If you ever find yourself talking to Jeremy Grantham, remember to stick to just 10 subjects.

Jeremy Grantham GMO Co-Founder, Chief Investment Strategist photo credit: Jim Tweedie, Tweedie-Wyckoff Photography

Yesterday the famously contrarian GMO PM delivered the opening keynote address, "Investment Bubbles In A World That Is Different This Time," at the 2015 Morningstar Investment Conference. He spoke to a packed ballroom of rapt financial advisors, and warned conferees that there are only 10 subjects they can ask him about in the subsequent Q&A.

"I am totally free to obsess about important issues that interest me," Grantham said.

Here are the 10 subjects that are within bounds for Grantham.

1. The "limitations of homo sapiens": "I am not pessimistic, by the way," Grantham said. "It's you guys that are optimistic."
   
   
2. "longer-term resource limitations"
   
   
3. oil
   
   
4. "climate problems"
   
   
5. "food problems"
   
   
6. income inequality
   
   
7. "pressure on GDP growth in the developed world": "The low-hanging fruit is mostly gone. Facebook is not the steam engine."
   
   
8. worries about loss of corporate responsibility, and modern democracy and capitalism
   
   
9. "deficiencies in the Fed", and
   
   
10. investment bubbles, which was the main subject of his talk yesterday. 
    
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