Migao Corp. (MGO.TO)

Hanfeng Evergreen (HF-T), Hanwei Energy (HE-T) and Migao (MGO-T) are interesting plays into China. Have been crushed but give direct exposure to what he expects will be the strongest currency over the next 25 years. You are buying them with multiples of earnings (not cash flows) that are unbelievably low. Wants to look at these more closely and would be buying if he had more time.

Likes long term. Took profits on half his position at about $10. Input costs have increased but have been able to pass that on so far.

Recently did a share issue around $8. They are very tiny and don't have the critical mass that Potash (POT-T) or Agrium (AGU-T) have. However, they do have plants in China, so transportation will not be an issue for them. If you want a speculative purchase, this is appealing.

China-based fertilizer company. They have had tremendous growth. Recently sold out half his position because of the uncertainty in the market right now. With earnings growth, it can do above 25% over the next 3 years.

Potash play in China. Increase of yields will be beneficial for the farmers, especially as the intensity and usage of grain increases in the Chinese economy. Long-term outlook is positive.