<ul class="summary-list"><li><keyword id="11893883" type="UNKNOWN" weightage="60" keywordseo="jeremy-grantham" source="Orion">Jeremy Grantham</keyword> pointed to meme <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword>, crypto, and SPACs as signs of an asset bubble.</li><li>The <keyword id="12203823" type="UNKNOWN" weightage="60" keywordseo="gmo" source="Orion">GMO</keyword> cofounder and market historian predicted stubborn <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword> and a commodity shortage.</li></ul>Jeremy Grantham compared the current stock market to the dot-com bubble, predicted stubborn inflation and a commodity shortage, and recommended investing in clean-energy startups during a <a href="https://www.paulsoninstitute.org/news/straight-talk-with-hank-paulson/">recent episode</a> of the "<keyword id="14130268" type="UNKNOWN" weightage="60" keywordseo="straight-talk-with-hank-paulson" source="Orion">Straight Talk with Hank Paulson</keyword>" podcast.The GMO cofounder and market historian told the former Treasury secretary and Goldman Sachs CEO that speculation on meme stocks, cryptocurrencies, and special-purpose acquisition companies (SPACs) pointed to a historic bubble in asset prices.Grantham also told Paulson that climate change threatens global stability, and the world needs to urgently transition from fossil fuels to renewable-energy sources.<h2>Here are Grantham's 8 best quotes, lightly edited for length and clarity:</h2>1. "The forming and breaking of the great bubbles is the only thing that really matters in equity management. If you can bring yourself to sidestep some of the pain, it can make a lot of difference."2. "We have checked off all of the indicators that are unique to these handful of events. Crazy behavior? Check. The bitcoins and the cryptocurrencies, the meme stocks of the AMC and GameStop variety — I could even <a href="https://markets.businessinsider.com/news/stocks/jeremy-grantham-accidental-millions-profit-quantumscape-spac-blank-check-deal-2020-12-1029877766">add my QuantumScape</a>." (Grantham pointed to the Nasdaq index's stellar return last year, and blue-chip stocks outperforming more speculative ones as fund managers cut their exposure, as two more indicators of a major bubble.)3. "This market has been proceeding eerily like 2000. You have a tech bubble — horribly overpriced, much too much enthusiasm, huge buy-in by individuals, fueled by a massive program of cash distribution associated with COVID bailouts." (Grantham said he was deeply worried about inflation and interest rates becoming constant concerns for investors as they were in the 1970s, and warned the world is running short of basic commodities, which in real terms have tripled in price since 2002.)4. "You have a shortage of labor, which feels inflationary. You have a shortage of cheap, plentiful resources such as metals and food, which feels inflationary. As we try and transition from fossil fuels to green, we will be lucky if that is not inflationary. All in all, we face some very intractable inflationary problems."5. "The stability of the entire global system is at risk." (Grantham was discussing climate change, and warned droughts, famines, and floods could render parts of the world uninhabitable, sparking mass migration.)6. "We're going to run out of fossil fuels, or they will destroy the world, or both. The only way out of that is a complete greening of the energy system and the entire industrial system."7. "If you have to depend on good common sense, doing the right thing, we're toast. If you have to depend on creativity and moneymaking talents, the US might make it."8. "We are not putting all our money behind hope or altruism. We're putting all the money we can beg, borrow, and steal behind green technology. I consider it the only 'have your cake and eat it' of my life. Carefully selected green VC — those businesses are candidates for moving the cause as fast as any dollar could, and secondly, for making more money than anyone else."

Jeremy Grantham predicts stubborn inflation, champions green investing, and warns the stock market reminds him of the dot-com bubble. Here are his 8 best quotes from a new interview.

