Most of our clients have built significant positions in Vale and we have been buying it all over the map this last quarter, especially when the Preferred shares were below 20. Vale SA of Brazil, the world’s biggest iron-ore miner, is starting a push this week to gain a similar position in production of crop fertilizers, the Wall Street Journal reported. It will consolidate its fertilizers business into a new company called Vale Fertilizantes SA, the newspaper said. The company plans to spend $12 billion on fertilizer projects and acquisitions in the next three years, the Journal said, citing Mario Barbosa, the company’s fertilizers chief. This is a simple but solid diversification. It´s almost a “consumer staples” play, fertilizer. It´s smart.

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