GMO’s February letter is a must read for anyone interesting in an update on the energy revolution now sweeping the world. Yup, this is happening. Thanks to the persistence, wisdom and intelligence of some brave leaders, the naysayers are succumbing to irrelevance and deserved dinosaur status once more. He also looks at why US GDP has slowed, the vain attempts of QE and why “false optimism leads to very poor investment decisions.” See: Possible Peak Oil Demand, Fracking Frictions and the Great Fertilizer War of 2037. The second part, Ben Inker’s article “Divesting when discomfited”, on the challenges to value investors over the past three years of QE mis-allocation, is also worth reading.
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