| Dear Reader, Happy New Year! Let’s pull up the sleeves and get cracking. Here at Fat Tail, we’re doubling down on our mission to give you a series of edges over the common investor in the coming year. You’ll love some of the plans we have in thew pipeline. But if you want to come out of the gates strong, you should give our first initiative top priority. At the end of last year, we completed a limited print run of a controversial book. NOT ZERO, by our chief analyst Greg Canavan, will annoy some by its very existence. We’ve been conditioned to feel like outcasts if we dare question official decarbonising policies. But NOT ZERO doesn’t argue that climate change is a good thing. And that we should all fiddle while Rome burns. Just simply, as Greg Sheridan put it in The Australian, that: ‘Every so often it’s worth trying to think of policy in the framework of reality. ‘If you accept more or less the anthropomorphic warming idea, then you want to reduce greenhouse gas emissions. ‘But if it’s absolutely clear that the rest of the world is going to massively increase emissions, and that anything Australia does one way or the other will have no discernible effect on global warming, then it’s only reasonable that you temper the urgency of your efforts a bit. Still reduce emissions by all means, but not at any cost.’ NOT ZERO shows clearly how the road we’re travelling down has a dead end. But also… How investing with this reality in mind could be very advantageous in the long run. The specific investment solutions Greg presents in the book might seem objectionable and counterintuitive. They stand in stark contrast to the latest trends in solar energy capture, geoengineering, or carbon removal technology. As well as the small-cap stocks promoting those ideas. The recommendations in NOT ZERO are tailored for the real-world circumstances of the coming decade. And I think they are blindingly obvious. That’s why I want to get this book into as many hands as humanly possible, as quickly as possible. The take up has been great. As such, only a few copies remain. You can claim one of the last ones, if you haven’t already, by clicking here. Regards, James Woodburn,
Publisher, Fat Tail Investment Research | 
