When Fund Managers Attack

According to a column by Brett Arends, Jeremy Grantham, perhaps best know as the investment manager of US Vice President Richard Cheney, asks "What were we thinking?' in a four-page attack on U.S. energy policy mailed last week to all his clients, including the vice president.

Titled "While America Slept, 1982-2006: A Rant on Oil Dependency, Global Warming, and a Love of Feel-Good Data," Grantham asserts, "Successive U.S. administrations have taken little interest in either oil substitution or climate change," he writes, "and the current one has even seemed to have a vested interest in the idea that the science of climate change is uncertain."

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