The race to profit from alternative energy begins
By Julie Dalla-Costa
Once branded a concern only for the Birkenstock brigade, the environment is seeping into mainstream consciousness. And that's not just in Hollywood, which this year awarded Al Gore an Oscar for "An Inconvenient Truth," his documentary about global warming. A cleaner environment has emerged as a campaign issue in next year's U.S. Presidential elections. It has also become a growing focus for hedge funds.
From heavyweight managers George Soros, D. E. Shaw & Co. and Citadel Investment Group to small, dedicated groups such as David Kurzman's Clean Tech Fund and Hilary Kramer's GreenTech Master Fund, hedge funds see profit opportunities in the race to provide clean sources of energy. Ethanol, solar and uranium have emerged as the most popular plays, though funds are also exploring such clean technologies as waste remediation, energy efficiency and conservation and pollution abatement.