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Hi Nathan,

Thanks for updating your thoughts here. You mentioned stocks on your watchlist remaining expensive, though POT is on your watchlist and looks reasonably valued to me, taking a long-term perspective (though I realize fertilizer prices have had a down year and that there is a lot of near-term uncertainty from Asia in this regard, as China, in particular, has negotiated hard for lower prices).

What do you think of POT at these prices? I do like the global agricultural sector as a long-term investment theme.

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