GRANTHAM: 'US Fracking Is A Very Large Red Herring' (USO)

Jeremy Grantham is not a believer in the shale fracking boom. Back in November, we highlighted Grantham's full quarterly letter to GMO clients, in which he said, among other things, that the US shale boom had been "a very large red herring." So while some say the fracking boom has helped keep oil prices low and aided the US on its path to energy independence, Grantham thinks it might have set us on a path to nowhere. "Its development has been remarkable," Grantham writes. "It will surely be seen...