Latest / Views from 6,230 / Unlocking the Secrets to Profitable Farmland Investment Strategies
Transcript
- 0:10Let's
- 0:12go.
- 0:18Ryan Nauman Market Strategist Zephyr: Hello
- 0:18Ryan Nauman Market Strategist Zephyr: everyone
- 0:19Ryan Nauman Market Strategist Zephyr: and
- 0:19Ryan Nauman Market Strategist Zephyr: welcome
- 0:19Ryan Nauman Market Strategist Zephyr: to
- 0:19Ryan Nauman Market Strategist Zephyr: zephyr's
- 0:20Ryan Nauman Market Strategist Zephyr: adjusted
- 0:20Ryan Nauman Market Strategist Zephyr: for
- 0:20Ryan Nauman Market Strategist Zephyr: Risk
- 0:21Ryan Nauman Market Strategist Zephyr: Podcast
- 0:21Ryan Nauman Market Strategist Zephyr: from
- 0:21Ryan Nauman Market Strategist Zephyr: the
- 0:21Ryan Nauman Market Strategist Zephyr: shores
- 0:22Ryan Nauman Market Strategist Zephyr: of
- 0:22Ryan Nauman Market Strategist Zephyr: Lake
- 0:23Ryan Nauman Market Strategist Zephyr: Tahoe.
- 0:24Ryan Nauman Market Strategist Zephyr: I'm
- 0:24Ryan Nauman Market Strategist Zephyr: Ryan
- 0:24Ryan Nauman Market Strategist Zephyr: Amman,
- 0:25Ryan Nauman Market Strategist Zephyr: the
- 0:25Ryan Nauman Market Strategist Zephyr: market
- 0:25Ryan Nauman Market Strategist Zephyr: strategist
- 0:26Ryan Nauman Market Strategist Zephyr: here
- 0:26Ryan Nauman Market Strategist Zephyr: at
- 0:27Ryan Nauman Market Strategist Zephyr: Zephyr.
- 0:27Ryan Nauman Market Strategist Zephyr: For
- 0:28Ryan Nauman Market Strategist Zephyr: years,
- 0:28Ryan Nauman Market Strategist Zephyr: investing
- 0:29Ryan Nauman Market Strategist Zephyr: in
- 0:29Ryan Nauman Market Strategist Zephyr: real
- 0:29Ryan Nauman Market Strategist Zephyr: estate
- 0:30Ryan Nauman Market Strategist Zephyr: has
- 0:30Ryan Nauman Market Strategist Zephyr: been
- 0:30Ryan Nauman Market Strategist Zephyr: a
- 0:30Ryan Nauman Market Strategist Zephyr: very
- 0:31Ryan Nauman Market Strategist Zephyr: popular
- 0:31Ryan Nauman Market Strategist Zephyr: alternative
- 0:32Ryan Nauman Market Strategist Zephyr: investment
- 0:33Ryan Nauman Market Strategist Zephyr: strategy
- 0:34Ryan Nauman Market Strategist Zephyr: as
- 0:34Ryan Nauman Market Strategist Zephyr: it
- 0:34Ryan Nauman Market Strategist Zephyr: provides
- 0:35Ryan Nauman Market Strategist Zephyr: portfolio
- 0:35Ryan Nauman Market Strategist Zephyr: diversification
- 0:37Ryan Nauman Market Strategist Zephyr: in
- 0:37Ryan Nauman Market Strategist Zephyr: attractive
- 0:38Ryan Nauman Market Strategist Zephyr: income.
- 0:39Ryan Nauman Market Strategist Zephyr: However,
- 0:39Ryan Nauman Market Strategist Zephyr: the
- 0:39Ryan Nauman Market Strategist Zephyr: real
- 0:40Ryan Nauman Market Strategist Zephyr: estate
- 0:40Ryan Nauman Market Strategist Zephyr: asset
- 0:40Ryan Nauman Market Strategist Zephyr: class
- 0:41Ryan Nauman Market Strategist Zephyr: is
- 0:41Ryan Nauman Market Strategist Zephyr: vast
- 0:42Ryan Nauman Market Strategist Zephyr: with
- 0:42Ryan Nauman Market Strategist Zephyr: many
- 0:42Ryan Nauman Market Strategist Zephyr: different
- 0:43Ryan Nauman Market Strategist Zephyr: sub-sectors.
- 0:44Ryan Nauman Market Strategist Zephyr: Today
- 0:45Ryan Nauman Market Strategist Zephyr: we're
- 0:45Ryan Nauman Market Strategist Zephyr: going
- 0:45Ryan Nauman Market Strategist Zephyr: to
- 0:45Ryan Nauman Market Strategist Zephyr: take
- 0:46Ryan Nauman Market Strategist Zephyr: a
- 0:46Ryan Nauman Market Strategist Zephyr: deep
- 0:46Ryan Nauman Market Strategist Zephyr: dive
- 0:47Ryan Nauman Market Strategist Zephyr: into
- 0:47Ryan Nauman Market Strategist Zephyr: investing
- 0:48Ryan Nauman Market Strategist Zephyr: in
- 0:48Ryan Nauman Market Strategist Zephyr: farmland,
- 0:49Ryan Nauman Market Strategist Zephyr: and
- 0:50Ryan Nauman Market Strategist Zephyr: I
- 0:50Ryan Nauman Market Strategist Zephyr: have
- 0:50Ryan Nauman Market Strategist Zephyr: on
- 0:50Ryan Nauman Market Strategist Zephyr: the
- 0:50Ryan Nauman Market Strategist Zephyr: perfect
- 0:51Ryan Nauman Market Strategist Zephyr: guest
- 0:52Ryan Nauman Market Strategist Zephyr: to
- 0:52Ryan Nauman Market Strategist Zephyr: discuss
- 0:52Ryan Nauman Market Strategist Zephyr: all
- 0:53Ryan Nauman Market Strategist Zephyr: things
- 0:53Ryan Nauman Market Strategist Zephyr: farmland
- 0:54Ryan Nauman Market Strategist Zephyr: with
- 0:54Ryan Nauman Market Strategist Zephyr: us.
- 0:55Ryan Nauman Market Strategist Zephyr: first,
- 0:56Ryan Nauman Market Strategist Zephyr: today's
- 0:56Ryan Nauman Market Strategist Zephyr: episode
- 0:57Ryan Nauman Market Strategist Zephyr: is
- 0:57Ryan Nauman Market Strategist Zephyr: sponsored
- 0:57Ryan Nauman Market Strategist Zephyr: by
- 0:58Ryan Nauman Market Strategist Zephyr: the
- 0:58Ryan Nauman Market Strategist Zephyr: award-winning
- 0:58Ryan Nauman Market Strategist Zephyr: Zephyr,
- 0:59Ryan Nauman Market Strategist Zephyr: which
- 1:00Ryan Nauman Market Strategist Zephyr: helps
- 1:00Ryan Nauman Market Strategist Zephyr: investment
- 1:00Ryan Nauman Market Strategist Zephyr: professionals
- 1:01Ryan Nauman Market Strategist Zephyr: make
- 1:02Ryan Nauman Market Strategist Zephyr: more
- 1:02Ryan Nauman Market Strategist Zephyr: informed
- 1:03Ryan Nauman Market Strategist Zephyr: investment
- 1:03Ryan Nauman Market Strategist Zephyr: decisions
- 1:04Ryan Nauman Market Strategist Zephyr: on
- 1:04Ryan Nauman Market Strategist Zephyr: behalf
- 1:05Ryan Nauman Market Strategist Zephyr: of
- 1:05Ryan Nauman Market Strategist Zephyr: their
- 1:05Ryan Nauman Market Strategist Zephyr: clients.
- 1:06Ryan Nauman Market Strategist Zephyr: Alright,
- 1:06Ryan Nauman Market Strategist Zephyr: enough
- 1:07Ryan Nauman Market Strategist Zephyr: from
- 1:07Ryan Nauman Market Strategist Zephyr: me.
- 1:07Ryan Nauman Market Strategist Zephyr: I've
- 1:08Ryan Nauman Market Strategist Zephyr: already
- 1:08Ryan Nauman Market Strategist Zephyr: talked
- 1:09Ryan Nauman Market Strategist Zephyr: enough.
- 1:09Ryan Nauman Market Strategist Zephyr: Let's
- 1:09Ryan Nauman Market Strategist Zephyr: go
- 1:10Ryan Nauman Market Strategist Zephyr: ahead
- 1:10Ryan Nauman Market Strategist Zephyr: and
- 1:10Ryan Nauman Market Strategist Zephyr: bring
- 1:10Ryan Nauman Market Strategist Zephyr: on
- 1:11Ryan Nauman Market Strategist Zephyr: the
- 1:11Ryan Nauman Market Strategist Zephyr: star
- 1:11Ryan Nauman Market Strategist Zephyr: of
- 1:11Ryan Nauman Market Strategist Zephyr: this
- 1:11Ryan Nauman Market Strategist Zephyr: show.
