Must watch debate on financial innovation.

Must watch debate on financial innovation.

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Jeremy Grantham and Rick Bookstaber debate Myron Scholes and Robert Reynolds on whether or not financial innovation boosts global growth.   We found this particularly engaging since one of the debaters (Myron Scholes) was a principal at Long Term Capital Management and another (Jeremy Grantham) is a manager whose views we follow very carefully.  As an aside, Grantham’s latest quarterly letter is a must read.  There are a few particularly juicy exchanges towards the end, so it’s worth watching all the way through.

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