalized the bond market in March. A country where almost everyone is endlessly crying out for more central "stimulus" (read free helicopter money) and their central authorities are on a path to print almost as much "money" as their whole economy. Where just their artificially suppressed interest nevertheless now exceeds their total tax receipts (can you say, "Hopelessly bankrupt"?).

That's easy. First, you obviously must have enough sick people in order to properly test a vaccine. But China and almost all of East Asia resolved most its Covid cases 6-8 months ago with relatively very few test cases since, so it became impossible to complete the testing & development of vaccine there (the same thing happened with SARS), in contrast to the Typhoid Mary state today of the hyper-infected USA and some other similarly unsanitary nations. Two, China has already successfully developed at least 3 vaccines, including the so-called Pfizer vaccine which in fact had no US development except marketing, but instead was actually a preexisting joint development of BioNTech of Germany and Fosun Pharma of Guangzhou China before Pfizer was engaged for international marketing and some routine testing, not that there's anything wrong with that - plenty of international cooperation and success for a change. Indeed, the world needs more of that international cooperation instead of US Trumpian xenophobic demagoguery.

Oh but if you kept going, you missed the best part, where he basically describes that the USA is an empire on its way to collapse.

I'll just leave this here: https://www.zerohedge.com/markets/granthams-short-call-cost-his-hedge-fund-over-2-billion Only as good as your last trade, indeed.

@Andrew W. So does Ray Dalio, not a shabby HF manager. Just the most successful in the (western) world. And he's right!

Excellent comment!

"Notoriosly poorly run" is a trigger turn of speech popularized during the recent US campaign season. You show a lack of wisdom for selecting such a term of speech to make your point...unless your point was to make a political comment. I just spent five minutes Googling around and looking at charts and figures for homicide rates in the US. I looked at charts for both the counties with the highest homicide rates as well as the states with the highest homicide rates. It would appear that what many of the counties, and states, have in common are poverty (or, generally lower wages/income), low educational attainment, and other factors that would surely cause rancor on the board. Rather than places that have been stereotyped, that our beliefs molded to understand that "notoriously poorly run" means urban centers on the coasts, the data on counties with the highest homicide rates bears out a different story than your insinuation. Perhaps the data by zip code, or census tract, would be better to use to bear out any point on concentration of homicides. I suggest you spend a few more minutes gathering your thoughts and facts prior to using "notoriously poorly run" to mean urban centers, to mean high homicide rate.

I'm pretty sure bad governance has a lot to do with homicide rates in those counties.

Phillip, does 'poverty' not fall under 'notorious other issues' in your world, or were you latching onto 'poorly run' for your own political commentary? For someone chastising another commenter so strongly you should maybe reflect on your own biases first before saying someone has a lack of wisdom.

The same open minds that allowed Germany to invade all nearby countries? Yes, you Europeans have quite the lock on being complete pushovers when it comes down to hard decisions. Some of us use critical thinking instead of national-fealty oriented fallacies.

Timothy, I don’t mean this offensive, but that’s exactly the difference how we interpret the arguments in this interview. You: Have the military view, the dominance of US and the pushover Europe Me: I look at the healthcare system. I was shocked how expensive healthcare is in the US. If the citizens would really know, how outrageous expensive medical is in the US, they would go mad

have you see the lad 70m of them voted for?

Marco, you are correct but also not honest about how the US has subsidized your ability to get all the treatments and pharma for years on the cheap. It is complicated, and it is a lobbying issue, but to act like other countries have better care than America is just stupid. For point of care health services, it is #1. I as a responsible, not fat, healthy American who exercises would love this backup system IF I needed it (mostly up to me) IF I weren't raped by politicians of the like you support so that other irresponsible people make me pay for their bad health choices and the Bernie Sanders of the world telling them they are owed something.

LS. What should I say? I argue about the US health care system, and right out of the gate comes the next US guys calling me stupid. Bravo. US health costs are rising for almost a decade between 8-10% and you are calling my argument stupid. Bravo 👍🏻

Did you read my comment at all? I didn't say "stupid" anything I just gave you the real analysis.

LS: Re American healthcare. As a European holidaying in the US I once had to receive some basic healthcare and the point of care service was faultless. However the bill was nuts. It included being charged approx $100 for a square piece of canvas folded up to be used as a sling and $25 for a handful of ibuprofen tablets. And this was 15 years ago. No problems if you’re insured, as I was, but its fairly obvious that such a system will produce sub-optimal outcomes at a population level, which I assume was JG’s point.

