I agree. If a smart investor notices that a company business model stops working the moment governments pass legislation introducing carbon markets, it's a good investment strategy to short the stock. But notice that it's the government that is doing the heavy lifting here, investors are just diligently passing the shock from the future so resources are not wasted.

If there is a climate catastrophe going to happen, but no government is going to punish companies responsible, it won't make sense to try to do that for yourself -- in the same way bad corporations are freeriding on climate, bad investors are freeriding on your efforts to punish such corporations.

We are beyond that point. Climate change is real - I think most sophisticated investors have done enough due-diligence to come to that conclusion, despite all the uncertainties.

Investors and traders eat uncertainty for breakfast, lunch and dinner. It doesn’t stop them from making trading decisions. It’s what keeps market ticking.