- 1:13Ryan Nauman Market Strategist Zephyr: very
- 1:13Ryan Nauman Market Strategist Zephyr: honored
- 1:14Ryan Nauman Market Strategist Zephyr: and
- 1:14Ryan Nauman Market Strategist Zephyr: excited
- 1:15Ryan Nauman Market Strategist Zephyr: to
- 1:15Ryan Nauman Market Strategist Zephyr: welcome
- 1:16Ryan Nauman Market Strategist Zephyr: David
- 1:16Ryan Nauman Market Strategist Zephyr: Chan.
- 1:17Ryan Nauman Market Strategist Zephyr: David
- 1:17Ryan Nauman Market Strategist Zephyr: is
- 1:18Ryan Nauman Market Strategist Zephyr: the
- 1:18Ryan Nauman Market Strategist Zephyr: head
- 1:18Ryan Nauman Market Strategist Zephyr: of
- 1:19Ryan Nauman Market Strategist Zephyr: investor
- 1:20Ryan Nauman Market Strategist Zephyr: relations
- 1:21Ryan Nauman Market Strategist Zephyr: at
- 1:21Ryan Nauman Market Strategist Zephyr: Homestead
- 1:22Ryan Nauman Market Strategist Zephyr: Capital.
- 1:23Ryan Nauman Market Strategist Zephyr: David.
- 1:24Ryan Nauman Market Strategist Zephyr: Thank
- 1:24Ryan Nauman Market Strategist Zephyr: you
- 1:24Ryan Nauman Market Strategist Zephyr: so
- 1:24Ryan Nauman Market Strategist Zephyr: much
- 1:25Ryan Nauman Market Strategist Zephyr: for
- 1:25Ryan Nauman Market Strategist Zephyr: coming
- 1:25Ryan Nauman Market Strategist Zephyr: on.
- 1:25Ryan Nauman Market Strategist Zephyr: I'm
- 1:26Ryan Nauman Market Strategist Zephyr: really
- 1:26Ryan Nauman Market Strategist Zephyr: excited
- 1:26Ryan Nauman Market Strategist Zephyr: about
- 1:27Ryan Nauman Market Strategist Zephyr: this
- 1:27Ryan Nauman Market Strategist Zephyr: conversation.
- 1:28Ryan Nauman Market Strategist Zephyr: It's
- 1:29Ryan Nauman Market Strategist Zephyr: a
- 1:29Ryan Nauman Market Strategist Zephyr: conversation
- 1:30Ryan Nauman Market Strategist Zephyr: that
- 1:30Ryan Nauman Market Strategist Zephyr: we'll
- 1:30Ryan Nauman Market Strategist Zephyr: talk
- 1:30Ryan Nauman Market Strategist Zephyr: a
- 1:30Ryan Nauman Market Strategist Zephyr: lot
- 1:31Ryan Nauman Market Strategist Zephyr: about
- 1:31Ryan Nauman Market Strategist Zephyr: and
- 1:32Ryan Nauman Market Strategist Zephyr: and
- 1:32Ryan Nauman Market Strategist Zephyr: it
- 1:32Ryan Nauman Market Strategist Zephyr: goes
- 1:32Ryan Nauman Market Strategist Zephyr: back
- 1:32Ryan Nauman Market Strategist Zephyr: to
- 1:32Ryan Nauman Market Strategist Zephyr: my
- 1:33Ryan Nauman Market Strategist Zephyr: family
- 1:33Ryan Nauman Market Strategist Zephyr: roots
- 1:34Ryan Nauman Market Strategist Zephyr: also.
- 1:34Ryan Nauman Market Strategist Zephyr: So
- 1:35Ryan Nauman Market Strategist Zephyr: can
- 1:35Ryan Nauman Market Strategist Zephyr: you
- 1:35Ryan Nauman Market Strategist Zephyr: please
- 1:35Ryan Nauman Market Strategist Zephyr: tell
- 1:35Ryan Nauman Market Strategist Zephyr: us
- 1:35Ryan Nauman Market Strategist Zephyr: a
- 1:35Ryan Nauman Market Strategist Zephyr: little
- 1:36Ryan Nauman Market Strategist Zephyr: bit
- 1:36Ryan Nauman Market Strategist Zephyr: more
- 1:36Ryan Nauman Market Strategist Zephyr: about
- 1:37Ryan Nauman Market Strategist Zephyr: yourself
- 1:37Ryan Nauman Market Strategist Zephyr: and
- 1:37Ryan Nauman Market Strategist Zephyr: Homestead
- 1:38Ryan Nauman Market Strategist Zephyr: Capital?
- 1:40David Chan Head of Investor Relations Homestead Capital: Absolutely.
- 1:41David Chan Head of Investor Relations Homestead Capital: And
- 1:41David Chan Head of Investor Relations Homestead Capital: thanks
- 1:41David Chan Head of Investor Relations Homestead Capital: so
- 1:41David Chan Head of Investor Relations Homestead Capital: much
- 1:41David Chan Head of Investor Relations Homestead Capital: for
- 1:42David Chan Head of Investor Relations Homestead Capital: having
- 1:42David Chan Head of Investor Relations Homestead Capital: me,
- 1:42David Chan Head of Investor Relations Homestead Capital: Ryan.
- 1:42David Chan Head of Investor Relations Homestead Capital: Looking
- 1:43David Chan Head of Investor Relations Homestead Capital: forward
- 1:43David Chan Head of Investor Relations Homestead Capital: to
- 1:43David Chan Head of Investor Relations Homestead Capital: this
- 1:43David Chan Head of Investor Relations Homestead Capital: discussion.
- 1:44David Chan Head of Investor Relations Homestead Capital: I
- 1:44David Chan Head of Investor Relations Homestead Capital: lead
- 1:45David Chan Head of Investor Relations Homestead Capital: investor
- 1:45David Chan Head of Investor Relations Homestead Capital: relations
- 1:45David Chan Head of Investor Relations Homestead Capital: at
- 1:46David Chan Head of Investor Relations Homestead Capital: Homestead
- 1:46David Chan Head of Investor Relations Homestead Capital: Capital.
- 1:47David Chan Head of Investor Relations Homestead Capital: We
- 1:47David Chan Head of Investor Relations Homestead Capital: focus
- 1:47David Chan Head of Investor Relations Homestead Capital: on
- 1:47David Chan Head of Investor Relations Homestead Capital: US
- 1:48David Chan Head of Investor Relations Homestead Capital: farmland
- 1:48David Chan Head of Investor Relations Homestead Capital: and
- 1:49David Chan Head of Investor Relations Homestead Capital: agricultural
- 1:49David Chan Head of Investor Relations Homestead Capital: investments.
- 1:50David Chan Head of Investor Relations Homestead Capital: And
- 1:50David Chan Head of Investor Relations Homestead Capital: we
- 1:51David Chan Head of Investor Relations Homestead Capital: are
- 1:51David Chan Head of Investor Relations Homestead Capital: an
- 1:51David Chan Head of Investor Relations Homestead Capital: institutional
- 1:52David Chan Head of Investor Relations Homestead Capital: investment
- 1:52David Chan Head of Investor Relations Homestead Capital: manager,
- 1:53David Chan Head of Investor Relations Homestead Capital: and
- 1:53David Chan Head of Investor Relations Homestead Capital: so
- 1:53David Chan Head of Investor Relations Homestead Capital: we
- 1:53David Chan Head of Investor Relations Homestead Capital: typically
- 1:53David Chan Head of Investor Relations Homestead Capital: are
- 1:54David Chan Head of Investor Relations Homestead Capital: working
- 1:54David Chan Head of Investor Relations Homestead Capital: with
- 1:55David Chan Head of Investor Relations Homestead Capital: pension
- 1:55David Chan Head of Investor Relations Homestead Capital: plans,
- 1:55David Chan Head of Investor Relations Homestead Capital: endowments,
- 1:56David Chan Head of Investor Relations Homestead Capital: foundations,
- 1:57David Chan Head of Investor Relations Homestead Capital: and
- 1:57David Chan Head of Investor Relations Homestead Capital: helping
- 1:58David Chan Head of Investor Relations Homestead Capital: them
- 1:58David Chan Head of Investor Relations Homestead Capital: achieve
- 1:58David Chan Head of Investor Relations Homestead Capital: their
- 1:59David Chan Head of Investor Relations Homestead Capital: investment
- 1:59David Chan Head of Investor Relations Homestead Capital: objectives
- 2:00David Chan Head of Investor Relations Homestead Capital: with
- 2:00David Chan Head of Investor Relations Homestead Capital: investments
- 2:01David Chan Head of Investor Relations Homestead Capital: in
- 2:01David Chan Head of Investor Relations Homestead Capital: agriculture.
- 2:02David Chan Head of Investor Relations Homestead Capital: I,
- 2:03David Chan Head of Investor Relations Homestead Capital: I
- 2:03David Chan Head of Investor Relations Homestead Capital: think.
