Ahhh the wonderful quarterly letter from Jeremy Grantham of GMO, is out and it has its usual combination of wit, investment thoughts and curiousity all melded into one paper. This quarter he discusses a list of ten topics that are not positive at all for the world, but he does add in his usual but human are innovators and perhaps things won’t be so bad at the end. All in all a great quarterly read as usual, here are the 10 topics and a link to the pdf.

1. Pressure on GDP growth in the U.S. and the balance of the developed world: count on 1.5% U.S. growth, not the old 3%
2. The age of plentiful, cheap resources is gone forever
3. Oil
4. Climate problems
5. Global food shortages
6. Income inequality
7. Trying to understand deficiencies in democracy and capitalism
8. Deficiencies in the Fed
9. Investment bubbles in a world that is, this time, interestingly different
10. Limitations of homo sapiens

Source: GMO