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  1. Sell SJW and Other Notes… • May 30, 2008

    “The scarcity of fresh water is no longer a problem restricted to poor countries. Shortages are reaching crisis proportions in even the most highly developed regions, and they’re quickly becoming commonplace in our own backyard, from the bleached-white bathtub ring around the Southwest’s half-empty Lake Mead to the parched state of Georgia, where the governor [...]

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  2. Old Recipes That Still Work…Plus, Details on Loews' Offer • May 23, 2008

    Dear Capital & Crisis Investor, If you’ve been reading this letter for any length of time, you know I like to delve into financial history. Doing so gives me a lot of perspective on investing today. And the old recipes still work. Investing is one of those disciplines in which the study of history yields some [...]

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  3. Shipping Costs Hit Record, China Quake Ups Metals • May 16, 2008

    Dear Capital & Crisis Investor, The Baltic Dry Index, which I covered in a recent issue on shipping, hit a new record high yesterday. The index tracks the costs of shipping dry goods such as coal, grain and iron ore. All those shipping stocks I talked about in the issue are up big in a short [...]

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  4. "Scummy Hucksters" and Other Notes From Pasadena, Calif. • May 9, 2008

    Dear Capital & Crisis Investor, Charlie Munger says what he thinks. He doesn’t sugarcoat it. I guess that comes with being 84 years old and worth billions. In any case, he’s funny as hell. I was in Pasadena, Calif., to attend the Wesco annual meeting, at which Munger alone holds court. Munger, of course, is Warren Buffett’s [...]

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  5. Capital & Crisis Hotline — Ride the Coattails of 2 Great Investors • May 2, 2008

    Dear Capital & Crisis Investor, Leucadia National (LUK:nyse) really hit a home run in 2007. The holding company controlled by Ian Cumming and Joseph Steinberg made an investment that got little notice at the time. But it increased nearly fivefold in about a year and a half. The investment? A little Australian iron ore producer named Fortescue [...]

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  6. Capital & Crisis Hotline — Your New Issue Is Online! • May 1, 2008

    When we arrived in South Carolina, we shared a shuttle bus with two ladies from Germany and a couple from South Africa. During our first dinner in town, an English couple “on holiday” sat at the table beside us, merrily ordering lots of wine with dinner before diving into the desserts. The next day at lunch, [...]

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