I really appreciated someone with a bit more nuanced view of the world than media, everything isn't black and white.

He said absolutely nothing about right and left. He had achieved reasoned conclusions based on data. If you have looked at different data and have reached different conclusions, offer it here.

Where do you want us to start? The hoax known as climate change (climate always changing)? That the CCP is a disgusting mafia organization but makes the elites rich so they get a pass? That his generation had it all but now he wants to restrict others capacity to make a living? This is precisely why the world is turning into a technocrat dystopia. And you ask for "data".

I didn't hear him say China good - I heard it more as a warning and statement of what they are actually doing as opposed to a value judgement or an endorsement. Sometimes the truth of what our competitors are up to is very hard to hear - but we ignore it at our collective peril

Agree most people are more comfortable sticking to ideology and pre-existing beliefs even when overwhelming evidence is right under their noses.

Using the word "cult," as in associating that the guest is a member of a cult, is rude. This aside, if you are going to leave a comment, please use a complete sentence. In the future, please reserve for ZH any non-constructive comments you feel inclined to leave.

But James does have a point. I wouldn't use his word "cult" but there is an abundance of evidence that the earth's climatic shift is primarily driven by changes in sun spot activity (so called "space weather") i.e. the same factor that has driven the earths climatic events for millenia. Not manmade CO2. As RV subscribers, we look for a deeper truth than offered by shallow Bloomberg/Yahoo/Jim Cramer analysis and that has to be equally true of the big macro events, such as climate change. Even the great investor, Felix Zulauf, was arguing the other day that he foresaw that a shortened growing season would impact soft agricultural/commodity prices. I don't care for politics but i do care for objectivity and the pursuit of truth, wherever it may lead.

Stephen this was debunked at least a decade ago. https://www.scientificamerican.com/article/sun-spots-and-climate-change/

white american males are the only breed on the planet triggered by conclusive scientific conclusions, quite the anomaly, quite the phenomenon.

I don't know much about JG or what he understands about climate or even the scientific method, but based on this comment I can say with confidence that the both of us are smarter than you.

Whew. Message from Antifa

@Pope You're right - it is quite the anomaly... But based on my experience it's absolutely useless to insult people. Take a more humble approach, people will surprise you. <3

I'm not a "Trump bro", just a guy interested in data. Try reading "Unstoppable Global Warming Every 1500 Years" by Fred Singer.

They rip JG is this doc. How are biofuels cleaner than FF? buying wood is not clean but JG owns a lot of timber. https://planetofthehumans.com/

Climate scientists are very familiar with past hot/cold cycles and their possible causes. Unfortunately what caused past cycles, i.e. 1500 years, is not what is cause the cycle today. The best illustration of the human impact on global warning can be seen on this CO2 chart from NASA: https://climate.nasa.gov/vital-signs/carbon-dioxide/

Science is never conclusive. If you believe that then you have no understanding of the scientific process. It is ALL open to challenge at ALL times. If not then it is politics not science. Are we doing trolls here @ RV now?

Climate Science isn't a scientific discipline it is more a political label with some of the worst modeling ever seen attached to it!

Plenty of left wingers debate what the correct response to climate change is. How does it help the working class to increase the cost of everything through more expensive energy (or taxes if they are subsidised), de-industrialise and outsource our carbon emissions to 3rd world countries, indirectly move jobs to other jurisdictions due to higher input costs, create a massive regulatory state filled with well-connected upper class people that make it impossible to start a small business or work for any other company other than massive global giants? I don’t think climate change is fake, I just think action on climate change disproportionately hurts the working class and benefits well connected rich people. But I guess the left despises the working class now so it figures.

