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The Case for Investing in Water Industry Stocks

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John Dickerson, President & CEO
Summit Global Management, Inc.
January 27, 2006

Foreword

Water is by far the most common substance on earth, yet it is in exceedingly short supply. We cannot create water, yet it is infinitely renewable. Water is stupendously under-priced, yet it is the most valuable substance that exists. Water is commonly abused, yet it cannot be destroyed. Water is the only substance that can be a liquid, a solid or a gas: We can change its form, but we cannot duplicate its substance. The supply of water is forever fixed, yet our supplies are diminishing very rapidly. While abusively under-valued, water has no substitute regardless of price, the only element in the world of which this is true: This most fundaments of facts creates the inexorable and intractable demand for water that will not abate with time.


A Compelling Investment Theme

The water industry is comprised of a vast array of companies providing products and services toward the collection, conveyance, treatment and monitoring/analysis of water and wastewater for multiple purposes and end users. As you will see in the table below, investing in the U.S.-based utility component of this industry has historically worked very well, but the time has come for much broader global exposure in water stocks.

Water is the single most important economic input to the global economy, and more specifically, to individual enterprises. The disparity between supply and demand for clean water is an inexorable problem; yet the relentless demographic demand for its uninterrupted supply makes water by far the most stable of all commodities – unaffected by cyclical influences which constantly badger other more typical input commodities.

This global theme of water insufficiency relative to unrelenting demand, along with all the related trends and opportunities it has spawned, continues to benefit the prospects of a broad range of publicly traded companies which help to provide solutions to this supply/demand dilemma.. A diverse global universe of investment opportunities exists within the theme of water investing; all the while eliminating the typical resistance to sector fund investments, which are far more limited in scope and susceptible to cyclical influences: Water investing is a broad and deep global theme, and is far too diverse to be considered sector investing.


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