- 2:04David Chan Head of Investor Relations Homestead Capital: What
- 2:04David Chan Head of Investor Relations Homestead Capital: would
- 2:04David Chan Head of Investor Relations Homestead Capital: be
- 2:05David Chan Head of Investor Relations Homestead Capital: helpful
- 2:05David Chan Head of Investor Relations Homestead Capital: to
- 2:05David Chan Head of Investor Relations Homestead Capital: share
- 2:06David Chan Head of Investor Relations Homestead Capital: maybe
- 2:06David Chan Head of Investor Relations Homestead Capital: is
- 2:06David Chan Head of Investor Relations Homestead Capital: just
- 2:06David Chan Head of Investor Relations Homestead Capital: a
- 2:06David Chan Head of Investor Relations Homestead Capital: little
- 2:06David Chan Head of Investor Relations Homestead Capital: bit
- 2:07David Chan Head of Investor Relations Homestead Capital: about
- 2:07David Chan Head of Investor Relations Homestead Capital: homestead's
- 2:07David Chan Head of Investor Relations Homestead Capital: background
- 2:08David Chan Head of Investor Relations Homestead Capital: and
- 2:08David Chan Head of Investor Relations Homestead Capital: history.
- 2:09David Chan Head of Investor Relations Homestead Capital: The
- 2:09David Chan Head of Investor Relations Homestead Capital: firm
- 2:09David Chan Head of Investor Relations Homestead Capital: was
- 2:09David Chan Head of Investor Relations Homestead Capital: founded
- 2:10David Chan Head of Investor Relations Homestead Capital: in
- 2:10David Chan Head of Investor Relations Homestead Capital: 2012
- 2:11David Chan Head of Investor Relations Homestead Capital: by
- 2:11David Chan Head of Investor Relations Homestead Capital: two
- 2:11David Chan Head of Investor Relations Homestead Capital: partners,
- 2:12David Chan Head of Investor Relations Homestead Capital: Gabe
- 2:12David Chan Head of Investor Relations Homestead Capital: Santos
- 2:12David Chan Head of Investor Relations Homestead Capital: and
- 2:12David Chan Head of Investor Relations Homestead Capital: Dan
- 2:13David Chan Head of Investor Relations Homestead Capital: Little
- 2:13David Chan Head of Investor Relations Homestead Capital: both
- 2:14David Chan Head of Investor Relations Homestead Capital: of
- 2:14David Chan Head of Investor Relations Homestead Capital: whom
- 2:14David Chan Head of Investor Relations Homestead Capital: have
- 2:14David Chan Head of Investor Relations Homestead Capital: a
- 2:14David Chan Head of Investor Relations Homestead Capital: connection
- 2:15David Chan Head of Investor Relations Homestead Capital: to
- 2:15David Chan Head of Investor Relations Homestead Capital: agriculture.
- 2:16David Chan Head of Investor Relations Homestead Capital: Gabe's
- 2:17David Chan Head of Investor Relations Homestead Capital: grandparents
- 2:18David Chan Head of Investor Relations Homestead Capital: were
- 2:18David Chan Head of Investor Relations Homestead Capital: migrant
- 2:18David Chan Head of Investor Relations Homestead Capital: farmers
- 2:19David Chan Head of Investor Relations Homestead Capital: in
- 2:19David Chan Head of Investor Relations Homestead Capital: California,
- 2:20David Chan Head of Investor Relations Homestead Capital: and
- 2:20David Chan Head of Investor Relations Homestead Capital: Dan
- 2:20David Chan Head of Investor Relations Homestead Capital: grew
- 2:20David Chan Head of Investor Relations Homestead Capital: up
- 2:21David Chan Head of Investor Relations Homestead Capital: in
- 2:21David Chan Head of Investor Relations Homestead Capital: Ohio
- 2:22David Chan Head of Investor Relations Homestead Capital: on
- 2:22David Chan Head of Investor Relations Homestead Capital: a
- 2:22David Chan Head of Investor Relations Homestead Capital: family
- 2:22David Chan Head of Investor Relations Homestead Capital: farm
- 2:22David Chan Head of Investor Relations Homestead Capital: in
- 2:23David Chan Head of Investor Relations Homestead Capital: I
- 2:23David Chan Head of Investor Relations Homestead Capital: think,
- 2:23David Chan Head of Investor Relations Homestead Capital: near
- 2:23David Chan Head of Investor Relations Homestead Capital: Canton,
- 2:24David Chan Head of Investor Relations Homestead Capital: Ohio.
- 2:24David Chan Head of Investor Relations Homestead Capital: And
- 2:25David Chan Head of Investor Relations Homestead Capital: both
- 2:25David Chan Head of Investor Relations Homestead Capital: have
- 2:25David Chan Head of Investor Relations Homestead Capital: a
- 2:25David Chan Head of Investor Relations Homestead Capital: very,
- 2:26David Chan Head of Investor Relations Homestead Capital: deep
- 2:26David Chan Head of Investor Relations Homestead Capital: history
- 2:27David Chan Head of Investor Relations Homestead Capital: and
- 2:27David Chan Head of Investor Relations Homestead Capital: roots
- 2:27David Chan Head of Investor Relations Homestead Capital: in
- 2:27David Chan Head of Investor Relations Homestead Capital: the
- 2:27David Chan Head of Investor Relations Homestead Capital: space.
- 2:29David Chan Head of Investor Relations Homestead Capital: Thought
- 2:29David Chan Head of Investor Relations Homestead Capital: that
- 2:29David Chan Head of Investor Relations Homestead Capital: it
- 2:29David Chan Head of Investor Relations Homestead Capital: should
- 2:29David Chan Head of Investor Relations Homestead Capital: be
- 2:30David Chan Head of Investor Relations Homestead Capital: an
- 2:30David Chan Head of Investor Relations Homestead Capital: asset
- 2:30David Chan Head of Investor Relations Homestead Capital: class
- 2:31David Chan Head of Investor Relations Homestead Capital: that
- 2:31David Chan Head of Investor Relations Homestead Capital: more
- 2:31David Chan Head of Investor Relations Homestead Capital: investors
- 2:31David Chan Head of Investor Relations Homestead Capital: have
- 2:31David Chan Head of Investor Relations Homestead Capital: access
- 2:32David Chan Head of Investor Relations Homestead Capital: to.
- 2:32David Chan Head of Investor Relations Homestead Capital: And
- 2:32David Chan Head of Investor Relations Homestead Capital: so
- 2:32David Chan Head of Investor Relations Homestead Capital: that
- 2:32David Chan Head of Investor Relations Homestead Capital: was
- 2:33David Chan Head of Investor Relations Homestead Capital: really
- 2:33David Chan Head of Investor Relations Homestead Capital: the
- 2:33David Chan Head of Investor Relations Homestead Capital: genesis
- 2:33David Chan Head of Investor Relations Homestead Capital: for
- 2:33David Chan Head of Investor Relations Homestead Capital: Homestead.
- 2:34David Chan Head of Investor Relations Homestead Capital: Since
- 2:34David Chan Head of Investor Relations Homestead Capital: then
- 2:35David Chan Head of Investor Relations Homestead Capital: we've
- 2:35David Chan Head of Investor Relations Homestead Capital: been
- 2:35David Chan Head of Investor Relations Homestead Capital: investing
- 2:36David Chan Head of Investor Relations Homestead Capital: in
- 2:36David Chan Head of Investor Relations Homestead Capital: US
- 2:37David Chan Head of Investor Relations Homestead Capital: farmland
- 2:37David Chan Head of Investor Relations Homestead Capital: primarily
- 2:38David Chan Head of Investor Relations Homestead Capital: on
- 2:38David Chan Head of Investor Relations Homestead Capital: the
- 2:38David Chan Head of Investor Relations Homestead Capital: equity
- 2:39David Chan Head of Investor Relations Homestead Capital: side
- 2:39David Chan Head of Investor Relations Homestead Capital: so
- 2:40David Chan Head of Investor Relations Homestead Capital: purchasing
- 2:40David Chan Head of Investor Relations Homestead Capital: farmland
- 2:41David Chan Head of Investor Relations Homestead Capital: and
- 2:41David Chan Head of Investor Relations Homestead Capital: basically
- 2:41David Chan Head of Investor Relations Homestead Capital: taking
- 2:41David Chan Head of Investor Relations Homestead Capital: a
- 2:42David Chan Head of Investor Relations Homestead Capital: real
- 2:42David Chan Head of Investor Relations Homestead Capital: estate
- 2:42David Chan Head of Investor Relations Homestead Capital: approach
- 2:43David Chan Head of Investor Relations Homestead Capital: on
- 2:43David Chan Head of Investor Relations Homestead Capital: those
- 2:43David Chan Head of Investor Relations Homestead Capital: investments.
