Jason Galanis
Deep value, hedge fund manager, insider ownership, patents/litigation

Constellation Brands: A Long-Term Sell Amid Historic CA Drought

These are dry days in California. The state is experiencing its worst drought in over a century, with farmers across the state tapping into dwindling groundwater reserves, buying crop insurance, and letting fields go fallow. In January, shortly after Governor Brown declared a state of emergency, the main suppliers of water to California, the State Water Project and the Bureau of Reclamation, shut off the taps for the first time in their history, announcing "zero allocations" of water for 2014.

The era of plentiful, cheap water for California agriculture is over, and vineyards will be the first affected by higher water costs, mandatory conservation orders and depleted reservoirs. Currently, California vintners are tapping into groundwater reserves as an

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