Howard Marks, the hugely successful High-Yield and Distressed debt investor, had reminded us that things in investing (and in life) are rarely linear – there is no simple cause-and-effect that we can use to explain the past or the present. He drew our attention to “first-order” and “second-order” effects. It’s a powerful notion. He borrowed the terminology (along with its dryness) from Economics. Ironically, economists generally stop at first-order effects. In investing, we’d be foolish to do so. In the Wind Energy ecosystem, we must look beyond.