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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.


Hi Bob,

In the long-term I still like the thesis for Potash the company and in general for potash and phosphate companies. In the near-term the picture is more soft because potash currently isn't supply constrained as much as it is in the hands of very few. So absent great demand, which is currently there, it's a soft to mixed picture.

I don't expect it will stay this way forever, though.

Best,

Nathan
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