{"id":277550,"date":"2023-09-06T19:39:22","date_gmt":"2023-09-06T17:39:22","guid":{"rendered":"https:\/\/climatescience.press\/?p=277550"},"modified":"2023-09-06T19:39:25","modified_gmt":"2023-09-06T17:39:25","slug":"investment-advisor-ceo-why-value-investors-should-doubt-climate-science","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=277550","title":{"rendered":"Investment Advisor CEO: Why Value Investors Should Doubt \u201cClimate Science\u201d"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From Watts Up With That?<\/a><\/p>\n\n\n\n

Essay by Eric Worrall<\/strong><\/p>\n\n\n\n

Chris Leithner, Joint Managing Director of Leithner & Company Ltd, on why going with the crowd on climate change violates the basic principles of sound investment.<\/p>\n\n\n\n

\n

Why value investors should doubt \u201cclimate science\u201d<\/strong><\/p>\n\n\n\n

By nature they\u2019re sceptics, and at key junctures become contrarians. I show why they should disbelieve the orthodoxy \u2013 and why it matters.<\/p>\n\n\n\n

CHRIS LEITHNER<\/a>
Leithner & Company Ltd<\/p>\n\n\n\n

In this article, I answer these crucial questions. I proceed from four premises: <\/p>\n\n\n\n

    \n
  1. Value investors are naturally sceptical, and always think for themselves.<\/li>\n\n\n\n
  2. They don\u2019t let conventional wisdom sway them \u2013 whether in the form of crowds, a \u201cconsensus\u201d of academic and other \u201cexperts\u201d or stampeding mobs led by jet-setting UN Secretaries General, Australian billionaires, etc. <\/li>\n\n\n\n
  3. In key respects and at crucial junctures value investors are bold contrarians.<\/li>\n\n\n\n
  4. They think independently, but they\u2019re also humble. In particular, when necessary they heed competent external views and research.<\/li>\n<\/ol>\n\n\n\n

    Applying these principles to an assessment of \u201cclimate science,\u201d it\u2019s clear that climate change isn\u2019t a systemic risk: it\u2019s a mass hysteria. Like all manias, it will collapse when people \u2013 above all, energy consumers and taxpayers \u2013 recover their senses.<\/p>\n\n\n\n

    \u201cWhen everybody is on one side of a market,\u201d reckons Jim Rogers, the consensus \u201chas nearly always proven to be wrong. We human beings have not changed in hundreds of years, so we are still guided by the same fears and aspirations.\u201d Howard Marks concurs: \u201cWhat\u2019s clear to the broad consensus of investors is almost always wrong.\u201d Carl Icahn is less categorical: \u201cThe consensus \u2026 is generally wrong \u2026\u201d<\/em><\/p>\n\n\n\n

    In conversations over the years, I\u2019ve come to realise that climate zealots, Net Zero nutters, etc. \u2013 including those who claim that they\u2019re scientists \u2013 fundamentally misunderstand science. The tell-tale sign is their use of the phrase \u201cthe science\u201d (note the insertion of the definite article). They falsely regard science as a body of knowledge at a given point in time. Furthermore, they arrogantly believe that today\u2019s \u201cclimate science\u201d is 100% correct \u2013 and therefore that it always will be.\u00a0<\/em><\/p>\n\n\n\n

    So-called \u201cclimate science\u201d rests not upon credible theories and valid and reliable data, \u201cbut rather political opinions and speculative models that have consistently proven to be wrong.\u201d Moreover, \u201cthe Unscientific Method \u2026, relying on consensus, peer review, government opinion, models that do not work, cherry-picking data and omitting voluminous contradictory data, is commonly employed in these studies.\u201d\u00a0<\/em><\/p>\n\n\n\n

    Read more:\u00a0https:\/\/www.livewiremarkets.com\/wires\/why-value-investors-should-doubt-climate-science<\/a><\/p>\n<\/blockquote>\n\n\n\n

