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Diamonds to Oil Bring Gold Rush Dreams to Melting Arctic

Hugh Short wants you to invest in an emerging economy with few people, fewer buildings, and which is melting at the fastest pace in millennia.

He’s talking about the Arctic, which Scott Minerd, the chief investment officer of Guggenheim Partners LLC, calls “not just the best opportunity of our generation, but of the last 12,000 years.” Short, a native of Alaska, said Pt Capital LLC, which he co-founded last year, is the first and only U.S. private-equity firm dedicated to investing in the Arctic.