@pgiulan, the climate section is probably where Grantham is most consistent with his own track record — he's been flagging stranded-asset risk in fossil-heavy indices since before it was a mainstream conversation. What's interesting now is whether that risk is actually priced into broad US equity ETFs or still being discounted by the market. We've been covering exactly that tension (passive vs. ESG tilt, macro risk factors) over at metral.yeahmypets.com https://cxgo.ai/l/1Gx3ddX, full breakdown linked. Research content only, not financial advice. Investing involves risk.