market folly

Crispin Odey's hedge fund firm Odey Asset Management has filed a 13G with the SEC regarding shares of Cadiz (CDZI).  Per the filing, Odey has revealed a 10.5% ownership stake in CDZI with over 1.7 million shares.

This marks an increase of 720,300 shares since the end of the first quarter.  The filing was required due to activity on May 31st.

You can view other activity from Odey here.

Per Google Finance, Cadiz is "engaged in acquiring and developing land and water resources. The Company’s primary asset consists of 45,000 acres of land in three areas of eastern San Bernardino County, California. The Company’s portfolio of water resources is located in proximity to the Colorado River and the Colorado River Aqueduct (CRA), the principal source of imported water for Southern California, and provides the Company with the opportunity to participate in a variety of water supply, water storage, and conservation programs with public agencies and other partners. It owns approximately 34,000 acres of land and the subsurface strata, inclusive of the unsaturated soils and appurtenant water rights in the Cadiz and Fenner valleys of eastern San Bernardino County (the Cadiz/Fenner Property). It also own approximately 10,800 additional acres in the eastern Mojave Desert, including the Piute and Danby Dry Lake properties."