"Please keep up your excellent commentary. A subscription to your service is such good value.

"Do you have any thoughts on the carbon credit market? And/or could you refer me to sources of information which you recommend? I believe Barcap is forecasting a roughly 100% increase in prices by 2013. And I was phoned the other day by a promoter of early stage (off-plan) carbon credits which sounded to me a bit like castles in Spain. I know nothing about the market. But it seemed a possibly interesting diversifier at a time when the easy money has been made in stock markets. All the best"

Eoin Treacy's view Thank you for your kind words and this topical question. I share your skepticism with regard to carbon credits. They do not exist except as a political creation and participating leaves one open to regulatory risk since the conditions upon which the market are based could be changed at any time.