<ul><li>Despite warnings about an ongoing bubble in the <keyword id="11895235" type="UNKNOWN" weightage="60" keywordseo="stock-market" source="Orion">stock market</keyword>, <keyword id="11893883" type="UNKNOWN" weightage="60" keywordseo="jeremy-grantham" source="Orion">Jeremy Grantham</keyword> is staying invested in one of the most speculative areas of the market.</li><li>Grantham has invested much of his wealth in green investments and made big money in profitless companies like QuantumScape.</li><li>"There may be a bubble that will affect this for a year or two, but it will come back bigger and better than other groups," Grantham told Bloomberg.</li></ul>Billionaire investor Jeremy Grantham has been <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-investing-legend-jeremy-grantham-bubble-crazy-rally-2020-11">warning about a bubble in stocks for years,</a> but that hasn't stopped him from investing in one of the most speculative areas of the market known for being years away from profitability.For years, he has been putting much of his wealth in green investments that are tackling the big problem of climate change — and in the process, he's made a lot of money.It's an unexpected path for a long-time value investor who is often more focused on cash flows, profits, and valuations rather than the long-term potential of a technology. Now, Grantham is investing in risky green-focused SPACs and early-stage venture capital that has no doubt benefited from the ongoing rise in stock market valuations.In other words, he is benefiting from the same thing <a href="https://markets.businessinsider.com/news/stocks/jeremy-grantham-stock-market-outlook-meme-bubble-when-to-buy-2021-6">he has been worried about for years</a>: a potential <keyword id="11955087" type="UNKNOWN" weightage="60" keywordseo="stock-market-bubble" source="Orion">stock market bubble</keyword>. But given the threat of climate change — represented by ongoing wildfires, floods, and extreme weather events — along with the likely response from policymakers in the form of carbon taxes and other climate-friendly legislation, the investments make sense to Grantham."This is going on as far as the eye can see. It's an unfair advantage for <keyword id="12313306" type="UNKNOWN" weightage="60" keywordseo="green-investing" source="Orion">green investing</keyword>. There may be a bubble that will affect this for a year or two, but it will come back bigger and better than other groups because of this tailwind. This is going to be the most important investment theme for the rest of your life," he <a href="https://www.bloomberg.com/news/articles/2021-11-15/what-is-jeremy-grantham-betting-on-bubble-or-not-he-s-into-green-investing">told Bloomberg.</a>About half of the $1.4 billion in assets Grantham manages across a foundation, charitable trust, and his personal holdings is slated for green venture investments, according to Bloomberg. In particular, he said he is looking for "neglected climate opportunities" that "have the potential to change the world."The investments made by Grantham are paying off. Over the past decade, he said his venture-capital portfolio has returned 19% annually, helped in part by a 102% surge in 2020. The gains were driven by an early-stage $12.5 million investment in <a href="https://markets.businessinsider.com/stocks/qs-stock">QuantumScape</a>, which went public via SPAC last year and <a href="https://markets.businessinsider.com/news/stocks/jeremy-grantham-accidental-millions-profit-quantumscape-spac-blank-check-deal-2020-12">delivered a surprise windfall for Grantham.</a>His second-largest direct investment is Greenlight Biosciences, which is working to turn RNA molecules into an environmentally friendly alternative to pesticides. Greenlight said in August it's going public via a SPAC merger.But many of Grantham's early green investments didn't pan out, and he's banking on a few big wins to make up for many small losses, a common strategy in early-stage investing."We expect to have many failures, but when we win, we expect it to be a very big win," Grantham said. And while he is bullish on green investments, <a href="https://markets.businessinsider.com/news/stocks/jeremy-grantham-tesla-stock-price-bubble-inflation-fed-market-crash-2021-11">one green stock he's avoiding is Tesla,</a> which he believes is, you guessed it, in a bubble.

Jeremy Grantham keeps warning investors about a bubble in green stocks — but he's staying invested as his holdings soar

