Lindsay Corp. (LNN)

Using satellite technology to effectively position irrigation lines -- did OK in US, but struggled in Brazil. Construction business has been weakening, as demand hasn't been there. US spending hasn't been filtering down to this type of infrastructure.

Just wasn't performing, he ended up selling. Still sitting on the proceeds, waiting for opportunities.

Pivot irrigation, which is the hardware component. The software component provides data analytics for crop moisture, alerts for leaks, etc. Very much domestic US sales, so will benefit from the America First policies.

Water irrigation equipment. Commodity prices are low, so farmers aren't buying systems. Satellite technology makes targeted irrigation cheaper. Road infrastructure business fairly stable. Capped costs. Earnings margins have gone up, so cashflow can be allocated to a higher dividend, R&D, and tuck-in acquisitions.

Serial acquirers tend to do better than the indices over a 10-20 year time horizon, and that's his focus.

The drop in commodity prices has hurt agricultural stocks, because farmers lack the money to buy irrigation equipment. But it remains a long-term buy and he's been adding shares. LNN's equipment is very good.

His resource of choice is water and wastewater. This company is into irrigation equipment. They've been able to advance, through technology, to have satellite shots of irrigation equipment so it can be controlled anywhere on the farm. 60% of sales are in the US and 40% is international, particularly in Brazil. Dividend yield of 1.4%. (Analysts price target is $83.)