4. Farmland, timber, water and other tangible assets should do well: So far so good here. In the agriculture and land space, Alico (ALCO) is up about 25% year to date, Cresud (CRESY) has risen 15%, and PICO Holdings has gained 7%. Limoneira (LMNR) has done little year to date and is flat. Timber-related names have done even better, with Plum Creek Timber (PCL), Rayonier (RYN) and Weyerhaeuser (WY) up an average of 15.2% year to date.
All in all, there were some good calls and some bad -- at least so far. I'll revisit these again at the end of the second quarter.
At the time of publication, Heller held long positions in ALCO, LMNR and PICO.