Your 'white american males ....' comment is one of your 'conclusive scientific conclusions'? Must be one fun research paper to read. - From a non-white non-American tree-hugger

We don't need to personalize this. As custodians of our own and others money, we are only interested in getting to the facts, whatever they may be. What raised red flags for me, on the standard climate change narrative is: (i) our neighboring planets are also experiencing climate change (arguably even more that we are); (ii) Greenland and Antarctic ice core samples, dating back thousands of years, clearly demonstrate that the earths climate has been constantly changing, with some correlation to the earths eccentric orbit and sun spot cycles / activity ("space weather"); (iii) our magnetosphere has deteriorated by a 15% in the last one hundred years and that rate of decay is accelerating alarmingly. Science cannot explain why and certainly no scientist has argued that this is caused by man made CO2. Conversely, there are numerous studies that demonstrate a link between solar radiation and cloud formation; (iv) so called "consensus" climate change models do not factor in solar weather, seismic (including volcanic) activity and the collapsing magnetosphere, thereby effectively dismissing all but human activity. No one knows the full truth of all this but I, for one, know when i am being presented with a one sided story.

One reason for sure - Vitamin D is one of the few factors deciding if to survive or die. But don't forget, how many obese people is there in the US vs Japan...

It helps they aren't fat asses too. This isn't a disease of healthy people. But this society isn't honest about health or image, so this is what we get. More lying.

You are correct. See the attached British Medical Journal article. Vitamin D should be the first line of treatment but big money is frustrating studies in favor of expensive vaccines. https://www.bmj.com/content/371/bmj.m3872/rr-5

Your comment is too emotional. Try stepping back a few seconds, or minutes, prior to commenting the next time. Take in a larger perspective. That the focus of your comment is so here and now, that you are yourself bloviating, that you not care that you are insulting a guest by referring to their contribution as "brainless," makes obvious different points that Mr. Grantham touched upon. There is no historical pre-determinism in the outcome of the Unities States. There is permanent thing that exists that is called "American exceptionalism." Americans now are living in a historical accident. We are lucky that we are living now. It won't be this nice forever. It is in our collective interest to do what we can to string out our dominance for as long as we can in as many fields as we can. But, staying on our current course will surely result in a speedy, relative decline. If you are taken aback by Mr. Grantham's views on societal advance, pick up either Turchin or Tainter.

source please Mr. Research

Mr. Martin H. What you are saying is complete garbage. I am a physician. I keep up with the medical literature. Please provide references from peer reviewed journals to back up you claim.

For Claude W and Aymman A, you might want to have a look at the 1918 pandemic history where we tried masks the first time. See: https://ajph.aphapublications.org/doi/pdf/10.2105/AJPH.10.1.34 Despite wide spread compliance, they made no difference to the epidemic curve according to the Executive Officer of the California Medical Board. The Danish have recently re-proven what we should have already known from the 1918 experience. see: https://www.acpjournals.org/doi/10.7326/M20-6817 Politicians don't want to admit that they're mostly impotent to control this virus. They should suggest that we keep our distance from others, optimize vitamin D levels, stay out of crowded facilities, maintain good hygiene and so on. Instead they're using the mask charade to delude voters into thinking they are taking steps to improve public health. In reality, people will mistakenly believe that their face talisman offers protection and they won't feel the need to do the other, more important, things. That could be neutral, but it likely makes things worse rather than better. If politicians really wanted better public health, they would focus on the other factors I mentioned. They might actually do some good not only for cv19 but other causes of mortality; however, the mask mandates offer highly visible optics so that's what they do.

Can I get your research notes? I'm doing my thesis on dumb people and their sourcing of information

@Nate I - looking at your recent reference it is not peer reviewed, which means you can't put much weight on it, and even the review itself says it's limitations are as follows: "Inconclusive results, missing data, variable adherence, patient-reported findings on home tests, no blinding, and no assessment of whether masks could decrease disease transmission from mask wearers to others."

You know that these days in many operating theatres only the staff directly over the patient wear masks AND they do it according to a strict protocol that the mask wearing public NEVER follow. When a shop assistant wears a mask for a shift it becomes saturated enough to aid virus transfer, on top of that the air inside the mask is way more humid and transfer viruses more efficiently, top of that people touch the masks thus increasing the risk of placing a virus nearer your respiratory system for a longer period. The net is that healthy people are better off not wearing masks! Oh and add to that no one changes the mask or washes the mask at anything like the needed intervals. They work in certain environments when used the correct way for the right reasons but for use with the general population they are more of a problem than solution! Face it they are a feel good measure. LOL.

I'm a physician too Aymman, stop lying. N95 (and no one wears them) are only 65% effective when used by even trained PHYSICIANS. You aren't stopping anything. The virus is not lethal for healthy people = not lethal. Stop lying to people about life expectations and obesity, which so many who die from this are. No excess mortality anymore beyond INFLUENZA, for which we do little. Stop the lies people.

