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.