Holding Water By Jonathan Heller About this article: I've held a position in PICO Holdings , which I sometimes refer to as the "Poor Man's Berkshire Hathaway", for several years now. Despite growing interest from some institutions over the years, the company continues to fly under the radar. That's not at all surprising, because it's somewhat difficult to understand and follow (see my August 12 post for more on this). Still, I've found PICO to be a compelling way to gain exposure to water in the ground, not easily done these days outside companies trading on the Pink Sheets. I originally took a position back in 2003, because I'd "discovered" a company with 1.2 million acres of land, vast water rights and an interesting portfolio of other businesses and securities, with a total enterprise value of about $150 million. While it has not been a huge winner, it is up about 172% during that... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

If you choose a 14-day free trial of RealMoney and you do NOT call to cancel within those 14 days, you will pay $129.95 — a $100 savings off the regular annual subscription price of $229.95. Unless you cancel before the end of that year, your subscription will automatically renew for another year at the then-current subscription price.

Offer applies only to new annual subscriptions, and is subject to change at any time. Void where prohibited.

If you choose a monthly subscription, you pay $34.95 per month. You will be notified if the current monthly rate of $34.95 changes at any time in the future.

TheStreet.com is a publisher. None of the contributors or their affiliates will provide you with personally tailored advice concerning the nature, potential, value or suitability of any particular security, portfolio of securities, transaction, investment strategy or other matter. From time to time, any or all of the contributors or their affiliates may hold positions in securities mentioned and they may trade for their own accounts. In cases where the position is held at the time of publication, appropriate disclosure is made.

© TheStreet.com, Inc., 14 Wall Street, 15th Floor, New York, NY 10005.