Hedge Funds Pluck Money From Air in $19 Billion Weather Gamble

This might be a sign of too many hedge funds chasing for too few opportunities. Maybe Berkshire should be in the game too.

Credit Suisse Group trader Patrick Ayash rarely reads earnings estimates and just skims news about inflation. One thing he never misses: the daily weather report.

Ayash, 31, is part of an army of mathematicians, hedge-fund whizzes and programmers pouring into the $19 billion market for weather futures, financial instruments tied to everything from storms over Kansas, an early frost in the Netherlands, or a frigid spring in New York.

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