The Trade of the Century

"The Daily Reckoning PRESENTS: Here's a riddle: What falls from the sky, is vital for the preservation of life, and is also the most squandered, polluted and mismanaged resource on the planet. Okay, that's a pretty easy one. But, do you know how you can invest in this precious resource? Chris Mayer does, and he's got all the details for you in today's column. Enjoy...

The Trade of the Century
By Chris Mayer
Manhattan, New York

When you think about hot commodities right now, you probably don't think of water. Yet the price of water in some parts of the world is rising...sometimes very quickly. Take California, for example.

Mark Swatek is CEO of Southwest Water Co., a water utility that serves California and the Southwestern US. You may accuse him of talking his book when he says: "One of the fastest growing commodity prices is the price of metropolitan water [in Southern California]."

It may be an exaggeration, but not by much. Since 2007, the Metropolitan Water District of Southern California has increased its water rates from $574 an acre-foot to $781 an acre-foot - a 36% increase. (An acre-foot is the amount of water needed to flood a plain of one acre to a depth of one foot - or about 326,000 gallons.)

More increases are on the way. The MWD has approved an increase to $811 an acre-foot by January 2010 and another increase to $985 by 2011. That would mean a 71% increase in five years. Despite these increases, water is still too cheap in Southern California.

"This is a resource that has been underpriced for 50 years," says Keith Brackpool, CEO of Cadiz, a water development company based in LA. (More on Cadiz below.) Even with the increases, a consumer might pay $10 a day for power and only $3 for water. "You pay more in Manhattan, and Manhattan isn't a desert."

Speaking of Manhattan... As I write these words, I'm at the Grand Hyatt on 42nd Street in Manhattan, near Grand Central Station. I'm here for the Gabelli Water Investment Summit, where about 10 different companies in the water business make presentations to a roomful of analysts and money managers.

These presentations give you a good look at what's happening in water - everything from water utilities to desalination, from irrigation to flow valves. It's hard to listen to these companies and think there isn't a water crisis unfolding. It may be under the radar in some places, but in others it's already a full-blown crisis.

California is a good case study where the water crisis is in bloom. Brackpool pointed out a number of challenges California faces. Here are three:

* Supply limitations - In 2007, a federal judge put limits on the amount of water taken out of the Sacramento-San Joaquin Bay Delta. The problem was as the water flows down from the Sierra Mountains, it also flows through an estuary before it reaches the state's water supply. And the estuary was depleted due to excessive pumping, which endangered some fish native to the river. In any case, the system is delivering only 40% of capacity now. At this point, even several wet years won't get it back to 100%
* Drought - This is pretty well-known, but California just had its third consecutive dry year. Current reservoir levels are at all-time lows
* Aging infrastructure - The system is no longer capable of supporting the increased population without significant investment.

To combat these problems, the state has done a number of things, including those price increases I mentioned above. Yet because water is still so cheap, the increased water rates have not had much of an effect on water use so far. There is also an $11.1 billion water bond that will provide funds for storing water. And there is a search for new supplies of water. But as Brackpool says, "We've picked all the low-hanging fruit. The next frontier requires a large extension ladder."

This is where Brackpool's company, Cadiz, comes in. Brackpool was quick to say that there was no single solution to the water crisis. Instead, there will be many ideas - conservation, desalination and more. "Assets like ours have a role to play in the quiver full of arrows called solutions."

Cadiz has an interesting story, and one that could be very rewarding for shareholders. Cadiz owns 45,000 acres - about 70 square miles - in eastern San Bernardino County. Its property lies at the base of a 1,300-square-mile watershed. It sits on top of one of Southern California's largest natural reservoirs. Rain and snowfall drain down the Fenner Valley to Cadiz's property. The water continues its journey to two natural dry lakes... and eventually evaporates.

Cadiz has a plan to capture this water - to basically conserve the water before it evaporates in the dry lakes. The Cadiz water project will store the water and deliver it to Southern California users via a conveyance pipeline and pumping station. It's a $240 million project that will conserve 50,000 acre-feet of water per year.

The quality of the water is superb. "Better than most bottled waters," Brackpool says.

For 20 years, Cadiz has been growing melons, squash, peppers, grapes and more in the fertile soil nourished by the groundwater under its property. This 1,600-acre farming operation is impressive in photos. You see these big squares of green in the middle of a desert, almost as if they've been painted on the earth. You can actually see them when you're flying in and out of LAX. However, the real value creation story here is not in farming, but in monetizing the water assets.