<ul class="summary-list"><li><keyword id="11893883" type="UNKNOWN" weightage="60" keywordseo="jeremy-grantham" source="Orion">Jeremy Grantham</keyword> warned of a historic market bubble in the US.</li><li>The veteran investor said domestic <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword>, bonds, commodities, and <keyword id="11893295" type="UNKNOWN" weightage="60" keywordseo="real-estate" source="Orion">real estate</keyword> are all overpriced.</li><li>Grantham sounded the alarm on a global housing bubble and ridiculed the meme-stock trend.</li></ul>Veteran investor Jeremy Grantham rang the alarm on an unprecedented market bubble in the US, bemoaned the meme-stock boom, and trumpeted overseas equities in a <a href="https://www.cnbc.com/video/2021/09/28/pro-legendary-investor-jeremy-grantham-u-s-has-a-magnificent-equity-bubble.html?&amp;qsearchterm=jeremy%20granthamtham">CNBC interview</a> this week.The <keyword id="12203823" type="UNKNOWN" weightage="60" keywordseo="gmo" source="Orion">GMO</keyword> cofounder and chief investment strategist also flagged a global housing bubble, praised the US venture capital industry, and underlined the urgent need to tackle the climate crisis.<h2>Here are Grantham's 12 best quotes from the interview, lightly edited and condensed for clarity:</h2>1. "This bubble is bigger than any before in the US. Real estate, bonds, stocks, and commodities are all overpriced."2. "US equities are in a magnificent bubble. Real estate is magnificently overpriced almost everywhere. The bond market is at a 6,000-year high in terms of low interest rates and high bond prices."3. "US house prices are at a higher multiple to family income today than at the peak of the housing bubble in 2006. The multiple is even higher in Australia, Canada, England, Hong Kong, Shanghai, you name it. This is a global housing bubble."4. "You knew last year this bubble was going to be <a href="https://markets.businessinsider.com/news/stocks/stock-market-bubble-real-mccoy-investor-jeremy-grantham-2020-6">the real McCoy</a>, but you didn't know if it was gonna break the next Wednesday, or a year later. One by one, we've checked off every condition that a glorious bubble needs in terms of crazy behavior. This has been crazier by a substantial margin than 1929 and 2000." - Grantham warned the bubble could burst at any moment, and predicted US stocks would see double-digit losses within a matter of months.5. "The end of a bubble is like killing off a vampire." - noting investors are so optimistic that they're shrugging off bad news such as the prospect of higher interest rates, the Federal Reserve tapering bond purchases, elevated inflation, and pressure on corporate profits.6. "I do hold some gold and it's not helping me much. It's a strange creature, gold. Not as strange as <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>, but pretty darn strange, and I feel uncomfortable and always have owning it from time to time. I don't heartily recommend it."7. "The problem in a broad, overpriced world like this is what the heck do you own? I would try and get some exposure to the green world and the VC world - not that they will escape completely, but they will bounce back so much bigger and better than almost anything else. The green side of the universe has an incredible wind behind it so own some of that, avoid the US like the plague otherwise." - Grantham also touted Japanese and UK stocks and overseas value stocks as compelling investments.8. "Our forecast is to have a negative return on US stocks over the next seven years. I strongly believe that will be accurate."9. "The meme stocks are just a travesty of serious investing. There was nothing that extreme in 1929, nothing like that in 2000. The dollar valuations were in the hundreds of millions, not tens of billions like the crazy SPACs this time. Not to mention all the bitcoins of the world which are a couple of trillion dollars, all based on confidence that other people will pay for what you have." - Grantham highlighted QuantumScape, a battery startup he invested in that's still four years away from selling any products, which went public late last year via a SPAC and <a href="https://markets.businessinsider.com/news/stocks/jeremy-grantham-accidental-millions-profit-quantumscape-spac-blank-check-deal-2020-12">briefly secured a valuation higher than General Motors</a>.10. "The US is extraordinarily powerful in venture capital. It raises a lot more money, it has a lot more enterprises. The quality of the whole industry is much higher, the society is more attuned to investing in risky enterprises and forgiving people who fail. The US has a death grip on the great research universities, which are critical to venture capital."11. "Venture capital is far and away the most healthy part of modern capitalism. It really does something useful. It's in full cry, companies starting everywhere. Really important, promising, green technologies are springing out of the woodwork at all the great universities."12. "If we don't address environmental issues, our society as we know it will start to crumble. The weather is going to hell; everybody is beginning to recognize the dangers of climate change. Greening the economy, decarbonizing the whole industrial system is the biggest challenge we have ever faced. It will take many trillions of dollars, and it will dominate the investment opportunities of the future in the public and private <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>." - Grantham blasted oil-and-gas executives for downplaying the climate crisis and potentially costing the world between 10 and 20 years of "absolutely precious time."

