Thursday, October 04, 2012

Gore firm loses a bundle on solar, now invested in "the natural gas pipeline game -- heavily dependent on the environmentally suspect fracking"

Al Gore Walks Away From Green Energy - TheStreet
Reading through the promotional materials he puts out through his company, Generation Investment, it is hard to tell whether his "Client Update" is selling investments in his Climate Solutions Fund or memberships in the Sierra Club.
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This goes on for 20 pages. But even Gore does not seem to be listening anymore.

Gore's company files a quarterly report with the SEC that tells a different story about the 30 stocks in its portfolio. His company's public investments in wind, solar, biomass and other alternative energy to combat climate change are practically non-existent.
...And if you want a piece of the natural gas pipeline game -- heavily dependent on the environmentally suspect fracking -- you can find that in Gore's portfolio as well with Quanta Services (PWR)...If Generation Investment is a bit gun-shy on alternative energy, perhaps it is because of its catastrophic brush with First Solar...According to SEC filings, Gore's company bought 440,000 shares in late 2010 at about $130. By the first quarter of 2012, the value of First Solar -- and just about every other solar manufacturer in America -- had plummeted.

Generation Investment rode it all the way down...
...Every year I talk to hundreds of people about their portfolios. Never does anyone say they want to be in alternative energy, whether it makes money or not. Wind and solar and biomass are more popular with people who invest other people's money.

Like pension funds, for example.

Gore's company is investing hundreds of millions of dollars in public employee pensions in California and New York. Generation Investment's fees in New York alone are $30 million over three years, reports the New York Post.

At least someone is making some money off solar. Even if it is only Gore. Do they give Nobel Prizes for phony finance?

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