Gore is obviously delighted to discuss the implications of his firm’s success. “I wanted us to start talking when the five-year returns were in, but cooler heads persuaded me that we should wait until now,” he told me. But he says he is not doing so to attract more business. The minimum investment Generation will accept in its main fund is $3 million, and even then individuals must show they have total assets many times that large to be “qualified investors.” And besides, its most successful fund is now closed to new investment. Instead he and his colleagues are aiming at a small audience within the financial world that steers the flow of capital, and at the political authorities that set the rules for the financial system. “It turns out that in capitalism, the people with the real influence are the ones with capital!,” Gore told me during one of our talks this year. The message he hopes Generation’s record will call attention to is one the world’s investors can’t ignore: They can make more money if they change their practices in a way that will, at the same time, also reduce the environmental and social damage modern capitalism can do.Of course, that's not how P.T. Gorenum made his fortune. But no matter. You'll never convince him that his newfangled snake oil is the same as the old fashioned/there's-a-sucker-born-every-minute variety.
Thursday, November 5, 2015
P.T. Gorenum and the "Reinvention" of Snake Oil
Al Gore, founding father of the Climate Change Alarmism Academy, made his gazillions by flogging bogus carbon credits and selling off a media outlet to Al Jazeera. He wants us to know, however, that he has no taste for the "Darwinian" aspects of capitalism. In fact, as he explains in the latest issue of The Atlantic, he wants to "reinvent" capitalism so that it's kinder, nicer, more eco-friendly. And if you have enough buckaroos, he'll let you in on his non-survival-of-the-fittest action (my bolds; Al's italics):