Veteran investor Jeremy Grantham warns of an epic market bubble, bemoans the meme-stock boom, and touts venture capital in a new interview. Here are the 12 best quotes.

<ul class="summary-list"><li>The US services industry slowed its pace of expansion in August as stimulus programs expired and the coronavirus pandemic continued to weigh on spending activity.</li><li>The <a href="https://www.prnewswire.com/news-releases/services-pmi-at-56-9-august-2020-services-ism-report-on-business-301123494.html">Institute for Supply Management's</a> gauge of the industry dropped to 56.9 last month from 58.1, notching its first decline in four months. A reading above 50 indicates growth, while one below the level signals contraction.</li><li>Though the firm's employment index remains in contractionary territory, it improved 5.8 points to 47.9.</li><li>The virus' lasting damage will "constrain the recovery of service activity to a low growth mode," Oxford Economics said in a Thursday note.</li></ul>The US <keyword id="60380" type="PERSON" weightage="60" keywordseo="Service-industry">service industry</keyword> grew at a slower rate in August as government stimulus dried up and consumer spending moderated.The <keyword id="105460" type="ORGANIZATION" weightage="60" keywordseo="Institute-for-Supply-Management">Institute for Supply Management</keyword>'s gauge of the industry fell to 56.9 last month from 58.1, according to a Thursday <a href="https://www.prnewswire.com/news-releases/services-pmi-at-56-9-august-2020-services-ism-report-on-business-301123494.html">release</a>. The reading was the index's first decline in four months and stood in-line with economist estimates.The decline was largely driven by a drop in new orders. <keyword id="90179" type="ORGANIZATION" weightage="60" keywordseo="ISM">ISM</keyword>'s New Orders Index sank to 56.8 in August from 67.7. The firm's gauge of production fell 4.8 points through the month to 62.4.Still, last month's data show services continuing to recover from their sharp second-quarter contraction. Any reading above 50 represents industry expansion, while one below the level indicates contraction.Read more: <a href="https://www.businessinsider.com/stocks-to-buy-commercial-real-estate-picks-future-of-office-2020-9">A commercial real estate-investing expert explains why the future of offices isn't as bleak as you think — and shares 3 property stocks set for gains no matter the path the COVID-19 recovery</a>Employment crept higher to expansionary territory in August, gaining 5.8 points to 47.9. ISM's employment and inventories gauges are the only ones still indicating contraction.Of the 18 service subsectors tracked by ISM, 15 reported growth in August. Only mining, information, and a miscellaneous group of "other services" reported contraction.The firm's report doesn't reveal the industry's performance relative to a norm, and instead tracks whether business activity expanded, shrank, or held steady. Still, recent periods of growth haven't retraced losses seen earlier in the year and activity remains well off pre-pandemic levels."Looking ahead, we expect the pandemic to continue to constrain the recovery of service activity to a low growth mode," Kathy Bostjancic, chief US financial economist at Oxford Economics, said.The Thursday report follows ISM's <a href="https://www.businessinsider.com/ism-manufacturing-pmi-rises-fastest-rate-years-industry-economic-recovery-2020-9">latest reading of the US manufacturing industry</a>. The gauge gained to 56 in August from 54.2, signaling the industry's fastest rate of expansion since late 2018. Last month marked the first full month of factory operations since major supply chains restarted and changes were made to safely bring employees back to work, ISM said. Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-index-reaction-tech-slump-jobless-claims-2020-9-1029560367">US stock rally halts as investors shun tech giants</a><a href="https://www.businessinsider.com/quantumscape-spac-ipo-market-ev-bill-gates-backed-battery-company-2020-9">Bill Gates-sponsored battery producer QuantumScape to join 'blank-check' IPO frenzy</a><a href="https://www.businessinsider.com/stock-market-trading-rules-blueprint-from-market-legend-marty-schwartz-2020-9">'I had run $5,000 up to $140,000 in just 2 years': Here are the 7 trading rules stock-market wizard Marty Schwartz leverages to help ensure success</a>

