This video is part one of five from GMO's Jeremy Grantham's address at the 2018 Morningstar Investment Conference. You can also watch parts two, three, four, and five.

Jeremy Grantham: In the interest of full disclosure, I should say that I am all in on the topic of climate and toxic damage to the environment; 98% of my net worth is either in two foundations or is committed to it. Fortunately, I come from a vastly overpaid industry, ours, and so that still leaves me enough to have two houses and a Tesla Model 3, if they would just deliver it to me. I'm going to give you first a broad overview of this topic, which I'll read to save time, because if I ad lib all this we'll be here all day. Then I'll give you lots of backup data with slides.