- 2:44David Chan Head of Investor Relations Homestead Capital: More
- 2:44David Chan Head of Investor Relations Homestead Capital: recently
- 2:45David Chan Head of Investor Relations Homestead Capital: we've
- 2:45David Chan Head of Investor Relations Homestead Capital: also
- 2:45David Chan Head of Investor Relations Homestead Capital: developed
- 2:46David Chan Head of Investor Relations Homestead Capital: a
- 2:46David Chan Head of Investor Relations Homestead Capital: credit
- 2:46David Chan Head of Investor Relations Homestead Capital: strategy
- 2:47David Chan Head of Investor Relations Homestead Capital: as
- 2:47David Chan Head of Investor Relations Homestead Capital: well
- 2:47David Chan Head of Investor Relations Homestead Capital: where
- 2:47David Chan Head of Investor Relations Homestead Capital: we're
- 2:47David Chan Head of Investor Relations Homestead Capital: lending
- 2:48David Chan Head of Investor Relations Homestead Capital: to
- 2:48David Chan Head of Investor Relations Homestead Capital: farmers
- 2:49David Chan Head of Investor Relations Homestead Capital: also
- 2:49David Chan Head of Investor Relations Homestead Capital: in
- 2:49David Chan Head of Investor Relations Homestead Capital: the
- 2:49David Chan Head of Investor Relations Homestead Capital: United
- 2:50David Chan Head of Investor Relations Homestead Capital: States.
- 2:50David Chan Head of Investor Relations Homestead Capital: So
- 2:50David Chan Head of Investor Relations Homestead Capital: excited
- 2:51David Chan Head of Investor Relations Homestead Capital: to
- 2:51David Chan Head of Investor Relations Homestead Capital: dive
- 2:51David Chan Head of Investor Relations Homestead Capital: into
- 2:51David Chan Head of Investor Relations Homestead Capital: both
- 2:52David Chan Head of Investor Relations Homestead Capital: of
- 2:52David Chan Head of Investor Relations Homestead Capital: those
- 2:52David Chan Head of Investor Relations Homestead Capital: strategies.
- 2:53Ryan: David.
- 2:54Ryan: That's
- 2:54Ryan: fantastic.
- 2:55Ryan: I
- 2:55Ryan: love
- 2:55Ryan: it.
- 2:56Ryan: think
- 2:56Ryan: there's
- 2:57Ryan: a
- 2:57Ryan: lot
- 2:57Ryan: of
- 2:57Ryan: people
- 2:57Ryan: out
- 2:57Ryan: there.
- 2:58Ryan: More
- 2:58Ryan: people
- 2:58Ryan: than
- 2:58Ryan: we
- 2:58Ryan: think
- 2:58Ryan: that
- 2:59Ryan: have
- 2:59Ryan: a.
- 3:00Ryan: Background
- 3:00Ryan: or
- 3:01Ryan: family
- 3:01Ryan: heritage
- 3:02Ryan: and
- 3:02Ryan: farming.
- 3:03Ryan: My
- 3:04Ryan: family
- 3:04Ryan: was,
- 3:05Ryan: is
- 3:05Ryan: big
- 3:05Ryan: farmers
- 3:06Ryan: in
- 3:06Ryan: South
- 3:06Ryan: Dakota.
- 3:07Ryan: That's
- 3:07Ryan: where
- 3:07Ryan: my
- 3:07Ryan: parents
- 3:08Ryan: are
- 3:08Ryan: from.
- 3:09Ryan: Every
- 3:09Ryan: summer
- 3:10Ryan: I
- 3:10Ryan: would
- 3:10Ryan: go
- 3:10Ryan: to
- 3:10Ryan: the
- 3:11Ryan: farm,
- 3:11Ryan: hang
- 3:11Ryan: out
- 3:12Ryan: with
- 3:12Ryan: cousins.
- 3:13Ryan: I
- 3:13Ryan: wasn't
- 3:13Ryan: thinking
- 3:13Ryan: about
- 3:14Ryan: investing
- 3:14Ryan: at
- 3:14Ryan: that
- 3:15Ryan: time
- 3:15Ryan: and
- 3:15Ryan: farmland.
- 3:16Ryan: Most
- 3:16Ryan: of
- 3:16Ryan: the
- 3:16Ryan: time
- 3:16Ryan: I
- 3:16Ryan: was
- 3:17Ryan: thinking
- 3:17Ryan: about,
- 3:18Ryan: where
- 3:18Ryan: can
- 3:18Ryan: we
- 3:18Ryan: grab
- 3:18Ryan: a
- 3:18Ryan: couple
- 3:19Ryan: of
- 3:19Ryan: cocktails,
- 3:19Ryan: couple
- 3:20Ryan: beers
- 3:20Ryan: run
- 3:21Ryan: off
- 3:21Ryan: to
- 3:21Ryan: a,
- 3:21Ryan: or
- 3:22Ryan: some
- 3:22Ryan: pasture
- 3:23Ryan: or
- 3:23Ryan: something,
- 3:24Ryan: crops
- 3:25Ryan: in
- 3:25Ryan: the
- 3:25Ryan: corn
- 3:25Ryan: and
- 3:25Ryan: drink
- 3:26Ryan: a
- 3:26Ryan: bunch
- 3:26Ryan: of
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- 3:42David Chan: It's
- 3:43David Chan: true.
- 3:43David Chan: So
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- 3:49David Chan: You
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- 4:10David Chan: space?
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- 4:53Ryan: following.
- 4:56David Chan: Yeah
- 4:56David Chan: that's
- 4:56David Chan: a
- 4:56David Chan: great
- 4:56David Chan: question.
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- 4:57David Chan: we
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- 5:00David Chan: well.
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- 5:26David Chan: connection
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- 5:28David Chan: interview.
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- 5:29David Chan: was
- 5:29David Chan: amazing.
- 5:29David Chan: But
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- 5:30David Chan: how
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- 5:32David Chan: truly
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- 5:35David Chan: A
- 5:35David Chan: very
- 5:36David Chan: important
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- 5:38David Chan: for
- 5:39David Chan: society,
- 5:39David Chan: for
- 5:39David Chan: our
- 5:40David Chan: national
- 5:40David Chan: security.
- 5:41David Chan: And
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- 5:46David Chan: Decreasing
- 5:47David Chan: because
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- 5:47David Chan: encroachment,
- 5:48David Chan: whether
- 5:49David Chan: that
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- 5:49David Chan: from
- 5:50David Chan: more
- 5:50David Chan: traditional
- 5:51David Chan: real
- 5:51David Chan: estate,
- 5:51David Chan: multifamily,
- 5:52David Chan: industrial.
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- 5:54David Chan: we're
- 5:54David Chan: seeing
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- 5:56David Chan: infrastructure
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- 5:57David Chan: data
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- 5:58David Chan: the
- 5:58David Chan: charge
- 5:59David Chan: there.
- 6:00David Chan: And
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- 6:06David Chan: globally
- 6:07David Chan: in
- 6:07David Chan: agriculture
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- 6:08David Chan: preserve
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- 6:10David Chan: question,
- 6:11David Chan: I
- 6:11David Chan: think
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- 6:11David Chan: themes
- 6:11David Chan: that.
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- 6:13David Chan: out
- 6:13David Chan: in
- 6:13David Chan: farmland
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- 6:14David Chan: ones
- 6:14David Chan: that
- 6:14David Chan: have
- 6:14David Chan: always
- 6:15David Chan: underpinned
- 6:16David Chan: the
- 6:16David Chan: investment
- 6:16David Chan: thesis
- 6:17David Chan: for
- 6:17David Chan: farmland
- 6:17David Chan: and
- 6:18David Chan: for
- 6:18David Chan: real
- 6:18David Chan: estate
- 6:19David Chan: more
- 6:19David Chan: broadly.
- 6:19David Chan: But
- 6:20David Chan: it's
- 6:20David Chan: income,
- 6:21David Chan: durability,
- 6:21David Chan: and
- 6:22David Chan: a
- 6:22David Chan: strong
- 6:23David Chan: linkage
- 6:23David Chan: to
- 6:23David Chan: inflation.
- 6:24David Chan: Farmland
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- 6:25David Chan: one
- 6:26David Chan: of
- 6:26David Chan: the
- 6:26David Chan: strongest
- 6:26David Chan: hedges
- 6:27David Chan: that
- 6:27David Chan: we've
- 6:27David Chan: seen
- 6:28David Chan: historically
- 6:29David Chan: against
- 6:29David Chan: higher
- 6:30David Chan: periods
- 6:30David Chan: of
- 6:30David Chan: inflation
- 6:31David Chan: and
- 6:31David Chan: has
- 6:32David Chan: also
- 6:32David Chan: performed
- 6:32David Chan: really
- 6:33David Chan: well
- 6:33David Chan: in
- 6:33David Chan: stagflationary
- 6:35David Chan: conditions.