Cadiz as a water play, though, is still a young bird yet to fly. Construction of the project won't begin until the first quarter of 2011, at the earliest. The company won't finish completion until the third quarter of 2012.

That's a little distant for my tastes, and there are still some environmental hurdles Cadiz must clear before it can proceed. Nonetheless, I like the story and the asset. It's well worth keeping an eye on, as I intend to do. The ticker symbol is CDZI.

At the conference, I also heard Robert Sprowls speak. Sprowls is the CEO of American States Water, another California utility. His firm owns groundwater resources of 118,000 acre-feet of water. Asked to put a value on that portfolio, Sprowls said that water rights in the region go for $3,000-$7,000 an acre-foot. He ventured a guess of $5,000 per acre for his company's water rights - in the middle of that range - which would yield a value of $590 million for the water rights portfolio.

As American States Water - which has substantial assets beyond the water rights - is worth only about $930 million in the marketplace, this piqued my interest. However, it is difficult to turn these water rights into cash when you are a regulated utility. It's not likely the regulators are going to let shareholders walk off with a haul without sharing it with the ratepayers.

"It's a difficult issue," Sprowl conceded, "but we're still thinking about it." In any event, Sprowls's benchmark valuation for water rights was useful information if only to show how valuable water rights are.

The best way to own water rights is to own PICO Holdings (NASDAQ:PICO). It owns water rights mostly in Nevada and Arizona, some worth as much as $45,000 per acre-foot. I estimate PICO's water rights alone are worth $700 million - and you get rest of the company for practically nothing, as the market values PICO only for $732 million as I write. It has nearly $200 million in cash. So just cash plus water rights more than cover your investment. And these water rights appreciate in value over time. PICO's stock price simply does not reflect the intrinsic value of its assets.

California, by the way, is no longer a hostile state for the water utilities as far as rates are concerned. Those water increases I quoted up top ought to be evidence enough of that. In 2005, California made major changes to its policies, which I won't detail here. The end result: "California is great now," as one analyst - a 10-year veteran of water utilities - put it to me. "It is more likely now that water utilities will earn good returns on capital."

The handful of publicly traded California water utilities may well be good investments now. Most trade below the acquisition multiples paid for the last 10 significant takeovers of water utilities. The low end of that range is about 2.5 times book value. The nearby chart shows you the discounts in these stocks based on this estimate of private market value, or PMV:

Cheap Water

Water worries extend far beyond just California and the American West, as you know if you've read this letter for any length of time. Beyond the ideas mentioned above, the summit served to reinforce my view that water will be a good place to be in the years ahead.

Joel's Note: Faithful and unfaithful readers alike will recognize Chris Mayer as having been at the forefront of the whole "water as an investment" trend. A few years ago, Chris got together with a couple of other Agora brains - namely those of Dan Denning and Eric Fry - to produce the Blue Gold water report. The companies Chris recommended in that report have performed handsomely since then...even as the broader markets have struggled. People have to eat and drink, in other words, regardless of whether the Dow goes up or down.

If this kind of "safety first" investment preference appeals to your common sense, you might like to check out Chris's latest research report, which details how to tap the explosive gains in the resource sector, without exposing yourself to any of the traditional risks therein.

---------------------------------------------------------------

And now over to Bill Bonner, who has today's reckoning from Baltimore, Maryland...

The real economy declines. The parasites multiply. See chart below...

First, a look at the markets:

Stocks went nowhere yesterday. Maybe the feds had taken the day off; MarketWatch charges them with manipulating share prices.

Gold, however, staged a $17 rally. The correction in the gold market may be over. Or it may not. This market has more surprises in store; we're certain of it.

"I think you're wrong about something," begins a letter from a Dear Reader. "You act as though government spending were always a crime, a sin, or at least a waste of money. In fact, soldiers working for the US government protect the country. Roads make it possible for you to drive from Bethesda to Baltimore (I don't envy you there). Even the paper pushers are necessary; bills need to be paid. Retirees need their checks. Government spending may be inefficient, but it is still a real contribution towards GDP."

