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International fertilizer industry? In terms of fertilizers, he has always looked at this as a very strange market. Believes that a lot of the food inflation that we have experienced has largely been driven by the US Food for Energy trade that has demanded large amounts of potash fertilizers to drive the corn volumes in order to get ethanol. Feels the trade is getting a little long in the tooth. Also you are starting to see South America having some challenges in getting high yields for food commodity products. He would be wary of this area.

Higher interest rates are going to cure their past issues. Probably a higher risk than Lloyd’s (LYG-N) or HSBC (HBC-N). If you’ve held it for a long period of time, your choices are a) double down or b) Sell and move into HSBC if you want financial exposure. However, he feels there will be more upside over a 3-5 year period.

The good thing is that it hasn’t fallen over, so there must be something there. This is in a very toxic macro environment. Has high unemployment. Greek government has constantly had to go back to the ECB to get capital. There is a potential risk of Greece pulling out of the euro.

This is a call on a recovery of the US economy. Higher interest rates will move this higher as well as a general turnaround on business sentiment. Good balance sheet. Didn’t blow up during the recession.

The catalyst here is that it pays an attractive dividend, is vertically integrated and has a good balance sheet. They are going to monetize some of their real estate portfolio. A gradual monetization of that up to about 70% could realize up to $2 billion worth of capital, return to shareholders in either the form of a special dividend, a dividend increase or share buyback. Very good management team.

They are going to add 5 new subway extensions so that about 25% of the Hong Kong network will be increased. They own all the retail upon which that land is developed. Have international operations. Good balance sheet.

Really likes the story. A little bit disappointed in their earnings last quarter but expects that their margins are going to start to move up. The hydro-vac area is a growth area. Similar to Badger (BAD-T) but a smaller company. Expect them to continue to grow rapidly over the next couple of years.