- 6:35David Chan: And
- 6:35David Chan: so
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- 6:36David Chan: the
- 6:36David Chan: 1970s,
- 6:38David Chan: very
- 6:38David Chan: difficult
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- 6:40David Chan: many
- 6:40David Chan: industries,
- 6:41David Chan: public
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- 6:42David Chan: corporate
- 6:42David Chan: debt.
- 6:43David Chan: Farmland
- 6:44David Chan: was
- 6:44David Chan: one
- 6:44David Chan: asset
- 6:45David Chan: class
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- 6:45David Chan: to
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- 6:46David Chan: that
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- 6:47David Chan: And
- 6:48David Chan: for
- 6:48David Chan: us,
- 6:48David Chan: I
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- 6:49David Chan: simple
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- 6:50David Chan: everyone
- 6:51David Chan: needs
- 6:51David Chan: to
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- 6:51David Chan: So
- 6:52David Chan: no
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- 6:53David Chan: no
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- 6:54David Chan: macro
- 6:54David Chan: picture
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- 6:56David Chan: we're
- 6:56David Chan: all
- 6:56David Chan: humans.
- 6:57David Chan: We
- 6:57David Chan: have
- 6:57David Chan: certain
- 6:57David Chan: basic
- 6:58David Chan: needs,
- 6:58David Chan: and
- 6:59David Chan: food
- 6:59David Chan: and
- 6:59David Chan: nutrition
- 6:59David Chan: are.
- 7:00David Chan: Among
- 7:00David Chan: the
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- 7:01David Chan: of
- 7:01David Chan: that
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- 7:02David Chan: And
- 7:02David Chan: we
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- 7:03David Chan: weather
- 7:03David Chan: strategy.
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- 7:06David Chan: as
- 7:06David Chan: well.
- 7:06David Chan: I
- 7:06David Chan: just
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- 7:07David Chan: on
- 7:07David Chan: the
- 7:07David Chan: fact
- 7:07David Chan: that,
- 7:08David Chan: US
- 7:08David Chan: farmland
- 7:09David Chan: has
- 7:09David Chan: been
- 7:09David Chan: decreasing
- 7:10David Chan: meaningfully
- 7:11David Chan: over
- 7:11David Chan: the
- 7:11David Chan: past
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- 7:12David Chan: years
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- 7:13David Chan: so.
- 7:13David Chan: We've
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- 7:14David Chan: size
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- 7:16David Chan: terms
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- 7:17David Chan: the
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- 7:18David Chan: So
- 7:19David Chan: that's
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- 7:20David Chan: trend
- 7:20David Chan: that
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- 7:22David Chan: while
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- 7:24David Chan: some
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- 7:25David Chan: it
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- 7:26David Chan: stronger
- 7:26David Chan: fundamentals
- 7:27David Chan: and
- 7:27David Chan: does
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- 7:28David Chan: value
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- 7:29David Chan: farmland
- 7:29David Chan: that
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- 7:30David Chan: operationalized
- 7:31David Chan: today.
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- 7:33David Chan: that
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- 7:34David Chan: mind
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- 7:35David Chan: investors
- 7:36David Chan: maybe
- 7:36David Chan: think
- 7:36David Chan: of
- 7:37David Chan: farmland
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- 7:37David Chan: a
- 7:37David Chan: very
- 7:39David Chan: passive
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- 7:40David Chan: play
- 7:41David Chan: where.
- 7:42David Chan: Land
- 7:42David Chan: doesn't
- 7:43David Chan: look
- 7:43David Chan: like
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- 7:44David Chan: all
- 7:44David Chan: that
- 7:44David Chan: much.
- 7:44David Chan: And
- 7:44David Chan: how
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- 7:47David Chan: almond
- 7:47David Chan: orchard
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- 7:49David Chan: street?
- 7:50David Chan: And
- 7:50David Chan: my
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- 7:51David Chan: that
- 7:51David Chan: there's
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- 7:54David Chan: room
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- 7:55David Chan: in
- 7:55David Chan: our
- 7:55David Chan: space.
- 7:56David Chan: And
- 7:56David Chan: so
- 7:57David Chan: Homestead's
- 7:57David Chan: a
- 7:57David Chan: very
- 7:57David Chan: active
- 7:58David Chan: manager.
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- 7:59David Chan: take
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- 7:59David Chan: very
- 7:59David Chan: active
- 7:59David Chan: approach
- 8:00David Chan: and
- 8:00David Chan: so
- 8:00David Chan: we
- 8:00David Chan: certainly
- 8:01David Chan: see
- 8:02David Chan: that
- 8:02David Chan: outcomes
- 8:03David Chan: can
- 8:03David Chan: be
- 8:03David Chan: defined
- 8:04David Chan: by
- 8:04David Chan: how
- 8:05David Chan: closely
- 8:05David Chan: monitored
- 8:06David Chan: and
- 8:06David Chan: how
- 8:06David Chan: active
- 8:07David Chan: you
- 8:07David Chan: are
- 8:08David Chan: in,
- 8:08David Chan: creating
- 8:09David Chan: an
- 8:09David Chan: operational
- 8:10David Chan: plan
- 8:10David Chan: specific
- 8:10David Chan: and
- 8:10David Chan: tailored
- 8:11David Chan: to
- 8:11David Chan: that
- 8:11David Chan: property
- 8:12David Chan: based
- 8:12David Chan: on
- 8:12David Chan: that
- 8:12David Chan: property,
- 8:13David Chan: soil
- 8:13David Chan: characteristics,
- 8:14David Chan: water
- 8:15David Chan: characteristics
- 8:16David Chan: and
- 8:16David Chan: then
- 8:16David Chan: obviously
- 8:17David Chan: the
- 8:17David Chan: commodity
- 8:18David Chan: market
- 8:18David Chan: fundamentals
- 8:18David Chan: that
- 8:18David Chan: may
- 8:19David Chan: be
- 8:19David Chan: at
- 8:19David Chan: play.
- 8:20David Chan: And
- 8:20David Chan: the
- 8:20David Chan: last
- 8:20David Chan: one
- 8:20David Chan: I
- 8:20David Chan: would
- 8:20David Chan: mention
- 8:21David Chan: is
- 8:21David Chan: just
- 8:21David Chan: a
- 8:21David Chan: flight
- 8:21David Chan: to
- 8:21David Chan: quality.
- 8:22David Chan: We've
- 8:22David Chan: seen
- 8:23David Chan: in
- 8:23David Chan: the
- 8:23David Chan: past
- 8:23David Chan: decade
- 8:24David Chan: or
- 8:24David Chan: so.
- 8:25David Chan: Yeah,
- 8:25David Chan: I'll
- 8:26David Chan: pick
- 8:26David Chan: on
- 8:26David Chan: California
- 8:27David Chan: for
- 8:27David Chan: a
- 8:27David Chan: moment.
- 8:27David Chan: California
- 8:28David Chan: has
- 8:28David Chan: it,
- 8:29David Chan: it's
- 8:29David Chan: easy.
- 8:29David Chan: You're
- 8:29David Chan: in
- 8:29David Chan: Lake
- 8:30David Chan: Tahoe.
- 8:30David Chan: California
- 8:31David Chan: has
- 8:31David Chan: implemented
- 8:32David Chan: a
- 8:32David Chan: new
- 8:32David Chan: riparian
- 8:33David Chan: right
- 8:34David Chan: law
- 8:34David Chan: called
- 8:35David Chan: the
- 8:35David Chan: Sustainable
- 8:35David Chan: Groundwater
- 8:36David Chan: Management
- 8:36David Chan: Act
- 8:36David Chan: or
- 8:36David Chan: Sigma.
- 8:37David Chan: And
- 8:38David Chan: that
- 8:38David Chan: basically
- 8:39David Chan: is
- 8:39David Chan: trying
- 8:39David Chan: to
- 8:39David Chan: price
- 8:40David Chan: water
- 8:41David Chan: in
- 8:41David Chan: the
- 8:41David Chan: state,
- 8:41David Chan: or
- 8:41David Chan: at
- 8:41David Chan: least
- 8:42David Chan: regulate
- 8:42David Chan: usage
- 8:43David Chan: of
- 8:43David Chan: water
- 8:43David Chan: in
- 8:43David Chan: the
- 8:43David Chan: state.
- 8:44David Chan: Between
- 8:45David Chan: residential
- 8:45David Chan: actors,
- 8:46David Chan: commercial
- 8:46David Chan: actors
- 8:46David Chan: and
- 8:46David Chan: the
- 8:47David Chan: like.
- 8:47David Chan: And
- 8:47David Chan: of
- 8:47David Chan: course
- 8:47David Chan: agriculture
- 8:48David Chan: is
- 8:49David Chan: a
- 8:49David Chan: component
- 8:49David Chan: of
- 8:49David Chan: that.
