You've probably read all this stuff already but there is a worldwide glut of nitrogen fertilizers, an over-supply of producers, a drop in demand due to world-wide bazaar weather patterns. China used to be one of the worlds biggest importers of nitrogen-based fertilizers, now they're an exporter. The question for TNH is how long can they continue to produce enough earnings to cover their dividend. Depressed price is partly due to the Wall Street over-reaction to the state of the world. Etc. Etc. Is this a good buy? Probably is unless the afforementioned stuff eclipses the potential return or you have a bank that pays 15% interest or more.
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