US service-sector recovery slows in August as pandemic fears weigh on spending

Welcome to Insider <keyword id="6357014" type="ORGANIZATION" weightage="100" keywordseo="energy">Energy</keyword>, a weekly energy newsletter brought to you by Business Insider. Here's what you need to know:<ul><li>Want to get Insider Energy in your inbox every Friday? <a href="http://newsletter.businessinsider.com/join/4np/power-line">Sign up here</a>. </li><li>Most of our content is available to BI subscribers. <a href="https://www.businessinsider.com/subscription/prime-discount?r=birefer-bjoneshttps://www.businessinsider.com/subscription/prime-discount?r=birefer-bjones">Click here for 20% off</a>. </li><li>Got feedback or tips? Email me <a href="mailto:bjones@businessinsider.com">here</a> or shoot me a text at 646-768-1657. </li></ul>I'm thrilled about two things: We're on the cusp of a holiday weekend, and today we get to talk about gay things. I'm not talking about joy. Obviously. Let's get to it. <div type="image" title="BIg oil LGBTQ 4x3" height="1251" width="1667" msid="77936298" hostid="261"></div><h2><a href="https://www.businessinsider.com/lgbtq-oil-workers-face-tough-reality-abroad-antigay-laws-2020-8">Where oil and gay rights don't mix</a></h2>LGBTQ icon RuPaul <a href="https://www.theguardian.com/tv-and-radio/2020/mar/21/rupaul-fracking-wyoming-ranch-land-oil">may have a fracking empire</a>, but any reference to his popular TV show Drag Race, a drag queen competition, is likely to land with a big thud on an <keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">oil</keyword> rig.To be clear, the oil industry's biggest Western companies have made huge strides in their support for LGBTQ workers in the last decade.<ul><li>Four of the largest companies including Chevron and Shell, for example, all <a href="https://www.businessinsider.com/lgbtq-oil-workers-face-tough-reality-abroad-antigay-laws-2020-8">aced Human Rights Campaign's national corporate equality index this year</a>, indicating that they support their gay workers. </li></ul>But the story of inclusion becomes a lot more complicated in the non-Western world, where these companies have enormous operations and thousands of employees. <ul><li>Many hotspots of the oil industry, like Nigeria and Saudi Arabia, outlaw same-sex relations and/or criminalize forms of gender expression.</li><li>Some places even maintain the death penalty for same-sex behavior.</li></ul>Analysis: We compared the global operations of seven of the world's largest oil companies to regions with anti-LGBTQ laws.<ul><li><a href="https://www.businessinsider.com/lgbtq-oil-workers-face-tough-reality-abroad-antigay-laws-2020-8">You can see the results of that analysis here in beautiful graphics made by BI's Shayanne Gal</a>. </li><li>We found that multinational oil companies operate in more than 40 countries that outlaw same-sex relations. </li></ul>So what? In these regions, global companies, based in the West, face a tension between upholding their own nondiscrimination policies and abiding by local laws and conforming to the national culture. <ul><li>LGBTQ workers get caught in the middle of this tension, and experts say nondiscrimination policies aren't enough to protect them. </li><li><a href="https://www.businessinsider.com/lgbtq-oil-workers-face-tough-reality-abroad-antigay-laws-2020-8">You can read more in our full story</a>. </li></ul>How you can help: Are you or an acquaintance a member of the LGBTQ community and working in the oil industry? If you're comfortable reaching out, <a href="mailto:bjones@businessinsider.com">we'd love to hear about your experience</a>. <div type="image" title="Exxon Mobil's Fife Ethylene Plant in Cowdenbeath, Scotland" height="1995" width="2661" msid="77936302" hostid="261"></div><h2><a href="https://www.businessinsider.com/exxon-job-cuts-layoffs-oil-price-downturn-everything-we-know">Exxon has long avoided talk of job cuts. That's starting to change.</a> </h2><keyword id="6383208" type="ORGANIZATION" weightage="60" keywordseo="exxon">Exxon</keyword>'s pitch to prospective workers is that it's a stable giant within an industry prone to swings. Part of that pitch is that <a href="https://www.businessinsider.com/exxon-managers-dub-some-employees-poor-performers-cut-staff-2020-7">it doesn't do layoffs</a>. <ul><li>"Our size and the integrated nature of our operations provide stability throughout the economic cycle," notes accompanying an Exxon campus-recruiting presentation seen by Business Insider <a href="https://www.businessinsider.com/exxon-managers-dub-some-employees-poor-performers-cut-staff-2020-7">said</a>.</li><li>"This point should help ease the concerns of students who may be worried about joining an oil-and-gas company due to news reports about layoffs in the industry over the last few years," <a href="https://www.businessinsider.com/exxon-managers-dub-some-employees-poor-performers-cut-staff-2020-7">they continued</a>. </li></ul>Companies use layoffs to cut costs during financial strife. Right now is a great example, considering the oil market collapsed earlier this year — and it's still struggling to gain ground. <ul><li>Most major companies <a href="https://www.businessinsider.com/how-top-oil-companies-are-responding-to-the-price-shock-2020-3">have responded by cutting staff</a> (<a href="https://www.businessinsider.com/how-top-oil-companies-are-responding-to-the-price-shock-2020-3">we're tracking layoffs here</a>). </li><li>Oil giants BP and Schlumberger, for example, <a href="https://www.businessinsider.com/how-top-oil-companies-are-responding-to-the-price-shock-2020-3">have announced they're cutting more than 30,000 workers combined</a>. </li></ul>Exxon's approach: The company initially took an alternative approach to shrink its workforce, <a href="https://www.businessinsider.com/exxon-managers-dub-some-employees-poor-performers-cut-staff-2020-7">using performance reviews to cut staff</a>.