The price of oil has fluctuated wildly in the last few years and has placed a spotlight on oil investing vehicles. Of particular interest has been the discrepancy between oil investing returns and the hypothetical returns to spot oil. We attempt to understand the source of that discrepancy by...

Acknowledgements -- Preface -- Introduction "post fata resurgo" : at the origins of modern finance -- Halcyon days -- Half measures -- The impact of oil -- Full measures -- Wuthering heights -- References