For what its worth for those who may be interested, below are my notes from Coxe's Friday 8/20 investor call. He didn't have much to say today I didn't think. He thinks Canada should take its time before approving the Potash deal given the huge reserves it has and if approval to BHP's offer should be forthcoming, it will be at a higher price.

8/20/10 Don Coxe conference call

· Discuss Potash story in light of the entire commodities investing story – can’t believe the story will end at this price level
· What really matters for an investment story is the building of secure reserves like that reflected in Potash
· BHP’s reserves of copper/zinc are getting depleted so they need to look elsewhere for other types of reserves.
· Commodities have pricing power because of their scarcity – look at the pricing when there is no inflation and think of what will happen to those when there is inflation
· Real big story is US economy. 500,000 new unemployment applications was a real shocker coupled with the Philly Fed number so the dread term “double dip” reasserts itself.
· Investors are fleeing from stocks and going into bonds.
· At the same time that government everywhere is trying to rein in their deficits. The money they gave was on handouts and throw away waste instead of building something for future growth.
· Said “we don’t know” if there will be a serious pull back in the stock market. The fact that economies like Germany are outperforming the US scares alot of folks.
· Cautious but not a bear at this point. You are still better off in commodity stocks where there is scarcity which will grow in value.
· The returns investors are not getting are putting huge pressure on the Pension Funds. Interest rates on bonds are low and the return on the S&P over last ten years is zero. No asset class that will deliver the returns they need.
· Mentions David Rosenberg and the fact that the best asset class has been the 30 year Treasuries. This is a threat to capitalism. The move in gold is also not a reassuring statistic to many. But with a 0 return on cash you have to do something – mentions the Potash type situations as alternatives.
· Question was asked about what corporations should do with all their cash on their books. Coxe said many corporations are not really in that great a shape if you look at the debt they hold. Suggests they may want to use their cash to pay down debt or increase dividends to benefit their shareholders.