These are dry times. Droughts are becoming more common and are lasting longer. In the Western United States, for example, the demand for freshwater is outpacing supply, leading states like California to introduce stricter water controls. How dry is the West? A recent study shows the region is suffering the worst drought in over a millennium.

According to the 2018 United Nations World Water Development Report, nearly 6 billion peoples will suffer from clean water scarcity by 2050.

For those that don’t believe the science, perhaps the fact that Michael Burry, the investor famous for calling the housing bubble before it burst, has long been focused on investment opportunities in water scarcity. Some call fresh water, which only makes up 3% of the earth’s water, the oil of the 21st Century. For civilization, this is scary stuff. For investors, water scarcity could be the equivalent of liquid gold.