Mosaic Company

Note to trading clients:

Interesting article in this week's Barron's about Mosaic, one of our holdings. http://online.barrons.com/article/SB126118799046098087.html Mosaic can sometimes be a frustrating position, as it tracks elements of the global economy that do not always get daily press. In other words, stories about mall traffic and unemployment stats are basically meaningless for Mosaic. But if we stay focused on the larger picture of global growth, the increase of the middle class in emerging markets and the pressure that puts on global agriculture, Mosaic looms large as a core holding to trade around going forward. As the article notes, the past year's global slowdown has caused farmers to defer/reduce purchases, which has put downward pressure on many fertilizer stocks. But Mother Nature will not be denied for long. At some point fields need to be renewed and refreshed.