Our pen pal is correct. Government employment includes thousands of honest people doing honest work. Some of it is useful. The trouble is, since it is not subject to market pricing, you never know how useful it is. When is something worth doing? When people will voluntarily pay you for it. How do you know when you should do more of it? When the risk- adjusted profit you make from doing it exceeds the rate you could get from lending your money to the government, risk-free. Why are so many people willing to lend the government money now? Because the rate of return from other investments is so low...and the risk is so high.

Markets are constantly discovering how useful and desirable things are. Prices change all the time. One thing rises...another thing falls...always directing producers and consumers towards the best use of their money.

But government highways, wars, and bureaucracies aren't priced by markets. So you never know what they are worth. In a real war, a country may be willing to pay its last dime to beat back the enemy. But what about 'wars of choice' such as Iraq and Afghanistan? How much are they really worth? No one knows. And no one really cares. They become just a few more government programs...eternally sucking away resources from the real economy. There are dozens...hundreds...of government programs set up during the Great Depression that are still alive. Each one has grown year after year...and each one now employs thousands of well-paid workers. And each worker not only gets his salary check, he also gets health care and retirement benefits...and he needs an office to work in and a place to park his car. And what is he doing? What would happen if he stopped doing it? No one knows.

But here at The Daily Reckoning we can take a guess. Ninety percent of Washington could take a hike...and life would go on as well or better than it was before.

Out of 10 government employees, probably 2 do useful things...things that we would willingly pay for if they weren't done for us by the government, though we would almost certainly pay less for them than they cost us now. Five others do things that are not worth doing at all - things that are purely wastes of money. And the other three do things that destroy wealth...things that actually make the situation worse. Those three are economists. Or lawyers. Or who-knows-what.

Of course, people in the private sector do stupid things too. Just look at the fellows writing subprime mortgage contracts. Or the fellows performing rap music. Or the fellows selling televisions. But, hey, that's just our opinion. Let the market (the consumer) decide! It's not up to us. Thank God.

By and large, in the private sector people get what they want...and what they've got coming. People who waste money soon don't have any to waste. People who make bad business or bad investment decisions go broke. Mistakes are self-correcting...unless the government steps in!

In the public sector, it ain't so. Mistakes are self-perpetuating. The last thing a bureaucrat wants is for his mission to disappear. If he is fighting illiteracy, it is a fair bet that fewer children will learn to read. If he is fighting poverty, it is a fair bet that more people will be poor. If he is fighting terrorism, put your money on terrorism.

Failure is rewarded with bigger budgets, while success is self- extermination.

So, as the percentage of the economy dictated by the government increases, so does the waste, the inefficiency, and the counter- productivity. As the Soviet Union discovered, you can increase GDP by government order...but all you get is a whole lot of nothing. We traveled to Russia at the end of the Soviet period. By then, Russians had been reduced to unimaginable poverty. All they had to sell tourists was equipment looted from the army. We bought a pair of leather boots for one US dollar. Best buy we ever made. We still wear them, 20 years later. Two weeks ago they kept us from losing a leg, when we slipped while cutting up a tree with a chain saw. The saw cut into the boot but didn't even scratch our leg.

Why is this little discussion of government spending important? Because it is 'the rest of the story.' Economists are pushing government spending as a substitute for private spending...and government jobs as a replacement for jobs lost in the private sector. Nearly 5 million jobs were lost in 2009 - almost every one of them in the private sector.

But here come the feds to the rescue:

High Government Payroll

--- Capital & Crisis Exposes Washington's Dirty Secret ---

Major News Outlet Calls This the "Next Crisis"...

How Crooks Just Gained Access to Your Bank Account

America on the mend? HORSE HOCKEY!

Here's what's real: Brace yourself for what's about to go down as the BIGGEST FINANCIAL SWINDLE in world history, engineered by none other than Wall Street and Washington, DC.

How does their scam work? It's a crafty "triple-swindle" just clever enough that most Americans won't even see it happen... until it's too late.

The short of it is, every three days, these flim-flam artists use this strategy to secretly suck wealth out of your savings account. See for yourself right here."


[url]http://www.WebSuccess4You.biz/optin.html]WEB SUCCESS FUNNEL SYSTEM Earn Money Online? Not Without a List! You Will Never Make A Real Income Online Without A List and One-Way Links![/url]So Learn from the EXPERTS & Get an AutoResponder& FREE Traffic ! Get these Free E-Books on Affiliate Marketing,Pay-Per-Click Marketing, Search Engine Optimization, List Building and 32 Methods of Free Traffic One-Way Link Building !