<ul><li>But now the oil giant is changing its tune. Exxon is weighing cuts in its offices around the world, Business Insider <a href="https://www.businessinsider.com/leaked-memo-exxon-layoffs-weighing-job-cuts-in-upstream-division-2020-9">first reported</a>. </li><li><a href="https://www.businessinsider.com/exxon-job-cuts-layoffs-oil-price-downturn-everything-we-know">Here's everything we know about job cuts at Exxon.</a></li><li>If you have a tip about Exxon, please reach out to me <a href="mailto:bjones@businessinsider.com">here</a> or on <a href="https://signal.org/en/">Signal</a> at +1-646-768-1657. </li></ul>A brief note for investors: Goldman Sachs came out with <a href="https://www.businessinsider.com/goldman-sachs-oil-stocks-investors-should-buy-avoid-exxon-2020-8">a list of its 10 top energy stock picks</a> this week for investors looking beyond Exxon. <a href="https://www.businessinsider.com/goldman-sachs-oil-stocks-investors-should-buy-avoid-exxon-2020-8">You can see those all here</a>. <div type="image" title="New cars drive during a ceremony marking start of the production of a new electric Volkswagen model ID.3 in Zwickau" height="3044" width="4059" msid="77936306" hostid="261"></div><h2><a href="https://markets.businessinsider.com/news/stocks/quantumscape-spac-ipo-market-ev-bill-gates-backed-battery-company-2020-9-1029560551">A breakthrough battery startup backed by Bill Gates is going public</a></h2>In the <a href="https://www.businessinsider.com/billion-dollar-race-to-develop-a-breakthrough-lithium-ion-battery-2020-2">billion-dollar race</a> between startups and investors to develop a better battery for electric cars, one company just got a lot closer to the finish line, <a href="https://markets.businessinsider.com/news/stocks/quantumscape-spac-ipo-market-ev-bill-gates-backed-battery-company-2020-9-1029560551#">BI's Ben Winck reports</a>.Backed by Volkswagen and Breakthrough Energy Ventures, <a href="https://www.businessinsider.com/list-of-clean-energy-startups-bill-gates-is-backing-2020-4">a fund spearheaded by Bill Gates</a>, the secretive startup QuantumScape revealed three big updates this week, Medium's <a href="https://marker.medium.com/vw-one-ups-tesla-with-a-revolutionary-battery-breakthrough-be51849ea092">Marker</a> reported. <ul><li>Breakthrough: The firm, which makes solid-state batteries, said it's solved the problem of working with pure lithium, a finicky material prone to fires. This is a big deal, <a href="https://marker.medium.com/vw-one-ups-tesla-with-a-revolutionary-battery-breakthrough-be51849ea092">Marker explains</a>. </li><li>Timeline: VW electric cars could run on QuantumScape's pure metallic lithium batteries as soon as 2025. </li><li>IPO: The startup said it was going public using a special purpose acquisition company, or SPAC, with a value of <a href="https://markets.businessinsider.com/news/stocks/quantumscape-spac-ipo-market-ev-bill-gates-backed-battery-company-2020-9-1029560551#">$3.3 billion</a>. </li></ul>WTF is a SPAC? Also known as blank check firms, SPACs are companies that raise money from investors with the sole purpose of acquiring other businesses, BI's <a href="https://www.businessinsider.com/spac-blank-check-companies-explained-2020-5">Melia Russell reports</a>. <ul><li>"As the two companies merge, the publicly traded SPAC effectively takes the private business public, without the pomp and cork-popping of a traditional IPO," she writes. </li><li>In the case of QuantumScape, it will be merging with Kensington Capital Acquisition Corp., and appear on the New York Stock Exchange under the ticker QE. </li><li><a href="https://www.businessinsider.com/spac-blank-check-companies-explained-2020-5">You can read Melia's full explainer on SPACs, and why they've become so popular amid the pandemic, here</a>. </li></ul><div type="image" title="Wind turbines" height="2400" width="3199" msid="77936313" hostid="261"></div><h2>4 big stories we didn't cover</h2><ol><li>Driving out of town this weekend? You'll see the lowest Labor Day gas prices since 2004, <a href="https://www.eia.gov/todayinenergy/detail.php?id=45036&amp;src=emailmail">according to</a> the US Energy Information Administration. </li><li>Schlumberger, the largest oilfield services company in the world, is <a href="https://www.reuters.com/article/us-schlumberger-divestiture-liberty-oilf/schlumberger-sells-fracking-unit-as-oil-price-cripples-demand-idUSKBN25S4UD">selling its North American fracking business</a> to rival Liberty Oilfield Services as oil prices fail to gain ground. </li><li>Two-thirds of all new energy added globally last year came from solar and wind energy, while fossil fuels accounted for just a quarter, according to <a href="https://about.bnef.com/blog/solar-and-wind-reach-67-of-new-power-capacity-added-globally-in-2019-while-fossil-fuels-slide-to-25/?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosgenerate&amp;stream=topp;stream=top">new data</a> from the research firm BloombergNEF.</li><li>Consumer goods giant Unilever, which sells products ranging from Lipton tea to Dove soap, <a href="https://www.unilever.com/news/press-releases/2020/unilever-to-invest-1-billion-to-eliminate-fossil-fuels-in-cleaning-products-by-2030.html">said</a> it would remove fossil fuels from its cleaning products. Many cleaning products are made using oil-derived ingredients, which is kind of ironic, because <a href="https://www.npr.org/templates/story/story.php?storyId=127999735#:~:text=Live%20Sessions-,Why%20Dawn%20Is%20The%20Bird%20Cleanser%20Of%20Choice%20For%20Oil,key%20ingredient%20in%20the%20detergent">soap is often used to clean up oil</a>.</li></ol>That's it! Have a great holiday weekend, and feel free to drop me any feedback <a href="mailto:bjones@businessinsider.com">here</a>. - Benji

