No the base assumption about science is the scientific method. You start with a general theory, say greenhouse gases and heat retention, then you develop a hypothesis, in this case that the important greenhouse gas is actually carbon di-oxide and in particular man made Co2. You then develop a testable prediction or model so in this case a correlation between higher CO2 and global temperatures and then gather data to test those predictions. The (usual) process involves refining, changing, expanding or rejecting the hypothesis on the basis of the facts collected. In this case, the testable hypotheis has not been supported by the data collected, we can argue over exact measurements (and my point was the delusion that we can measure average global temperatures to a greater accuracy than we can measure the average temperature in my sitting room) but what really is undeniable (as opposed to your assertions that things are unquestioned) is that the predictions of the models over the last 18 years of AGM alarmism have simply not come to pass. Plot any of the forecasts against measured reality and the measured temperatures are simply, far, far below the predicted ones. It doesn't matter how much the past data is 'smoothed' by UEA to make the back tests look good, or how much the previous data is revised down to give an upward slope, the scientific method requires us to refine, adjust, expand or reject the hypothesis on the basis of the data. But that doesn't seem to happen here, instead we tend to get ad hom attacks for daring to suggest that the theory is less than perfect and that the trillions of $ spent in pursuit of this project could and should be better spent elsewhere (see Bjorn Lomberg in the WSJ this morning and passim). but as I said in my original post, it doesn't matter what I believe, what matters is what policy makers are acting upon. As such it makes sense for me as an investor to place a greater risk premium on anything likely to suffer from adverse government policy based on lobbying from big green. Equally, I am prepared to buy anything that becomes cheap on the basis of the predictions of climate change models - such as anyone wanting to sell me a cheap flat in manhattan on the basis of Al Gore's predictions on sea levels.