Title:Assistant Vice President, Global Wealth Management
Company:Merrill Lynch Global Private Client Group
— Bio —
Robert Preston, Senior Portfolio Manager PIA Program with Merrill Lynch Global Private Client Group, has over 30 years of experience in finance, energy research and renewable energy. Prior to Merrill Lynch, he has held senior positions with other large financial firms (Paine Webber, L.F. Rothschild, Union Bank of California and Nomura), most recently acting as President of AXA Investment Managers New York. He is also an acting board member of the Darragh Company. He also founded Craigmillar LLC in 2001, a fund focused on energy investments and, in the early 1980s, American Solar Design, Inc., a California company designing, installing and maintaining solar thermal micro-utilities. Mr. Preston received a BA degree in Political Science and Economics from Tulane University and an MBA from the University of Edinburgh, Scotland.
Approach: The long-term trend (200 years) in energy decarbonization may indicate a plausible range of carbon intensity in energy sources for the next business cycle. The carbon intensity per GDP has decreased for the last 150 years and we are getting more BTU’s out of every barrel of oil. This increased efficiency can be mapped and used as an indicator of the amount of total carbon to be released as GDP grows. The investment implications of energy decarbonization might suggest the growth of specific low carbon energy technologies and the avoidance of high carbon energy sources. Profits might be found where energy has less carbon, or cost, associated with it.