Agree that ELD trades with decent swings, probably due to...

Agree that ELD trades with decent swings, probably due to sensitivity around seasonal conditions and the short position.

The El Nino narrative was pushed very strongly and for quite some time. It has taken a while for people to realise that it is more complicated than we were being told. Of the many articles and opinion pieces that I have read over the last 6 months I can only remember 2 that suggested a wet summer rather than a dry one.

ELD is a good illustration of the power of a narrative to drive a share price, and the opportunities that exist when that narrative is flawed.