As oil gains stall, the nation's largest oil company looks to job cuts

Welcome to <a href="http://newsletter.businessinsider.com/join/4np/insider-energy">Insider Energy</a>, a weekly <keyword id="6357014" type="ORGANIZATION" weightage="60" keywordseo="energy">energy</keyword> newsletter brought to you by Business Insider. Here's what you need to know:<ul style="text-align: left;"><li>Want to get Insider Energy in your inbox every Friday? <a href="http://newsletter.businessinsider.com/join/4np/insider-energy">Sign up here</a>. </li><li>Do you have feedback or story tips? Reach out to me at <a href="mailto:bjones@businessinsider.com">bjones@businessinsider.com</a>.</li><li>We're off next week, so there won't be a newsletter. </li></ul>Ticktock, 2020. Your time is running out. It was a year to remember that most of us are trying to forget. So this week, we're looking to the future. To the future! We spoke to two dozen energy experts, CEOs, and investors - from Daniel Yergin of IHS Markit to Vinod Khosla of Khosla Ventures - about what to expect in the year ahead. Let's start there.<div type="image" title="Proterra 35′ Catalyst Bus 3 1" height="590" width="786" msid="79800072" hostid="261"></div><h2><a href="https://www.businessinsider.com/energy-experts-dish-on-what-to-expect-in-2021-2020-12">24 energy experts dish on what to expect in 2021</a></h2>No one is really jonesing to predict the future after a year of mayhem, but our sources <a href="https://www.businessinsider.com/energy-experts-dish-on-what-to-expect-in-2021-2020-12">had a lot to say</a>. Two themes stood out. Relief for <keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">oil</keyword>: As more people get coronavirus vaccines, demand for fuels like gasoline will tick back up. That should raise the price of oil - and provide relief to the companies that sell it. What else? <ul><li>Producers will be much leaner next year, now that <a href="https://www.businessinsider.com/how-top-oil-companies-are-responding-to-the-price-shock-2020-3">they've cut spending</a>, and that may inspire investors to load up on energy stocks. </li><li>Still, there will be pain ahead for oil firms until demand for fuel returns. Experts we spoke to offered up <a href="https://www.businessinsider.com/energy-experts-dish-on-what-to-expect-in-2021-2020-12">different dates for when that might happen,</a> including never. </li><li>There's another reality: Should demand return, it will inevitably fall back down, following the rise of electric cars. The oil industry doesn't have a lot of growth potential in the long term. </li></ul>Clean-energy surge: Climate change and renewable energy garnered a ton of attention this year. Next year they'll have an even bigger spotlight - especially with a climate-friendly Biden administration ready step in. <ul><li>That means more corporate <a href="https://www.businessinsider.com/energy-experts-dish-on-what-to-expect-in-2021-2020-12">commitments, more money, and more deals</a>. </li><li>Environmental groups will also be scrutinizing pledges that companies have already made. </li><li>Experts we spoke to <a href="https://www.businessinsider.com/energy-experts-dish-on-what-to-expect-in-2021-2020-12">detailed which climate technologies to watch</a>. </li></ul><div type="image" title="Imprint Energy" height="2680" width="3573" msid="79800074" hostid="261"></div><h2><a href="https://www.businessinsider.com/list-top-climate-tech-startups-venture-capitalists-vcs-2020-12">These 46 climate-tech startups are set to soar, according to VCs</a></h2>Venture capital is <a href="https://www.businessinsider.com/list-top-climate-tech-startups-venture-capitalists-vcs-2020-12">pouring into climate tech</a>, a trending industry that encompasses tools to curb carbon emissions. (The term is often used interchangeably with cleantech.)Big number: $15.7 billion, the <a href="https://www.businessinsider.com/list-top-climate-tech-startups-venture-capitalists-vcs-2020-12">total VC funding in cleantech this year</a>, according to PitchBook. <ul><li>That's more than double the yearly average over the last decade.</li></ul>Flashback: This isn't the first time climate tech has boomed. In the first decade of the century, VCs backed the industry with billions. Then it went bust (for a number of reasons that we outline <a href="https://www.businessinsider.com/clean-energy-industry-trends-to-watch-how-to-invest-money-2019-12">here</a>).<ul><li>This time, however, will be different, <a href="https://www.businessinsider.com/list-top-climate-tech-startups-venture-capitalists-vcs-2020-12">experts say</a>. </li></ul><keyword id="6362513" type="UNKNOWN" weightage="60" keywordseo="startups">Startups</keyword> to watch: We asked 15 venture funds which climate-tech startups are set to take off in the year ahead. <ul><li>They shared companies both inside and outside their portfolios. </li><li>You can find the full list - including how much each has raised - <a href="https://www.businessinsider.com/list-top-climate-tech-startups-venture-capitalists-vcs-2020-12">here</a>. </li></ul>6 standouts: During our interviews, six companies came up again and again including carbon marketplace Pachama and digital utility Arcadia. <a href="https://www.businessinsider.com/list-top-climate-tech-startups-investors-cant-stop-talking-about-2020-12">See the other four here</a>. <div type="image" title="Vinod Khosla" height="2657" width="3543" msid="79800077" hostid="261"></div><h2><a href="https://www.businessinsider.com/vinod-khosla-interview-strategy-for-investing-in-climate-tech-2020-12">Vinod Khosla tells us his strategy for investing in climate tech - which appears to be paying off </a></h2>Remember that bust we were just talking about? Well, VC titan Vinod Khosla doesn't see it that way. He was a big climate-tech investor back then, and <a href="https://www.businessinsider.com/vinod-khosla-interview-strategy-for-investing-in-climate-tech-2020-12">he says some of his bets have paid off</a>. <ul><li>Several startups that Khosla Ventures has backed around a decade ago are now unicorns, he said, such as battery startup QuantumScape. </li><li>QuantumScape, which recently went public, delivered more than $1 billion to his firm, according to Khosla. </li><li>Investors who got burned in the clean-tech bust of the 2000s didn't stick with their winners or made bad bets, Khosla said. </li></ul>Khosla's approach: Bet on tech that can dramatically lower carbon emissions and not just drive incremental change. And then be patient. <ul><li>He laid out <a href="https://www.businessinsider.com/vinod-khosla-interview-strategy-for-investing-in-climate-tech-2020-12">12 technologies he thinks are key to fighting climate change</a>. </li><li><a href="https://www.businessinsider.com/vinod-khosla-interview-strategy-for-investing-in-climate-tech-2020-12">Four of them</a> have a clear path to success (and he's backing all of them).