EU ETS Alpha: Andurand’s €30→€85 EUA Trade, Four Hedge Fund Strategies Decoded, and How One Merz Sentence Triggered a 25% Carbon Market Crash

From Andurand’s confirmed €30→€85 EUA call — generating 87% fund returns in 2021 — to Citadel, Millennium, and Point72 running dedicated EU carbon emissions desks today: EU carbon allowances are now a fully institutionalized macro trade. This is the complete strategy anatomy — and why one sentence from Friedrich Merz erased 25% of a record crowded long …