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Water Utilities as a Liquidity Play

By Jonathan Heller

 About this article:
 As I review the holdings in my portfolio, several themes emerge, among them the love of micro-caps, deep value, a stomach for illiquidity, companies with land and companies that own water and or water rights. That last theme has been one of the most interesting to me over the years, as I've searched far and wide for the ultimate in liquidity companies that have water in the ground, whether or not that is one of their primary businesses. This has led me to positions in companies such as PICO Holdings and to highly illiquid (no pun intended) pink-sheet agriculture companies such as JG Boswell and Limoneira. While this is not the primary reason that I also hold Alexander & Baldwin, its ownership of water rights was a bonus in my book. What has not been as lucrative, and is currently missing from the portfolio, is exposure to water...

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