</li></ul><div type="image" title="N.C. Department of Environmental Quality Secretary Michael Regan." height="415" width="554" msid="79800079" hostid="261"></div><h2><a href="https://www.businessinsider.com/biden-cabinet-climate-energy-environment-nominees-2020-12">Biden just named 5 key energy picks. Here's what you need to know. </a></h2>President-elect Joe Biden appears to be readying a team that can unravel Trump's unraveling of climate policy and then start stitching anew. This week we learned about five key picks. Energy secretary: Jennifer Granholm<ul><li>Who she is: The former governor of Michigan, who previously served as the state's attorney general.</li><li>Why it matters: Granholm has a close relationship with the auto industry, and the transportation sector is the largest contributor of greenhouse gas emissions. Granholm has been an outspoken proponent of clean technologies. </li></ul>Interior secretary: Deb Haaland<ul><li>Who she is: A congressional representative from New Mexico and one of the first two Native American's elected to congress, <a href="https://www.businessinsider.com/biden-cabinet-climate-energy-environment-nominees-2020-12">BI's Robin Bravender reports</a>. </li><li>Why it matters: If confirmed by the Senate, she'll be the first Native American to lead the Interior Department - and the first to lead any cabinet-level agency - which oversees about 500 million acres of public lands. She has also shown a <a href="https://www.eenews.net/stories/1063720991">history of support for pro-climate policies</a> and was a cosponsor of the Green New Deal. </li></ul>EPA chief: Michael Regan <ul><li>Who he is: The top environmental regulator in North Carolina, and a former associate vice president at the Environmental Defense Fund</li><li>Why it matters: If confirmed, he'll be the first Black man to run an agency in charge of lowering pollution, which disproportionately harms communities of color. "The next EPA leader is set to be at the center of Biden's effort to roll back Trump's climate change and environmental policies while putting stricter regulations in place," <a href="https://www.businessinsider.com/biden-cabinet-climate-energy-environment-nominees-2020-12">Bravender reports</a>. </li></ul>White House Climate Advisor: Gina McCarthy<ul><li>Who she is: President and CEO of the Natural Resources Defense Council, and former head of the EPA in the Obama administration. </li><li>Why it matters: McCarthy, who's credited with crafting the country's first climate-change policies under Obama, will have the authority to "reach across the government to embed climate policies in virtually every federal agency," <a href="https://www.nytimes.com/2020/12/16/climate/gina-mccarthy-john-kerry-climate-adviser.html">The New York Times reports</a>. "She will be expected to press cabinet secretaries to enact rules not requiring Congressional approval." </li></ul>Council on Environmental Equality chief: Brenda Mallory<ul><li>Who she is: A former EPA attorney who was CEQ's general counsel during the Obama administration, Bravender reports. She's now director of regulatory policy at the Southern Environmental Law Center. </li><li>Why it matters: Mallory, who would be the first Black person to head the office, is yet another advocate of climate legislation that Biden has selected for a powerful role. She's likely to elevate environmental justice across the administration, Bravender reports. </li></ul><h2>5 other big stories from this week</h2><ul><li>Exxon: The oil giant <a href="https://corporate.exxonmobil.com/News/Newsroom/News-releases/2020/1214_ExxonMobil-announces-2025-emissions-reductions_expects-to-meet-2020-plan">announced new targets</a> to reduce its greenhouse gas emissions, following criticism from activist investors, <a href="https://www.bloomberg.com/news/articles/2020-12-14/exxon-announces-new-emissions-targets-after-investor-criticism">Bloomberg News</a> reports. </li><li>BP: The London-based firm <a href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-acquires-majority-stake-in-largest-us-forest-carbon-offset-developer-finite-carbon.html">bought a majority stake</a> in Finite Carbon, the largest producer of carbon offsets in the US.</li><li>Oil market: The International Energy Agency once again revised down its forecast for oil demand next year, BI's <a href="https://markets.businessinsider.com/news/stocks/oil-demand-slow-in-2021-air-travel-sluggish-recovery-iea-2020-12-1029892802">Amanda Cooper reports</a>. "Demand for aviation fuels is expected to remain weak next year, even with the rollout of a vaccine," Cooper writes. </li><li>Batteries: The cost of some lithium-ion battery packs fell below $100 per kilowatt hour this year - the price at which EVs became comparable in price to traditional cars, according to BloombergNEF. </li><li>Solar: The solar industry is set to install <a href="https://www.axios.com/solar-installations-record-year-7a3a8df7-2d82-40e7-b1fe-18a7b88a46e4.html">a record</a> amount of solar power this year, despite a pandemic slowdown, according to a new report by the Solar Energy Industries Association (SEIA) and energy research firm Wood Mackenzie.</li></ul>That's it! Have a great holiday. See you on January 1! - Benji Ps. Here's my derpy dog this week when his lip got caught on his teeth. <div type="image" title="Jumanji benji jones" height="2274" width="3024" msid="79800082" hostid="261"></div>

You Searched For "quantumscape stock" and got 6 results

Jeremy Grantham predicts stubborn inflation, champions green investing, and warns the stock market reminds him of the dot-com bubble. Here are his 8 best quotes from a new interview.

Theron Mohamed

Jeremy Grantham keeps warning investors about a bubble in green stocks — but he's staying invested as his holdings soar

Matthew Fox

Veteran investor Jeremy Grantham warns of an epic market bubble, bemoans the meme-stock boom, and touts venture capital in a new interview. Here are the 12 best quotes.

Theron Mohamed

US service-sector recovery slows in August as pandemic fears weigh on spending

Ben Winck

As oil gains stall, the nation's largest oil company looks to job cuts

Benji Jones

Energy experts share their top predictions for 2021 - and meet the 46 climate-tech startups VCs say are set to pop

Benji Jones