>>DOES THIS STRATEGY HOLD WATER? When E*Trade recently polled more than 800 investors, asking them which of 10 investing themes they were most likely to put money into, their answer was….Water. Apparently, investors felt that the combination of growing demand and a potential shortage due to climate change made good old H2O a compelling investment opportunity. Who knows, maybe they’re right. But I’m still wary of “theme” investing. Even if they’re right about future demand, it doesn’t mean water-related investments are selling at compelling prices. In fact, the more attention the theme gets, the less likely that will be the case.