Weathering the subprime meltdown

Amid all the turmoil experienced by conventional financial markets lately, one underlying asset not normally associated with stability has put in a surprisingly consistent performance – weather.

Elsewhere the last four months have involved numerous shocks: a historic spike in equity-implied volatility; an unplanned sharp interest rate cut in the US; a bank run in the UK; and the the euro surpassing the 1.40 mark versus the dollar. However, indexes and strategies linked to the weather have

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