The smartest money in global warming stocks may be scurrying to the exit just when the enthusiasm for alternative-energy companies is at an all-time high....
``As an investment play,'' global warming is ``a bubble'' and ``social short-term craze,'' said Ken Fisher, who oversees $35 billion as chairman of Fisher Investments Inc. in Woodside, California.
Anyone looking for corroboration of that assessment may find it in the so-called short selling of U.S. alternative-energy stocks last month, which climbed 45 times faster than the average for Standard & Poor's 500 Index members.
SunPower, the biggest U.S. producer of solar energy, had the largest jump in short sales relative to shares outstanding in the Nasdaq Stock Market. Short sellers sell borrowed stock on the bet price declines will let them to buy back the shares at a lower price and profit from the difference.
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Note that this isn't even these managers betting their & their clients money that catastrophic warming isn't happening, take that as a given & anyway these guys aren't interested in investments of 100 years. What they are saying is that the global hype about warming is visibly about to burst. Next year all the politicians & BBC who are now riding the warming bandwaggon, saying sceptics are "from Mars" & that Holland & Norfolk are about to go underwater will all be hurrying away & looking for a new scare story to leech off of.
Course what do they know. If they're so smart howcum they aren't rich?
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