Mr Aymman A. It even says it right on the box! Learn to read. https://www.armstrongeconomics.com/wp-content/uploads/2020/10/Mask-Box.jpg Prior to all this becoming politized the CDC had a reference on their website to 14 randomized trials that basically came to the same conclusion. Magically that disappeared after we all went mask crazy. They know that are only useful in certain environments when use according strict protocols. The public are in uncontrolledly environments and they have NO IDEA about using them correctly. Net/net healthy people are better off with out them in public. Read the pervious post, it is basic common sense.

Todd W. Do your own research and don't insult people you have no idea about you little fool. Play the ball, not the man.

Claude W. It was all refenced on the CDC website... https://wwwnc.cdc.gov/eid/article/26/5/19-0994_article Article referring to it. https://needtoknow.news/2020/07/cdc-study-based-on-14-clinical-trials-shows-face-masks-do-not-work/

Too bad ZH isn't a reliable financials blog anymore. It's a racist white-power right-wing Trump-uber-alles blog, now.

lol... so a bit of objective track record is the standard of judgment? Not an exploration of the process? Not even a comprehensive examination of the complete record of results (which are more than admirable)... This remark is asinine. This is a probabilistic business. I'm sure that whatever reason u dismiss the man has nothing to do with his recent short.

I agree, I suspect his deeper thoughts are even more disturbing, where they are even coherent.

Amen.

100%

I was rereading Hayek and was thinking the same thing. Are we back full circle debating Liberalism vs. Collectivism? History does not repeat itself, but definitely does rhyme... China vs. US model the same discussion as the German/Italian/Russian collectivism of the 19th C vs. England/US Liberalism.

This guy (J. Grantham) sounds like my high school teachers touting the achievements of the USSR and central planning... only to see the USSR collapse a few years later. Disgusting!

So basically anyone who disagrees with your assessment is by definition "a flat earth trump finance bro" .. A perfect example of resorting to slurs because you don't like someone's opinion, rather than actually debating the point. Most likely because you aren't capable of the latter.

It seems more common in investing that people who have FORMERLY had great calls tend to be the most full of dung in the future. I like some of these guys (Schiff actually, but jeez how many more years can you be wrong not "early") but we have to suffer guys like Roubini all the time (recently said BTC sucks and it goes ballistic) who seem to be proving they were one trick ponies of the old, easy world of "If you have big money and push people around ..." - yeah JG, that world is over, time's up.

Very well said

Damian please don't forget that one single interview will not shine light on such a complex subject. Jeremy will present his ideas and his thinking and then we'll piece everything together with all the other interviews and even a documentary we did on China over the last few years.

Nicely done

Great work Damian, the uncomfortable reality of the world is that no one wants to talk about the most advanced civilizations due to its "political incorrectness" and unreal fear of "racism." Meanwhile, people look the other way when they can take advantage of Chinese and other SE asians for slave wages, since it keeps the elite and chamber of commerce atop it all, and flying around without a care in the world for "Carbon Emissions." Throw a nice unmasked dinner on there for ME, but not for THEE. If you aren't a patriot or nationalist with the right allegiances, you'll just end up a pawn to the Great Reset set for by guys like JG.

I recommend anger management

His age is of course irrelevant (except that he has more experience than most).

Age is frequently relevant. Without knowing him and seeing that he is, or ever was, virtuous ... by definition he has less skin in the game. Just like a child in diapers he wants what he wants at this stage of his life. I have to deal with his influence on MY next 40-50 years. Think about it.

hes not radical, youre just square.

Yes, let's leave American to the uneducated so we can be great again.

This is all you need to know about this wacko https://www.zerohedge.com/markets/granthams-short-call-cost-his-hedge-fund-over-2-billion

Exactly, who would you want managing your money currently, MG or JG? Haha, what a joke. That shows you which side you should be on, and who is "correct" about what. The boomers are used to the healthy society they forgot about and ruined for everyone else as they aged ...

And sorry i should clarify - this isn’t a ‘denier’ thing. I have to defer to scientific experts. But I can’t get behind any response to climate change that involves using inferior energy sources and the decline of the west. Like no. If greenies wanted to talk about gen IV nuclear etc. I’d be all for it, but energy consumption is fundamentally linked to human well being whether its burning wood, coal, gas or fissioning atoms. So get lost boomer, I’m not condemning my kids to living under energy poverty in a communist dictatorship. Europeans man... like if you hate humanity and the west so much then maybe start by offing yourself.