- 8:50David Chan: And
- 8:50David Chan: so
- 8:50David Chan: one
- 8:50David Chan: thing
- 8:51David Chan: that
- 8:51David Chan: we
- 8:51David Chan: have
- 8:51David Chan: seen
- 8:51David Chan: in
- 8:51David Chan: California
- 8:52David Chan: farmland
- 8:53David Chan: is
- 8:53David Chan: essentially
- 8:54David Chan: a
- 8:54David Chan: bifurcation
- 8:54David Chan: in
- 8:54David Chan: value
- 8:55David Chan: where.
- 8:56David Chan: Properties
- 8:56David Chan: that
- 8:56David Chan: have
- 8:57David Chan: more
- 8:57David Chan: secure
- 8:58David Chan: water
- 8:58David Chan: rights,
- 8:58David Chan: groundwater
- 8:59David Chan: rights,
- 8:59David Chan: surface
- 8:59David Chan: water
- 9:00David Chan: rights,
- 9:00David Chan: and
- 9:00David Chan: are
- 9:00David Chan: in
- 9:01David Chan: more
- 9:02David Chan: I
- 9:02David Chan: would
- 9:02David Chan: say
- 9:02David Chan: stronger
- 9:03David Chan: water
- 9:03David Chan: districts
- 9:04David Chan: in
- 9:04David Chan: the
- 9:04David Chan: state
- 9:05David Chan: where
- 9:05David Chan: they
- 9:05David Chan: may
- 9:05David Chan: be
- 9:05David Chan: sitting
- 9:05David Chan: on
- 9:05David Chan: top
- 9:06David Chan: of
- 9:06David Chan: a
- 9:06David Chan: positively
- 9:07David Chan: recharging
- 9:07David Chan: aquifer
- 9:08David Chan: as
- 9:08David Chan: opposed
- 9:08David Chan: to
- 9:09David Chan: a
- 9:09David Chan: negatively
- 9:09David Chan: recharging
- 9:10David Chan: aquifer.
- 9:11David Chan: Those
- 9:11David Chan: values
- 9:12David Chan: are
- 9:12David Chan: holding
- 9:12David Chan: and
- 9:12David Chan: appreciating
- 9:14David Chan: at
- 9:14David Chan: even
- 9:14David Chan: above
- 9:15David Chan: average.
- 9:16David Chan: Rates
- 9:16David Chan: compared
- 9:16David Chan: to
- 9:17David Chan: historical
- 9:17David Chan: appreciation
- 9:17David Chan: rates,
- 9:18David Chan: whereas
- 9:19David Chan: properties
- 9:20David Chan: that
- 9:20David Chan: are
- 9:20David Chan: in
- 9:21David Chan: districts
- 9:21David Chan: that
- 9:22David Chan: have
- 9:22David Chan: weaker
- 9:23David Chan: water
- 9:23David Chan: regulations
- 9:23David Chan: or
- 9:24David Chan: are
- 9:24David Chan: not,
- 9:25David Chan: don't
- 9:25David Chan: have
- 9:25David Chan: the
- 9:25David Chan: same
- 9:25David Chan: access
- 9:26David Chan: to
- 9:26David Chan: groundwater
- 9:26David Chan: and
- 9:26David Chan: surface
- 9:27David Chan: water.
- 9:27David Chan: Those
- 9:28David Chan: properties
- 9:28David Chan: are
- 9:28David Chan: appreciating
- 9:29David Chan: well
- 9:29David Chan: under
- 9:30David Chan: historical
- 9:30David Chan: appreciation
- 9:31David Chan: rates,
- 9:31David Chan: and
- 9:31David Chan: so
- 9:32David Chan: we're
- 9:32David Chan: certainly
- 9:32David Chan: seeing
- 9:32David Chan: a
- 9:32David Chan: flight
- 9:33David Chan: to
- 9:33David Chan: quality
- 9:33David Chan: and
- 9:34David Chan: that
- 9:34David Chan: bifurcation
- 9:35David Chan: occurring.
- 9:37Ryan: Yeah,
- 9:37Ryan: David,
- 9:37Ryan: that's
- 9:37Ryan: fantastic
- 9:38Ryan: and
- 9:39Ryan: lot
- 9:39Ryan: to
- 9:39Ryan: unpack
- 9:40Ryan: there.
- 9:40Ryan: Let's
- 9:40Ryan: start
- 9:40Ryan: with
- 9:40Ryan: California.
- 9:41Ryan: You're
- 9:41Ryan: exactly
- 9:42Ryan: right,
- 9:42Ryan: bean.
- 9:43Ryan: California,
- 9:44Ryan: lake
- 9:44Ryan: Tahoe,
- 9:45Ryan: the
- 9:45Ryan: fight
- 9:46Ryan: over
- 9:46Ryan: water
- 9:47Ryan: rights
- 9:47Ryan: here
- 9:47Ryan: between
- 9:48Ryan: Southern
- 9:48Ryan: California
- 9:49Ryan: and
- 9:49Ryan: the
- 9:49Ryan: farmers
- 9:49Ryan: and
- 9:50Ryan: North.
- 9:50Ryan: It
- 9:50Ryan: is
- 9:50Ryan: crazy.
- 9:51Ryan: It,
- 9:51Ryan: because
- 9:52Ryan: there
- 9:52Ryan: isn't
- 9:52Ryan: much
- 9:53Ryan: water,
- 9:53Ryan: right?
- 9:54Ryan: So
- 9:54Ryan: a
- 9:55Ryan: lot
- 9:55Ryan: of
- 9:55Ryan: politics
- 9:56Ryan: going
- 9:56Ryan: on
- 9:56Ryan: there,
- 9:57Ryan: so
- 9:57Ryan: that
- 9:57Ryan: makes
- 9:57Ryan: sense.
- 9:58Ryan: The
- 9:58Ryan: other
- 9:59Ryan: one,
- 9:59Ryan: that
- 9:59Ryan: family
- 10:00Ryan: in
- 10:00Ryan: Kentucky,
- 10:00Ryan: good
- 10:01Ryan: for
- 10:01Ryan: them.
- 10:01Ryan: That
- 10:02Ryan: family
- 10:02Ryan: of
- 10:02Ryan: farmers
- 10:03Ryan: in
- 10:03Ryan: Kentucky
- 10:04Ryan: to
- 10:04Ryan: say,
- 10:04Ryan: no,
- 10:04Ryan: they're
- 10:04Ryan: $26
- 10:05Ryan: million.
- 10:06Ryan: I'm
- 10:06Ryan: not
- 10:07Ryan: sure
- 10:07Ryan: there's
- 10:07Ryan: many
- 10:07Ryan: people
- 10:08Ryan: that
- 10:08Ryan: would
- 10:08Ryan: do
- 10:08Ryan: that,
- 10:09Ryan: but
- 10:09Ryan: they
- 10:09Ryan: are,
- 10:10Ryan: I
- 10:10Ryan: love
- 10:11Ryan: that
- 10:11Ryan: they're,
- 10:11Ryan: the
- 10:11Ryan: passion
- 10:12Ryan: they
- 10:12Ryan: have
- 10:12Ryan: for
- 10:12Ryan: farming
- 10:13Ryan: and
- 10:13Ryan: how
- 10:13Ryan: much
- 10:14Ryan: they
- 10:14Ryan: understand
- 10:14Ryan: because,
- 10:15Ryan: like
- 10:15Ryan: you
- 10:15Ryan: said,
- 10:16Ryan: like
- 10:16Ryan: corn.
- 10:17Ryan: Corn
- 10:17Ryan: is
- 10:17Ryan: in
- 10:17Ryan: almost
- 10:18Ryan: everything.
- 10:18Ryan: We
- 10:18Ryan: talk
- 10:19Ryan: with
- 10:19Ryan: ethanol
- 10:20Ryan: and
- 10:20Ryan: what
- 10:20Ryan: corn
- 10:20Ryan: produces.
- 10:21Ryan: I
- 10:22Ryan: box
- 10:22Ryan: of
- 10:22Ryan: Wheaties,
- 10:23Ryan: right?
- 10:24Ryan: Corn
- 10:25Ryan: is
- 10:25Ryan: in
- 10:25Ryan: a
- 10:25Ryan: lot
- 10:26Ryan: of
- 10:26Ryan: different
- 10:26Ryan: things.
- 10:26Ryan: I
- 10:26Ryan: don't
- 10:27Ryan: think
- 10:27Ryan: people
- 10:27Ryan: really
- 10:27Ryan: realize
- 10:28Ryan: how
- 10:28Ryan: important
- 10:29Ryan: it's,
- 10:30David Chan: That's
- 10:30David Chan: why
- 10:30David Chan: farmland
- 10:31David Chan: is
- 10:31David Chan: such
- 10:31David Chan: a
- 10:31David Chan: good
- 10:31David Chan: inflation
- 10:32David Chan: hedge
- 10:33David Chan: because
- 10:33David Chan: these
- 10:33David Chan: commodities
- 10:34David Chan: are
- 10:34David Chan: integrated
- 10:35David Chan: all
- 10:35David Chan: across
- 10:36David Chan: the
- 10:36David Chan: economy
- 10:37David Chan: in
- 10:37David Chan: places
- 10:37David Chan: in
- 10:37David Chan: ways
- 10:38David Chan: that
- 10:38David Chan: you
- 10:38David Chan: would
- 10:38David Chan: never
- 10:38David Chan: think
- 10:39David Chan: of.
