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Welcome to Animal Spirits, a show about markets, life, and investing.

Join Michael Batnik and Ben Carlson as they talk about what they're reading, writing, and watching.

Michael Batnik and Ben Carlson work for Ritholds Wealth Management.

All opinions expressed by Michael and Ben or any podcast guests are solely their own opinions and do not reflect the opinion of Ritholds Wealth Management.

This podcast is for informational purposes only and should not be relied upon for investment decisions.

Clients of Ritholds Wealth Management may maintain positions in the securities discussed in this podcast.

Welcome to Animal Spirits with Michael and Ben.

Michael, there aren't many strategies that you and I don't have, at least some cursory knowledge on these days.

When stuff comes to us, we've kind of seen it all.

This week we're talking about a fund that we basically knew nothing about going into it.

The fund is, so I'm still not quite sure what now I'm just kidding.

The inside of this fund are carbon credit futures.

Am I saying it right? It's like their carbon credits?

Yeah, carbon allowances or the carbon allowances.

There's already a billion dollars in this fund that was started a little over a year ago.

The performance has been fantastic.

This is basically governments incentivizing corporations to stop polluting so much.

Because they need to purchase carbon allowances for whatever emissions they're going to put out.

Once they buy them in the primary market, they then trade in the secondary market.

The hope is that governments push up this price over time because they want to make it harder for companies to be able to pollute.

I would never say that anything has a built in bias to go up over time.

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