And boom there it is - if we had the population of the 1900’s! scratch long enough at any greenie and you get a genocidal maniac.

Wow, if Darren truly is "left wing" that is honesty never seen among them. It's actually an argument against retarded thought, so I hope you change, Darren. But I'm happy you are realistic and truthful. Great post.

No it is not radical or biased. It WAS very uncertain. Messenger RNA technology is completely new. No vaccine has ever been produced using this technology. No one could have predicted that the vaccine would have a 95% efficacy. ....Trump also said drinking antiseptics would kill the virus. Perhaps you believe him there also?

saying something is "uncertain" is radical??

When did you get your vaccination? I haven't gotten mine yet.

Pro-tip: Wuhan Flu was released to the world as the CCP didn't bother to restrict flights. But sure, blame everyone else. Lets not forget the WHO and their glad-handling - "nothing to worry about" soon pivoted to sterner warnings as the coverup was failing in Wuhan. The CCP deftly deflected all blame, even blaming Europe for the origin. And you all ate it up with nary a critical comment. Ridiculous.

Timothy we all know covid came from China; the point is how it was dealt with once it got to the US. Grantham isn't trying to pass some moral or emotional judgement, just where he sees a country doing well for future growth, by whatever system it may using.

kind of gross to talk about but considering healthcare is a business in the US how is having more customers than you can handle going to collapse the industry? Much like another business they would expand capacity where needed. they got practice doing that last year and some were so little used after expensive renovations that they shut them down to hold presidential debates...

Too much of a good thing? We are killing the plants and forests and increasing the number of humans who don't find it as useful. It also traps heat which is a good thing at certain levels but can also be bad. https://climatekids.nasa.gov/carbon/#:~:text=The%20Short%20Answer%3A,ocean%20would%20be%20frozen%20solid.

Yup that is the dogma! Only NASA reports that the planet is getting greener etc, etc... Frankly I can't be bothered but do go listen to the largely silenced but dissenting scientific voices.

^^Posted before I got to the "Dirty Job of Greening the Economy" segment. Good on Mike for raising those issues.

The world needs green energy, we all agree, but we don't have it yet. I am not convinced solar panels & wind mills (turbines) are the solution. More likely fusion....

Seek out all the data Chris, including and probably most importantly, the empirical data, not just that which confirms your personal biases. Then, to sort it all out...a simple step. Apply common sense. It's a wonderfully liberating process.

Some pertinent results from the study: fewer than 40 people of intervention and control groups out of ~2400 each tested positive. ~30 had positive antibody tests. But with a quoted specificity of 99.2% ~20 false positives would be expected in both groups. This introduces a large systematic error into the efficacy calculations. With the more accurate PCR test, there were 0 positives in the mask group and 5 positive in the control group. Inerpretation: the study was statistically underpowered and therefore unlikely to show a statistically significant result (even if one truly exists). To be able to draw a reliable conclusion (either for or against masks), much larger number of positive PCR test would be required. Unfortunately the people pushing this study appear to either not understand or care about basic principles of statistical inference and experimental design.

Casey.. i referenced a study.. you know ones with empirical data. I'd suggest its your personal bias that glazed over that reference

Danish study is here: https://www.acpjournals.org/doi/10.7326/M20-6817 It is NOT peer reviewed, so not considered a quality, reliable study, at least at this stage. Even the review says it's limitations are the following: "Inconclusive results, missing data, variable adherence, patient-reported findings on home tests, no blinding, and no assessment of whether masks could decrease disease transmission from mask wearers to others."

There are things that are great in the U.S. system (which he well pointed out) and other things that are not so great. Always puzzles that people get so irritated when one dares to critique the U.S.

It certainly seems that way, I'm afraid.