- 10:39Ryan: It's
- 10:40Ryan: fantastic.
- 10:40Ryan: So
- 10:40Ryan: let's
- 10:40Ryan: talk
- 10:41Ryan: a
- 10:41Ryan: little
- 10:41Ryan: bit
- 10:41Ryan: more
- 10:41Ryan: about
- 10:42Ryan: investing
- 10:42Ryan: in
- 10:43Ryan: farmland.
- 10:43Ryan: You
- 10:43Ryan: talked
- 10:44Ryan: about,
- 10:44Ryan: you
- 10:45Ryan: touched
- 10:45Ryan: on
- 10:46Ryan: briefly
- 10:46Ryan: about
- 10:47Ryan: the
- 10:47Ryan: impact
- 10:48Ryan: it
- 10:48Ryan: has
- 10:48Ryan: on
- 10:49Ryan: investment
- 10:49Ryan: portfolios.
- 10:50Ryan: It's
- 10:50Ryan: a
- 10:50Ryan: hedge
- 10:50Ryan: to
- 10:51Ryan: inflation
- 10:52Ryan: correlation.
- 10:53Ryan: It
- 10:53Ryan: helps
- 10:54Ryan: increased
- 10:54Ryan: diversification
- 10:55Ryan: of
- 10:55Ryan: a
- 10:55Ryan: portfolio,
- 10:56Ryan: but
- 10:57Ryan: also
- 10:57Ryan: what
- 10:57Ryan: is
- 10:57Ryan: the
- 10:57Ryan: composition
- 10:58Ryan: of
- 10:58Ryan: farmland
- 10:59Ryan: investing?
- 10:59Ryan: For
- 11:00Ryan: me,
- 11:00Ryan: I
- 11:00Ryan: just
- 11:00Ryan: think
- 11:00Ryan: of.
- 11:01Ryan: Basically
- 11:02Ryan: investing
- 11:02Ryan: in
- 11:03Ryan: a
- 11:03Ryan: field.
- 11:04Ryan: But
- 11:04Ryan: that's
- 11:05Ryan: somebody
- 11:05Ryan: that's,
- 11:06Ryan: looking
- 11:06Ryan: at
- 11:06Ryan: the
- 11:06Ryan: outside.
- 11:07Ryan: Can
- 11:07Ryan: you
- 11:07Ryan: tell
- 11:07Ryan: us
- 11:07Ryan: a
- 11:07Ryan: little
- 11:08Ryan: bit
- 11:08Ryan: more
- 11:08Ryan: about
- 11:08Ryan: the
- 11:08Ryan: composition
- 11:09Ryan: of
- 11:09Ryan: farmland
- 11:10Ryan: investing
- 11:11Ryan: versus,
- 11:12Ryan: other
- 11:12Ryan: investing?
- 11:12Ryan: Sure.
- 11:14David Chan: Absolutely.
- 11:14David Chan: So
- 11:15David Chan: I
- 11:15David Chan: think
- 11:15David Chan: it's
- 11:15David Chan: very
- 11:16David Chan: analogous
- 11:16David Chan: to
- 11:17David Chan: real
- 11:17David Chan: estate.
- 11:17David Chan: And
- 11:18David Chan: we're
- 11:18David Chan: talking
- 11:18David Chan: farmland
- 11:19David Chan: equity
- 11:19David Chan: right
- 11:19David Chan: now.
- 11:19David Chan: So
- 11:19David Chan: investing
- 11:20David Chan: in
- 11:20David Chan: farmland
- 11:21David Chan: equity
- 11:21David Chan: very
- 11:21David Chan: analogous
- 11:22David Chan: to
- 11:22David Chan: real
- 11:22David Chan: estate.
- 11:23David Chan: You're
- 11:23David Chan: basically,
- 11:24David Chan: owning
- 11:25David Chan: productive
- 11:25David Chan: land.
- 11:26David Chan: And
- 11:26David Chan: there
- 11:26David Chan: may
- 11:26David Chan: be
- 11:27David Chan: improvements
- 11:27David Chan: on
- 11:27David Chan: it.
- 11:28David Chan: And
- 11:28David Chan: you
- 11:29David Chan: are
- 11:29David Chan: going
- 11:29David Chan: to
- 11:29David Chan: generate
- 11:30David Chan: two
- 11:30David Chan: different
- 11:30David Chan: return
- 11:31David Chan: streams,
- 11:31David Chan: just
- 11:32David Chan: a
- 11:32David Chan: real
- 11:32David Chan: estate
- 11:32David Chan: investor
- 11:32David Chan: would.
- 11:33David Chan: An
- 11:33David Chan: income
- 11:33David Chan: return,
- 11:34David Chan: which
- 11:34David Chan: can
- 11:35David Chan: either
- 11:35David Chan: be
- 11:35David Chan: derived
- 11:36David Chan: from
- 11:36David Chan: rental
- 11:37David Chan: income
- 11:37David Chan: if
- 11:37David Chan: you
- 11:37David Chan: lease
- 11:38David Chan: the
- 11:38David Chan: property
- 11:39David Chan: to
- 11:39David Chan: a
- 11:39David Chan: tenant
- 11:39David Chan: farmer.
- 11:40David Chan: Or
- 11:40David Chan: from
- 11:41David Chan: operating
- 11:41David Chan: income,
- 11:42David Chan: if
- 11:42David Chan: you
- 11:42David Chan: directly
- 11:42David Chan: farm
- 11:43David Chan: the
- 11:43David Chan: property
- 11:43David Chan: and
- 11:44David Chan: you're
- 11:44David Chan: taking
- 11:45David Chan: exposure
- 11:45David Chan: on
- 11:46David Chan: commodity
- 11:46David Chan: yields,
- 11:46David Chan: commodity
- 11:47David Chan: prices
- 11:48David Chan: so
- 11:48David Chan: either
- 11:49David Chan: way
- 11:49David Chan: it's
- 11:49David Chan: an
- 11:49David Chan: income
- 11:50David Chan: return,
- 11:50David Chan: but
- 11:50David Chan: it
- 11:50David Chan: can
- 11:51David Chan: be
- 11:51David Chan: either
- 11:51David Chan: sourced
- 11:51David Chan: from
- 11:52David Chan: rental
- 11:52David Chan: income
- 11:52David Chan: or
- 11:52David Chan: from
- 11:53David Chan: operating
- 11:53David Chan: income.
- 11:54David Chan: The
- 11:54David Chan: other
- 11:54David Chan: return
- 11:55David Chan: stream
- 11:55David Chan: would
- 11:55David Chan: be
- 11:55David Chan: appreciation.
- 11:56David Chan: So
- 11:57David Chan: again,
- 11:58David Chan: similar
- 11:58David Chan: to
- 11:58David Chan: real
- 11:58David Chan: estate,
- 11:59David Chan: you
- 11:59David Chan: have
- 11:59David Chan: an
- 11:59David Chan: underlying
- 12:00David Chan: asset.
- 12:00David Chan: Fundamental
- 12:01David Chan: value
- 12:02David Chan: has
- 12:02David Chan: historically
- 12:03David Chan: been
- 12:03David Chan: extremely
- 12:04David Chan: stable.
- 12:05David Chan: And
- 12:05David Chan: that's
- 12:05David Chan: driven
- 12:05David Chan: by
- 12:05David Chan: land
- 12:06David Chan: scarcity
- 12:07David Chan: productivity
- 12:07David Chan: improvements,
- 12:08David Chan: and
- 12:08David Chan: also
- 12:09David Chan: just
- 12:09David Chan: the
- 12:09David Chan: long
- 12:10David Chan: term
- 12:10David Chan: demand
- 12:11David Chan: for
- 12:11David Chan: food,
- 12:11David Chan: a
- 12:11David Chan: growing
- 12:12David Chan: global
- 12:12David Chan: population
- 12:13David Chan: arising
- 12:14David Chan: middle
- 12:14David Chan: class
- 12:14David Chan: globally.
- 12:15David Chan: That's
- 12:16David Chan: a
- 12:16David Chan: asking
- 12:16David Chan: for
- 12:17David Chan: essentially
- 12:18David Chan: higher
- 12:18David Chan: cal.
- 12:19David Chan: Daily
- 12:20David Chan: intake
- 12:20David Chan: by
- 12:20David Chan: virtue
- 12:21David Chan: of
- 12:21David Chan: having
- 12:22David Chan: preferences
- 12:22David Chan: for
- 12:23David Chan: meat
- 12:23David Chan: and
- 12:24David Chan: other
- 12:24David Chan: higher
- 12:24David Chan: protein
- 12:24David Chan: sources,
- 12:25David Chan: which
- 12:25David Chan: require
- 12:26David Chan: a
- 12:26David Chan: lot
- 12:26David Chan: more
- 12:27David Chan: inputs
- 12:27David Chan: early
- 12:27David Chan: on
- 12:28David Chan: in,
- 12:28David Chan: in
- 12:28David Chan: the
- 12:28David Chan: food
- 12:28David Chan: system.