The Daily Reckoning PRESENTS: Here's a riddle: What falls from the sky, is vital for the preservation of life, and is also the most squandered, polluted and mismanaged resource on the planet. Okay, that's a pretty easy one. But, do you know how you can invest in this precious resource? Chris Mayer does, and he's got all the details for you in today's column. Enjoy...

The Trade of the Century
By Chris Mayer
Manhattan, New York

When you think about hot commodities right now, you probably don't think of water. Yet the price of water in some parts of the world is rising...sometimes very quickly. Take California, for example.

Mark Swatek is CEO of Southwest Water Co., a water utility that serves California and the Southwestern US. You may accuse him of talking his book when he says: "One of the fastest growing commodity prices is the price of metropolitan water [in Southern California]."

It may be an exaggeration, but not by much. Since 2007, the Metropolitan Water District of Southern California has increased its water rates from $574 an acre-foot to $781 an acre-foot - a 36% increase. (An acre-foot is the amount of water needed to flood a plain of one acre to a depth of one foot - or about 326,000 gallons.)

More increases are on the way. The MWD has approved an increase to $811 an acre-foot by January 2010 and another increase to $985 by 2011. That would mean a 71% increase in five years. Despite these increases, water is still too cheap in Southern California.

"This is a resource that has been underpriced for 50 years," says Keith Brackpool, CEO of Cadiz, a water development company based in LA. (More on Cadiz below.) Even with the increases, a consumer might pay $10 a day for power and only $3 for water. "You pay more in Manhattan, and Manhattan isn't a desert."

Speaking of Manhattan... As I write these words, I'm at the Grand Hyatt on 42nd Street in Manhattan, near Grand Central Station. I'm here for the Gabelli Water Investment Summit, where about 10 different companies in the water business make presentations to a roomful of analysts and money managers.

These presentations give you a good look at what's happening in water - everything from water utilities to desalination, from irrigation to flow valves. It's hard to listen to these companies and think there isn't a water crisis unfolding. It may be under the radar in some places, but in others it's already a full-blown crisis.

California is a good case study where the water crisis is in bloom. Brackpool pointed out a number of challenges California faces. Here are three:

* Supply limitations - In 2007, a federal judge put limits on the amount of water taken out of the Sacramento-San Joaquin Bay Delta. The problem was as the water flows down from the Sierra Mountains, it also flows through an estuary before it reaches the state's water supply. And the estuary was depleted due to excessive pumping, which endangered some fish native to the river. In any case, the system is delivering only 40% of capacity now. At this point, even several wet years won't get it back to 100%
* Drought - This is pretty well-known, but California just had its third consecutive dry year. Current reservoir levels are at all-time lows
* Aging infrastructure - The system is no longer capable of supporting the increased population without significant investment.

To combat these problems, the state has done a number of things, including those price increases I mentioned above. Yet because water is still so cheap, the increased water rates have not had much of an effect on water use so far. There is also an $11.1 billion water bond that will provide funds for storing water. And there is a search for new supplies of water. But as Brackpool says, "We've picked all the low-hanging fruit. The next frontier requires a large extension ladder."

This is where Brackpool's company, Cadiz, comes in. Brackpool was quick to say that there was no single solution to the water crisis. Instead, there will be many ideas - conservation, desalination and more. "Assets like ours have a role to play in the quiver full of arrows called solutions."

Cadiz has an interesting story, and one that could be very rewarding for shareholders. Cadiz owns 45,000 acres - about 70 square miles - in eastern San Bernardino County. Its property lies at the base of a 1,300-square-mile watershed. It sits on top of one of Southern California's largest natural reservoirs. Rain and snowfall drain down the Fenner Valley to Cadiz's property. The water continues its journey to two natural dry lakes... and eventually evaporates.

Cadiz has a plan to capture this water - to basically conserve the water before it evaporates in the dry lakes. The Cadiz water project will store the water and deliver it to Southern California users via a conveyance pipeline and pumping station. It's a $240 million project that will conserve 50,000 acre-feet of water per year.

The quality of the water is superb. "Better than most bottled waters," Brackpool says.

For 20 years, Cadiz has been growing melons, squash, peppers, grapes and more in the fertile soil nourished by the groundwater under its property. This 1,600-acre farming operation is impressive in photos. You see these big squares of green in the middle of a desert, almost as if they've been painted on the earth. You can actually see them when you're flying in and out of LAX. However, the real value creation story here is not in farming, but in monetizing the water assets.