Thomas W. I normally don't bother commenting on RV interviews as they are mostly excellent but felt the need after listening to Mike Green's interview of Jeremy Grantham. I listened to this as I have a great deal of respect for MG. But, WOW!, after listening I find that I agree 100% with your succinct observation (above). It is unfortunate that JG didn't read Jonathan Ward's excellent book "China's Vision of Victory" or listen to MG's interview of Ward on 11/18/2020 before his own 11/23/2020 interview with MG. And if JG did read Ward's book or listen to the interview, he didn't absorb what's there. I visited China in 2009, was involved in industrial energy production (supplier side) for many years, and know what the real story is in China. Why didn't JG mention that China was starting up one new +1,000 MW coal fired power plant per week for years and years to provide the power for their burgeoning industrial and residential energy demands. That's 50 plus plants per year. Times 5 to 10 years... 250 to 500 new coal fired power plants. He's so well informed - in his opinion - that he surely must know this fact. They are still building new ones. And trust me their pollution controls are of secondary concern.... China's current Solar & EV does nothing to reduce their dependance on Coal Fired electrical energy production. Wake up JG. But he is correct that China plans to dominate this new industry - as well as any other industry that they can dominate. I also witnessed forced technology transfer (IP theft) first hand. So of course they can have a much higher growth rate when other countries and companies have to do it the old fashioned way and learn from their mistakes over time. And, my God, their system and culture is "safety last." Western countries would never allow what is SOP there. So, it is OK for China to 'pee in their soup' but is it is a mortal sin for Western countries to spit in theirs - relatively speaking. He mentioned the burning river (Cuyahoga, 1969) in the USA. That's where the EPA came from with the Clean Air and Clean Water Acts (both necessary). We've cleaned up our act in Western Countries - air, water, etc. They haven't scratched the surface in China and it sure isn't important to them as it is in Western Countries. So forgive me for laughing out loud while at the same time cursing JG's inane comments. JG did make a large number of stupid and overly simple statements. Am I mistaken in my observation that he is full of himself? Pompus? Arrogant? Wow. From what I just listened to - all of it - JG is likely 100% behind the "Great Reset" to fix America... Central Planning to the rescue in America with people like him standing behind the curtain controlling all the levers and knobs because they know better than the smelly Walmart shoppers. He also has no apparent understanding of the basic issues in this country - meaning what caused them - yet he knows how to solve them. I will touch on 2 big ones. US primary & secondary Education sucks - true. University education has deteriorated. Answer the question 'why?' honestly to get an understanding of how to address decline in this system - which he apparently has no interest in delving into. Free education if it is a poor education isn't a fix. Corporate Welfare is a huge issue - true. Why? Again, answer the 'why?' question honestly. Corporate welfare is, in significant part, a by product of lobbying.... How do we fix that? Complicated topic but for sure put all players on equal footing and don't just reward the folks who insure the reelection of politicians. Was JG's solution to issues in America to get more PhDs into government? He pointed out how the CCP was heavily staffed by them (US educated I bet, too). His comment implies that he has no idea what all of the WA DC think tanks and lobbying firms are full of besides the obligatory lawyers, yep - tons of PhDs... And don't they actually write the laws for the House and Senate to pass? Check it... they produce the documents - with all the goodies that their special interest needs to thrive - and the elected bodies pass them. Crazy, right? So more PhDs to the rescue. And I could go on and on and on but this isn't the platform...

Charles W.... Outstanding comment! BRAVO !!

It's religion, people stop thinking once they swallow the lie.

The ozone hole was in the 1980s, and it was fixed because we stopped using hydrofluorocarbons. And Communism did not take over. And the economy did not implode. Nixon also started the EPA, and millions of Americans are alive because of that. Look at all that leaded gas, suspended in the air: https://timeline.com/la-smog-pollution-4ca4bc0cc95d Maybe we should put lead back into gasoline?

Is there anything more dangerous than a man who feels the moral justification to impose his will on other people? Jeremy Grantham honestly scares me.

Sounds like you will like Kyle Bass' interview tomorrow with Steve Clapham 😊

The public funds most of the basic and applied research in universities. The oligarchal class skims an outsized portion of the value created through venture capital. The public is left with the crappy public companies who overpay for these assets as VC sells them. And whose CEO's only create value for themselves by levering up at ZIRP, and buyback shares to juice the stock price, and their stock option compensation. Hide the pollution in developing or emerging markets, or in undemocratic countries. Not a sustainable economic model for liberal democracy. All you have to do is look around you.

Gerald, I agree you do need to be in the top ~10% of venture funds to achieve opportunistic returns. I don't disagree that it's a bit of a racket, but just talking about return potential.