Grantham on the investment management industry

Link here (do read it. It's Grantham. And it's only quarterly.)

As total fees in the past grew by 0.5%, we agents basically reached into the clients’ balance sheets, snatched the 0.5%, and turned it into income and GDP. Magic! But in doing so, we lowered the savings and investment rate by 0.5%. So, we got a short-term GDP kick at the expense of lower long-term growth.

I guess that makes me a bloodsucker wannabe.