    It\u2019s difficult to do Chris Leithner\u2019s piece justice in just a few short quoted paragraphs. He has most definitely done his research, with multiple quotes from scientists ranging from William Happer, Steven Koonin, and a star cast of other leading skeptics.<\/p>\n\n\n\n

    And you don\u2019t have to look far to see companies and individuals who are only just starting to feel the hurt from their rash green investment decisions.<\/p>\n\n\n\n

    Consider automobile companies: Companies whose CEOs rushed headlong into massive electric vehicle investments, perhaps over-confident that governments would force ordinary people to buy their unwanted product, only to see politicians hesitating in the face of electoral backlash and public anger<\/a>.<\/p>\n\n\n\n

    In my opinion we have not seen a proper reckoning yet for what could turn out to be a major automobile industry financial disaster. So long as politicians maintain the fiction that fossil fuel vehicles will definitely be phased out in the near future, automobile companies don\u2019t have to mark down their failing EV investments. Automobile company CEOs can maintain the fiction that multi-billion dollar EV manufacturing outlays are valuable strategic investments in the future. Don\u2019t look at the large unsold inventories piling up<\/a>, think about how wonderful it will all seem next year.<\/p>\n\n\n\n

    Or not.<\/p>\n\n\n\n

    Every major crash is preceded by a handful of investment visionaries pointing out the obvious, shouted down by the outrage of those who have committed their fortunes to folly. Perhaps it is Chris Leithner\u2019s turn to be that visionary.<\/p>\n\n\n\n

    <\/p>\n","protected":false},"excerpt":{"rendered":"

    Chris Leithner, Joint Managing Director of Leithner & Company Ltd, on why going with the crowd on climate change violates the basic principles of sound investment.<\/p>\n","protected":false},"author":121246920,"featured_media":277554,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691822364,691819140,691818846,691822365,691818154],"class_list":{"0":"post-277550","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-chris-leithner","9":"tag-climate-science","10":"tag-climate-zealots","11":"tag-leithner-company-ltd","12":"tag-net-zero","14":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/09\/01_AnWwzbB42U5RlpVqRckdkg.jpeg?fit=1920%2C1080&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1acC","jetpack-related-posts":[{"id":227193,"url":"https:\/\/climatescience.press\/?p=227193","url_meta":{"origin":277550,"position":0},"title":"Are woke money managers ignoring\u00a0enviro\/social guidance violations in China?","author":"uwe.roland.gross","date":"03\/11\/2022","format":false,"excerpt":"Is China your money manager\u2019s silent partner?","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/11\/image-127.png?fit=909%2C527&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/11\/image-127.png?fit=909%2C527&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/11\/image-127.png?fit=909%2C527&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/11\/image-127.png?fit=909%2C527&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":274420,"url":"https:\/\/climatescience.press\/?p=274420","url_meta":{"origin":277550,"position":1},"title":"Who Fact Checks the Fact-Checkers?","author":"uwe.roland.gross","date":"19\/08\/2023","format":false,"excerpt":"I suppose the prosecution could summon distinguished climate scientists as expert witnesses, but then so could the defence \u2013 for instance Dr John Clauser, last year\u2019s joint winner of the Nobel Prize for Physics, who\u2019s just signed a declaration stating there is no climate emergency.","rel":"","context":"In \"Baillie Gifford\"","block_context":{"text":"Baillie Gifford","link":"https:\/\/climatescience.press\/?tag=baillie-gifford"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/08\/0200902-fact-checkers-feat.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/08\/0200902-fact-checkers-feat.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/08\/0200902-fact-checkers-feat.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/08\/0200902-fact-checkers-feat.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/08\/0200902-fact-checkers-feat.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":288416,"url":"https:\/\/climatescience.press\/?p=288416","url_meta":{"origin":277550,"position":2},"title":"How Green Billionaires Groom the Public into Accepting Unworkable Net Zero Policies","author":"uwe.roland.gross","date":"22\/11\/2023","format":false,"excerpt":"The green movement exists almost only because of support from a small number of philanthropic foundations. 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