This is a story about mud. And about climate change. How a warming world shows up in the economy, in the stock market, and in our lives. 

It appears first at the edges. 

Vail Resorts is bleeding. Why? Because it had a dreadful northern hemisphere, closely followed by a terrible, very muddy Australian season. (The company owns not only Vail but also Whistler-Blackcomb in Canada, Perisher and Mt Hotham in Australia, and many more).

Vail Resorts is a company with a ski resort at its core: Vail in Colorado. That resort opened in the 1960s. The company behind it expanded by buying other Colorado resorts in the mid-1990s and listed on the stock exchange later in that same decade. 

It released its latest results to the…