Ask any millennial how they think about food, energy, transportation, and climate change, and you'll get a sense of the change that's coming.

This month, Bantam has joined some of the world's most respected and successful companies, including: Ben & Jerry's;Kickstarter;Danone;Eileen Fisher;Stonyfield Organic;Patagonia;Warby Parker;method, and;seventh generation. Like these world-class firms, Bantam is now a Certified B Corporation®. Chart 1:  B Corporation Brands You Know and Love[1] B Corporations meet the highest standards of overall social and environmental performance,

transparency, and legal accountability, and aspire to use the power of business to solve social and environmental problems. The B Corporation certification process is very rigorous and it has taken over two and a half years for Bantam to become certified.  This process involves scoring…

The energy sector, as currently composed, is heading for collapse within a decade.

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Ironically, fossil fuel companies will become sources of funds for the new energy future.

In the first post of this series, I introduced the idea of the Climate War.  Here I want to use the oil industry to illustrate how a whole industry will be left behind as the world shifts into the third industrial revolution.  (The first industrial revolution was powered by coal, the second by oil, and the third will be powered by renewables.[1]) Clearly the oil industry will be with us for a few more decades, but all the growth will be stripped out of it.  This can be seen in the car market over the past few years.  Internal combustion engine (“ICE”) car sales have been flat to down and electric vehicle (“EV”) sales are growing exponentially.  We will have ICE cars for many more years, but no one will want work or invest in, the ICE industry.  Why invest in an industry with no growth when you can invest in its cousin, where sales are growing 50 to 100

percent per year? Chart 1: Global EV Monthly Sales[2] The exponential growth of EV car sales can be seen in Chart 1, above.  In January 2017 there were under 50,000 EVs sold globally, in January 2019 that number had more than tripled.  This growth has taken place while there have been very few EVs for consumers to choose from.  That is about to change.  There are an estimated 120 new EV models being released in the next five years.[3] Table 1:  Global Car Sales[4] Table 1, above, shows (in the bottom row) that combined global car sales were down from 2016 through 2019.  However, those numbers include EV sales, which have grown exponentially.  If EV sales were backed out to show ICE car sales only, the numbers would be even worse. Which brings me back to the oil industry. Dead Man Walking The energy sector, as currently composed, is heading for collapse within a decade.  It’s already happening. Chart 2: …

The “reallocation of capital” that Fink writes about will not be smooth or pleasant. It will amount to a phase shift and many firms will not be able to make the leap.

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BlackRock joins the Climate War.

This post is the first in a series exploring the implications of what I call the “Climate War”.  I use the war analogy because nothing has paralleled the ability of war to mobilize humanity. I believe that within a year or two the entire world will be in the Climate War. In

many ways, the war has already started (the mobilization has not).  In this war there will be no Switzerlands.  That is, neutrality will not be possible.  Every person, community, company, and country will be in it, whether they want to or not. In this war, humanity faces an…

The real play is in companies that are leveraged to the creation of infrastructure assets.

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Infrastructure will look a lot different in the future.

I've been writing about the coming secular increase in global infrastructure spending in a series of blog posts.  Others are seeing the same thing, both in the M&A market and private equity universe. Infrastructure M&A In December, John Grayken's Lone Star Funds bought BASF's construction chemicals business for $3.5 billion.[1]  That unit

has over 7,000 employees and production sites and sales offices in over 60 countries. On Monday, WSP Global approached infrastructure engineering firm Aecom about a possible merger.[2]  For those of you who don't know Aecom, it is a global engineering firm that offers services in infrastructure, including: consulting,…

"The private equity business is more competitive because there is more money that has flowed into it."

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Growth of global private equity dry powder. Source: Bain & Co.

This is the fourth interview in our Entrepreneur and Family-Owned Business Interview Series. These interviews are designed to help entrepreneurs and family business owners think through the benefits, implications, and consequences of taking outside investment. As part of the project, I am interviewing private equity fund managers, middle-market investment bankers, attorneys,

accountants, and consultants that advise privately held firms. This interview is with Bob Horne, a partner at ZS Fund L.P., a private equity firm located in Manhattan. Bob has decades of experience working in private equity and before that in mergers and acquisitions at Salomon Brothers. Some of the…