jerryking + al_gore   2

Al Gore: sustainability is history’s biggest investment opportunity
Owen Walker YESTERDAY

Fourteen years ago Mr Gore co-founded a sustainability-focused fund management company with David Blood, former head of Goldman Sachs Asset Management. Rather than the colourful “Blood & Gore Partners”, they named the business Generation Investment Management. The London-based group has since attracted $19bn in assets, managing money for institutional investors and affluent individuals, mainly in North America and Europe....Mr Gore has just given a presentation to UBS wealth advisers at the bank’s annual investment get-together. Unlike most of the PowerPoint-packed presentations, Mr Gore’s delivery is a glitzy affair, with dramatic theme music and video clips of crashing glaciers. His talk receives a standing ovation and he is mobbed for more selfies at the end....Generation lists large public sector investors among its clients, such as Calstrs, the $223bn Californian teachers’ pension plan, the $192bn New York State pension plan and the UK’s Environment Agency retirement fund. It also manages money for wealthy individuals but has stopped short of opening to retail investors. Almost all its assets are run in equity mandates, yet $1bn is invested in private equity
Al_Gore  sustainability  asset_management  institutional_investors  investors  green  climate_change 
april 2018 by jerryking
A tech-powered end to the middle class
Feb. 21 2013 | The Globe and Mail | CHRYSTIA FREELAND.
One way to divide people is into those who think this time is different and those who believe there is never anything new under the sun. That split can be a matter of temperament, of politics or even of religion. But today it is relevant for another, more urgent reason: It describes how people think about the most critical economic problem in the industrialized world – the dearth of well-paying middle-class jobs....
"thanks to the tech revolution, the traditional link between rising productivity and a rising standard of living (i.e. wages) for the middle class has been broken. Gore worries that severed link may be causing the economic slowdown in the developed economies: A weakened middle class lacks the spending power to drive growth.

One of the smartest academics studying this phenomenon is Erik Brynjolfsson, a management professor at Massachusetts Institute of Technology. The co-author of a new book, Race Against the Machine, believes the tech revolution is having a powerful and unprecedented impact. “Most of the debate … is missing the tectonic changes in the way the economy works, which are driven by technology,” he said recently. “This is the big story of our time, and it is going to accelerate over the next 10 years.”

Like Mr. Gore, Mr. Brynjolfsson thinks the canary in the coal mine is the decoupling of gains in productivity and in wages. “Productivity since 2000 has grown faster than in the 1970s, ’80s or ’90s,” he said. “But starting in the late 1990s, we’ve had this decoupling of wages from productivity.” He sees this as a historic watershed, noting that there is “no economic law” that productivity and jobs go together.

That change has tremendous implications. Productivity and innovation, the focus of policy makers and business leaders, no longer guarantee widely shared prosperity. “Digital technologies are different in that they allow people with skills to replicate their talents to serve billions,” Mr. Brynjolfsson noted. “There is really a drastic winner-take-all effect because every industry is becoming like the software industry.”

The danger isn’t structural unemployment (as many feared during the depths of the financial crisis). The problem is what kind of jobs, at what kind of salaries, the tech-powered economy of the future will generate.
Chrystia_Freeland  Albert_Gore  books  Erik_Brynjolfsson  MIT  downward_mobility  seismic_shifts  middle_class  winner-take-all  Al_Gore  Kleiner_Perkins  Luddites  productivity  innovation  hollowing_out  the_Great_Decoupling  economic_stagnation  '90s  This_Time_is_Different 
february 2013 by jerryking

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