Cadiz as a water play, though, is still a young bird yet to fly. Construction of the project won't begin until the first quarter of 2011, at the earliest. The company won't finish completion until the third quarter of 2012.

That's a little distant for my tastes, and there are still some environmental hurdles Cadiz must clear before it can proceed. Nonetheless, I like the story and the asset. It's well worth keeping an eye on, as I intend to do. The ticker symbol is CDZI.

At the conference, I also heard Robert Sprowls speak. Sprowls is the CEO of American States Water, another California utility. His firm owns groundwater resources of 118,000 acre-feet of water. Asked to put a value on that portfolio, Sprowls said that water rights in the region go for $3,000-$7,000 an acre-foot. He ventured a guess of $5,000 per acre for his company's water rights - in the middle of that range - which would yield a value of $590 million for the water rights portfolio.

As American States Water - which has substantial assets beyond the water rights - is worth only about $930 million in the marketplace, this piqued my interest. However, it is difficult to turn these water rights into cash when you are a regulated utility. It's not likely the regulators are going to let shareholders walk off with a haul without sharing it with the ratepayers.

"It's a difficult issue," Sprowl conceded, "but we're still thinking about it." In any event, Sprowls's benchmark valuation for water rights was useful information if only to show how valuable water rights are.

The best way to own water rights is to own PICO Holdings (NASDAQ:PICO). It owns water rights mostly in Nevada and Arizona, some worth as much as $45,000 per acre-foot. I estimate PICO's water rights alone are worth $700 million - and you get rest of the company for practically nothing, as the market values PICO only for $732 million as I write. It has nearly $200 million in cash. So just cash plus water rights more than cover your investment. And these water rights appreciate in value over time. PICO's stock price simply does not reflect the intrinsic value of its assets.

California, by the way, is no longer a hostile state for the water utilities as far as rates are concerned. Those water increases I quoted up top ought to be evidence enough of that. In 2005, California made major changes to its policies, which I won't detail here. The end result: "California is great now," as one analyst - a 10-year veteran of water utilities - put it to me. "It is more likely now that water utilities will earn good returns on capital."

The handful of publicly traded California water utilities may well be good investments now. Most trade below the acquisition multiples paid for the last 10 significant takeovers of water utilities. The low end of that range is about 2.5 times book value. The nearby chart shows you the discounts in these stocks based on this estimate of private market value, or PMV:

Cheap Water

Water worries extend far beyond just California and the American West, as you know if you've read this letter for any length of time. Beyond the ideas mentioned above, the summit served to reinforce my view that water will be a good place to be in the years ahead.

Joel's Note: Faithful and unfaithful readers alike will recognize Chris Mayer as having been at the forefront of the whole "water as an investment" trend. A few years ago, Chris got together with a couple of other Agora brains - namely those of Dan Denning and Eric Fry - to produce the Blue Gold water report. The companies Chris recommended in that report have performed handsomely since then...even as the broader markets have struggled. People have to eat and drink, in other words, regardless of whether the Dow goes up or down.

If this kind of "safety first" investment preference appeals to your common sense, you might like to check out Chris's latest research report, which details how to tap the explosive gains in the resource sector, without exposing yourself to any of the traditional risks therein.

---------------------------------------------------------------

And now over to Bill Bonner, who has today's reckoning from Baltimore, Maryland...

The real economy declines. The parasites multiply. See chart below...

First, a look at the markets:

Stocks went nowhere yesterday. Maybe the feds had taken the day off; MarketWatch charges them with manipulating share prices.

Gold, however, staged a $17 rally. The correction in the gold market may be over. Or it may not. This market has more surprises in store; we're certain of it.

"I think you're wrong about something," begins a letter from a Dear Reader. "You act as though government spending were always a crime, a sin, or at least a waste of money. In fact, soldiers working for the US government protect the country. Roads make it possible for you to drive from Bethesda to Baltimore (I don't envy you there). Even the paper pushers are necessary; bills need to be paid. Retirees need their checks. Government spending may be inefficient, but it is still a real contribution towards GDP."

