Jeremy Granthan and GMO Capital are out with their Q2 2012 letter. He continue to talks about the global food crisis and how natural resources will be a beneficiary. Frankly he makes a good case for fertilizers and a number of different natural resources - provided your horizon is long-term enough.
He then goes on to talk about how the market seems poised for further declines given weakening profit margins and the shaky macro scene.
GMO Capital - 2012.08.01