<html><head><meta http-equiv="Content-Type" content="text/html; charset=utf-8"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: Helvetica;" class="">Institutional Investor February 13, 2020</div><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: Helvetica; min-height: 17px;" class=""><br class=""></div><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: Helvetica; color: rgb(34, 31, 32); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(34, 31, 32);" class=""><span style="font-kerning: none; background-color: #ffffff" class=""><b class="">Where Jeremy Grantham</b></span><span style="font-kerning: none" class=""><b class=""> </b></span><span style="font-kerning: none; background-color: #ffffff" class=""><b class="">Expects to Be ‘Kicking Ass’</b></span></div><p style="margin: 0px 0px 20px; font-stretch: normal; line-height: normal; font-family: Helvetica; color: rgb(34, 31, 32); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(34, 31, 32);" class=""><span style="font-kerning: none; background-color: #ffffff" class="">Venture capital is the sole feature of American capitalism that is still thriving, says Jeremy Grantham, co-founder of GMO.</span><span style="font-kerning: none" class=""><br class="">
<a href="https://www.institutionalinvestor.com/topic?author=Christine+Idzelis" class=""><span style="font-kerning: none; background-color: #ffffff" class=""><b class="">Christine Idzelis</b></span></a></span></p><p style="margin: 0px 0px 20px; font-stretch: normal; line-height: normal; font-family: Times; color: rgb(0, 0, 238); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(0, 0, 238);" class=""><span style="font-stretch: normal; line-height: normal; font-family: Helvetica; -webkit-font-kerning: none; color: rgb(34, 31, 32); background-color: rgb(255, 255, 255); -webkit-text-stroke-color: rgb(34, 31, 32);" class=""><<<a href="https://www.institutionalinvestor.com/article/b1kbb2wtlv3mh7/Where-Jeremy-Grantham-Expects-to-Be-Kicking-Ass" class=""><span style="font-stretch: normal; line-height: normal; font-family: Times; -webkit-font-kerning: none; color: rgb(0, 0, 238); background-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 238);" class="">https://www.institutionalinvestor.com/article/b1kbb2wtlv3mh7/Where-Jeremy-Grantham-Expects-to-Be-Kicking-Ass</span></a>>></span></p><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: Helvetica; color: rgb(34, 31, 32); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(34, 31, 32);" class=""><span style="font-kerning: none" class=""><b class="">Excerpts<br class="">
</b></span><span style="font-kerning: none; background-color: #ffffff" class="">GMO co-founder Jeremy Grantham is throwing his weight behind venture capital investments, using a growing portion of his family fortune to tackle the existential threat posed by climate change.</span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: Helvetica; color: rgb(34, 31, 32); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(34, 31, 32); min-height: 17px;" class=""><span style="font-kerning: none" class=""></span><br class=""></div><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: Helvetica; color: rgb(34, 31, 32); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(34, 31, 32); background-color: rgb(255, 255, 255);" class=""><span style="font-kerning: none" class="">Venture capital is the sole feature of American capitalism that is working exceptionally well, Grantham said on stage at the <a href="https://events.economist.com/events-conferences/americas/investing-for-impact-2020" class="">Investing for Impact conference</a> hosted by The Economist in New York. “It is still alive and snappy.”</span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: Helvetica; color: rgb(34, 31, 32); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(34, 31, 32); min-height: 17px;" class=""><span style="font-kerning: none" class=""></span><br class=""></div><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: Helvetica; color: rgb(34, 31, 32); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(34, 31, 32);" class=""><span style="font-kerning: none; background-color: #ffffff" class="">During his remarks on stage, Grantham described “green” venture capital as the “the cutting edge of the cutting edge” and called out traditional asset managers and regulators for being too slow and ineffective at solving urgent problems tied to the environment.</span><span style="font-kerning: none" class=""><br class="">
</span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: Helvetica; color: rgb(34, 31, 32); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(34, 31, 32);" class=""><span style="font-kerning: none; background-color: #ffffff" class=""><br class=""></span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: Helvetica; color: rgb(34, 31, 32); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(34, 31, 32); background-color: rgb(255, 255, 255);" class=""><span style="font-kerning: none" class="">“We expect to be kicking ass,” Grantham said of his personal fund’s VC strategies in green energy. </span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: Helvetica; color: rgb(34, 31, 32); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(34, 31, 32); min-height: 17px;" class=""><span style="font-kerning: none" class=""><b class=""></b></span><br class=""></div><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: Helvetica; color: rgb(34, 31, 32); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(34, 31, 32); background-color: rgb(255, 255, 255);" class=""><span style="font-kerning: none" class="">Grantham, a legendary value investor who is based in Boston, said during the interview with <i class="">II</i> that the U.S. still excels at venture capital partly because the industry collaborates with prestigious universities such as Massachusetts Institute of Technology. </span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: Helvetica; color: rgb(34, 31, 32); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(34, 31, 32); min-height: 17px;" class=""><span style="font-kerning: none" class=""></span><br class=""></div><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: Helvetica; color: rgb(34, 31, 32); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(34, 31, 32);" class=""><span style="-webkit-font-kerning: none;" class=""><span style="background-color: rgb(255, 251, 0);" class="">During his remarks on stage, Grantham railed against the oil and gas industry for its knowing contribution to the climate crisis</span><span style="background-color: rgb(255, 255, 255);" class="">. He claimed that experts at ExxonMobil understood decades ago they were adding dangerous amounts of carbon emissions to the atmosphere. </span></span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: Helvetica; color: rgb(34, 31, 32); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(34, 31, 32); min-height: 17px;" class=""><span style="font-kerning: none" class=""></span><br class=""></div><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: Helvetica; color: rgb(34, 31, 32); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(34, 31, 32);" class=""><span style="-webkit-font-kerning: none;" class=""><span style="background-color: rgb(255, 255, 255);" class="">He warned that fossil fuels were contributing to the warming of the earth, with flooding being just one of the damaging consequences expected to increase over time. </span><span style="background-color: rgb(255, 251, 0);" class="">Grantham said part of the problem is that the oil and gas industry, with all its money and power, has wielded strong influence over lawmakers and regulators.</span></span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: Helvetica; color: rgb(34, 31, 32); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(34, 31, 32); min-height: 17px;" class=""><span style="font-kerning: none" class=""></span><br class=""></div><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: Helvetica; color: rgb(34, 31, 32); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(34, 31, 32);" class=""><span style="-webkit-font-kerning: none; background-color: rgb(255, 251, 0);" class="">His concerns about the environment are about “survival,” and as part of that, he said his “objective is to make the oil industry pariahs.”</span></div><div class=""><span style="font-kerning: none; background-color: #ffffff" class=""><br class=""></span></div><div class="">
<div style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class=""><div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class=""><div style="color: rgb(0, 0, 0); font-family: Verdana; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;">=================================<br class="">“...many scientists say deep emissions cuts are necessary … to prevent … </div><div style="color: rgb(0, 0, 0); font-family: Verdana; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;">dangerous consequences of global warming. </div><div style="color: rgb(0, 0, 0); font-family: Verdana; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><br class=""></div><div style="color: rgb(0, 0, 0); font-family: Verdana; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;">"Getting from here to there would require a massive economic shift.”</div><div style="color: rgb(0, 0, 0); font-family: Verdana; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><br class="">Rachel Pannett and Jeffrey Ball. “Australia Approves Energy Bill.” <br class="">The Wall Street Journal p.A7, August 21, 2009</div></div></div>
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