Our pen pal is correct. Government employment includes thousands of honest people doing honest work. Some of it is useful. The trouble is, since it is not subject to market pricing, you never know how useful it is. When is something worth doing? When people will voluntarily pay you for it. How do you know when you should do more of it? When the risk- adjusted profit you make from doing it exceeds the rate you could get from lending your money to the government, risk-free. Why are so many people willing to lend the government money now? Because the rate of return from other investments is so low...and the risk is so high.

Markets are constantly discovering how useful and desirable things are. Prices change all the time. One thing rises...another thing falls...always directing producers and consumers towards the best use of their money.

But government highways, wars, and bureaucracies aren't priced by markets. So you never know what they are worth. In a real war, a country may be willing to pay its last dime to beat back the enemy. But what about 'wars of choice' such as Iraq and Afghanistan? How much are they really worth? No one knows. And no one really cares. They become just a few more government programs...eternally sucking away resources from the real economy. There are dozens...hundreds...of government programs set up during the Great Depression that are still alive. Each one has grown year after year...and each one now employs thousands of well-paid workers. And each worker not only gets his salary check, he also gets health care and retirement benefits...and he needs an office to work in and a place to park his car. And what is he doing? What would happen if he stopped doing it? No one knows.

But here at The Daily Reckoning we can take a guess. Ninety percent of Washington could take a hike...and life would go on as well or better than it was before.

Out of 10 government employees, probably 2 do useful things...things that we would willingly pay for if they weren't done for us by the government, though we would almost certainly pay less for them than they cost us now. Five others do things that are not worth doing at all - things that are purely wastes of money. And the other three do things that destroy wealth...things that actually make the situation worse. Those three are economists. Or lawyers. Or who-knows-what.

Of course, people in the private sector do stupid things too. Just look at the fellows writing subprime mortgage contracts. Or the fellows performing rap music. Or the fellows selling televisions. But, hey, that's just our opinion. Let the market (the consumer) decide! It's not up to us. Thank God.

By and large, in the private sector people get what they want...and what they've got coming. People who waste money soon don't have any to waste. People who make bad business or bad investment decisions go broke. Mistakes are self-correcting...unless the government steps in!

In the public sector, it ain't so. Mistakes are self-perpetuating. The last thing a bureaucrat wants is for his mission to disappear. If he is fighting illiteracy, it is a fair bet that fewer children will learn to read. If he is fighting poverty, it is a fair bet that more people will be poor. If he is fighting terrorism, put your money on terrorism.

Failure is rewarded with bigger budgets, while success is self- extermination.

So, as the percentage of the economy dictated by the government increases, so does the waste, the inefficiency, and the counter- productivity. As the Soviet Union discovered, you can increase GDP by government order...but all you get is a whole lot of nothing. We traveled to Russia at the end of the Soviet period. By then, Russians had been reduced to unimaginable poverty. All they had to sell tourists was equipment looted from the army. We bought a pair of leather boots for one US dollar. Best buy we ever made. We still wear them, 20 years later. Two weeks ago they kept us from losing a leg, when we slipped while cutting up a tree with a chain saw. The saw cut into the boot but didn't even scratch our leg.

Why is this little discussion of government spending important? Because it is 'the rest of the story.' Economists are pushing government spending as a substitute for private spending...and government jobs as a replacement for jobs lost in the private sector. Nearly 5 million jobs were lost in 2009 - almost every one of them in the private sector.

But here come the feds to the rescue:

High Government Payroll

--- Capital & Crisis Exposes Washington's Dirty Secret ---

Major News Outlet Calls This the "Next Crisis"...

How Crooks Just Gained Access to Your Bank Account

America on the mend? HORSE HOCKEY!

Here's what's real: Brace yourself for what's about to go down as the BIGGEST FINANCIAL SWINDLE in world history, engineered by none other than Wall Street and Washington, DC.

How does their scam work? It's a crafty "triple-swindle" just clever enough that most Americans won't even see it happen... until it's too late.

The short of it is, every three days, these flim-flam artists use this strategy to secretly suck wealth out of your savings account. See for yourself right here.


http://www.WebSuccess4You.biz/optin.html = WEB SUCCESS FUNNEL SYSTEM Earn Money Online? Not Without a List! You Will Never Make A Real Income Online Without A List and One-Way Links! So Learn from the EXPERTS & Get an AutoResponder& FREE Traffic ! Get these Free E-Books on Affiliate Marketing,Pay-Per-Click Marketing, Search Engine Optimization, List Building and 32 Methods of Free Traffic One-Way Link Building !