Remember, being told that the HSBC climate Change Index had been underperforming global equity returns because some beastly sceptics were hacking emails and other such nasty things like calling honest hard working grant farmer, I mean climate scientists horrid names?
And remember, that now we had most of those unsavoury events behind us, we could all glory and profit in the wonder that is the Green Economic Revolution(TM)? Yes? A do you remember me saying that you probably want to be a little bit more conerned about how the shareholders of such wonders as windfarms and solar panels and other economically destructive industries, companies and interest groups would manage to get the massive subsidies they need to produce any sort of return at all?
Well, it is certianly the case that the overriding investment theme this year is "we have bled taxpayers dry and will need to squeeze some more, so your stupid windfarms can live or die on their own". Well, the relative returns of the HSBC Climate Change Index this year look pretty much as you would expect under such circumstances.
Returns relative to global equities this year to 30 April -5.5%