Blame it on fear of $100-a-barrel oil or a 60 Minutes TV
spot in May about ethanol catching on in Latin America. Either
way, the prospect of someday filling your SUV's tank with corn
syrup before heading off on a summer drive to the Hamptons
seems to be a growing possibility - or at least, the folks at
Steve Cohen's SAC Capital Advisors think so.
Regulatory filings with the U.S. Securities and Exchange
Commission show that SAC is really filling up its portfolio
with ethanol producers that are pumping out high-octane
returns. Archer Daniels Midland is by far the biggest North
American supplier of ethanol with a whopping 25% of the U.S.
biodiesel market, and SAC is all over the stock. At the start
of April, SAC held 87,500 shares of Archer Daniels Midland
worth $2.9 million, up from a smaller 30,800-share stake in the
company at the start of 2006,...