Hedge funds are making millions off Europe's killer heat waves

Hedge funds have made hundreds of millions of dollars betting on climate change and higher temperatures, particularly in Europe, as heat waves across the continent this summer have turned deadly, killing 400 people in a single week in the Netherlands alone. One of the biggest winners is Northlander Commodities Advisors, a U.K. fund with strong ties to the U.S. Northlander was co-founded by Harry Arora, a former Enron trader who ran for a Connecticut House of Representatives seat last year (and lost by a wide margin). Aurora's Northlander has made as much as $125 million for it and its investors on the firm's climate bets. The fund, which rose 53% in 2018, manages around $500 million, about double what it did a year ago.