- 12:29David Chan: And
- 12:30David Chan: that
- 12:30David Chan: appreciation
- 12:30David Chan: is
- 12:31David Chan: obviously
- 12:31David Chan: gonna
- 12:31David Chan: be
- 12:31David Chan: in
- 12:31David Chan: realized
- 12:32David Chan: until
- 12:32David Chan: a
- 12:32David Chan: sale.
- 12:33David Chan: But
- 12:33David Chan: just
- 12:33David Chan: like
- 12:34David Chan: in
- 12:34David Chan: real
- 12:34David Chan: estate,
- 12:34David Chan: if
- 12:34David Chan: you
- 12:35David Chan: sell
- 12:35David Chan: the
- 12:36David Chan: underlying
- 12:36David Chan: holding
- 12:37David Chan: in
- 12:37David Chan: 10
- 12:38David Chan: or
- 12:38David Chan: 15
- 12:38David Chan: years
- 12:39David Chan: or
- 12:39David Chan: whatever
- 12:39David Chan: it
- 12:39David Chan: may
- 12:39David Chan: be,
- 12:40David Chan: you
- 12:40David Chan: would
- 12:40David Chan: have
- 12:40David Chan: a,
- 12:41David Chan: a
- 12:41David Chan: long-term
- 12:41David Chan: realized
- 12:42David Chan: gain
- 12:42David Chan: there.
- 12:43David Chan: When
- 12:43David Chan: we
- 12:43David Chan: go
- 12:43David Chan: a
- 12:43David Chan: little
- 12:44David Chan: bit
- 12:44David Chan: deeper
- 12:44David Chan: into
- 12:45David Chan: farmland,
- 12:45David Chan: there's
- 12:45David Chan: essentially
- 12:46David Chan: two
- 12:46David Chan: different
- 12:46David Chan: flavors.
- 12:47David Chan: There's
- 12:48David Chan: permanent
- 12:48David Chan: crops
- 12:48David Chan: and
- 12:49David Chan: there
- 12:49David Chan: are
- 12:49David Chan: row
- 12:49David Chan: crops.
- 12:50David Chan: So
- 12:50David Chan: permanent
- 12:50David Chan: crops
- 12:51David Chan: would
- 12:52David Chan: be
- 12:53David Chan: tree
- 12:53David Chan: nuts
- 12:53David Chan: tree
- 12:54David Chan: fruit
- 12:54David Chan: citrus.
- 12:55David Chan: And
- 12:55David Chan: so
- 12:56David Chan: a
- 12:56David Chan: lot
- 12:56David Chan: of,
- 12:57David Chan: probably
- 12:57David Chan: a
- 12:57David Chan: lot
- 12:58David Chan: of
- 12:58David Chan: favorite
- 12:58David Chan: commodities
- 12:59David Chan: fall
- 12:59David Chan: into
- 12:59David Chan: this
- 12:59David Chan: category.
- 13:00David Chan: Almonds,
- 13:00David Chan: pistachios,
- 13:01David Chan: apples,
- 13:03David Chan: wine,
- 13:03David Chan: grapes
- 13:04David Chan: citrus
- 13:05David Chan: all
- 13:05David Chan: of
- 13:05David Chan: those
- 13:05David Chan: would
- 13:06David Chan: fall
- 13:06David Chan: under
- 13:06David Chan: these
- 13:07David Chan: permanent
- 13:07David Chan: crops.
- 13:08David Chan: And
- 13:08David Chan: essentially
- 13:08David Chan: what
- 13:08David Chan: we
- 13:08David Chan: mean
- 13:08David Chan: when
- 13:08David Chan: we
- 13:09David Chan: say
- 13:09David Chan: permanent.
- 13:10David Chan: Is
- 13:10David Chan: there
- 13:11David Chan: are
- 13:11David Chan: long
- 13:11David Chan: live
- 13:11David Chan: assets
- 13:12David Chan: on
- 13:12David Chan: the
- 13:12David Chan: property
- 13:13David Chan: that
- 13:13David Chan: you
- 13:13David Chan: are
- 13:13David Chan: investing
- 13:14David Chan: in
- 13:14David Chan: and
- 13:15David Chan: that
- 13:15David Chan: you're
- 13:15David Chan: underwriting.
- 13:15David Chan: And
- 13:16David Chan: so
- 13:17David Chan: you
- 13:17David Chan: may
- 13:17David Chan: underwrite
- 13:18David Chan: a.
- 13:19David Chan: Say
- 13:20David Chan: an
- 13:20David Chan: almond
- 13:20David Chan: tree
- 13:21David Chan: to
- 13:21David Chan: produce
- 13:21David Chan: for
- 13:21David Chan: 25
- 13:22David Chan: years.
- 13:22David Chan: So
- 13:22David Chan: 25
- 13:23David Chan: different
- 13:24David Chan: cash
- 13:24David Chan: flows
- 13:24David Chan: that
- 13:24David Chan: you're
- 13:25David Chan: valuing
- 13:25David Chan: and
- 13:26David Chan: you're
- 13:26David Chan: going
- 13:26David Chan: to
- 13:26David Chan: estimate
- 13:27David Chan: based
- 13:27David Chan: on
- 13:28David Chan: expected
- 13:28David Chan: yields
- 13:29David Chan: for
- 13:29David Chan: that
- 13:29David Chan: property.
- 13:30David Chan: And
- 13:30David Chan: obviously,
- 13:31David Chan: your
- 13:31David Chan: best
- 13:32David Chan: guess
- 13:32David Chan: for
- 13:32David Chan: almond
- 13:33David Chan: pricing.
- 13:33David Chan: No
- 13:34David Chan: one
- 13:34David Chan: knows
- 13:34David Chan: what
- 13:34David Chan: almond
- 13:35David Chan: prices
- 13:35David Chan: are
- 13:35David Chan: gonna
- 13:35David Chan: be
- 13:35David Chan: for
- 13:35David Chan: the
- 13:36David Chan: next
- 13:36David Chan: 25
- 13:36David Chan: years,
- 13:37David Chan: but
- 13:37David Chan: obviously
- 13:38David Chan: we
- 13:38David Chan: use
- 13:39David Chan: history
- 13:39David Chan: and
- 13:40David Chan: and
- 13:40David Chan: just
- 13:40David Chan: try
- 13:40David Chan: to
- 13:41David Chan: make
- 13:41David Chan: a.
- 13:42David Chan: Essentially
- 13:42David Chan: a
- 13:42David Chan: prudent
- 13:43David Chan: estimate
- 13:44David Chan: when
- 13:44David Chan: doing
- 13:44David Chan: that
- 13:45David Chan: underwriting.
- 13:45David Chan: One
- 13:46David Chan: interesting
- 13:46David Chan: fact
- 13:47David Chan: about
- 13:47David Chan: permanent
- 13:47David Chan: crops
- 13:48David Chan: are
- 13:49David Chan: that
- 13:49David Chan: the
- 13:49David Chan: long-lived
- 13:50David Chan: assets,
- 13:50David Chan: the
- 13:50David Chan: trees,
- 13:51David Chan: the
- 13:51David Chan: vines,
- 13:52David Chan: are
- 13:52David Chan: actually
- 13:52David Chan: depreciable
- 13:53David Chan: assets.
- 13:53David Chan: And
- 13:53David Chan: so
- 13:54David Chan: obviously
- 13:54David Chan: you
- 13:54David Chan: can't
- 13:55David Chan: depreciate
- 13:55David Chan: land,
- 13:56David Chan: but
- 13:56David Chan: you
- 13:56David Chan: are
- 13:57David Chan: able
- 13:57David Chan: to
- 13:57David Chan: depreciate
- 13:58David Chan: any
- 13:58David Chan: of
- 13:58David Chan: those
- 13:59David Chan: improvements.
- 13:59David Chan: Trees,
- 13:59David Chan: vines,
- 14:00David Chan: and
- 14:00David Chan: various
- 14:01David Chan: capitalized
- 14:01David Chan: expenses
- 14:02David Chan: that
- 14:02David Chan: go
- 14:02David Chan: into
- 14:03David Chan: developing
- 14:04David Chan: an
- 14:04David Chan: orchard
- 14:05David Chan: which
- 14:05David Chan: can
- 14:05David Chan: make
- 14:05David Chan: permanent
- 14:06David Chan: crops
- 14:06David Chan: potentially
- 14:07David Chan: interesting
- 14:08David Chan: for
- 14:08David Chan: folks
- 14:08David Chan: that
- 14:08David Chan: may
- 14:08David Chan: have
- 14:09David Chan: different
- 14:10David Chan: tax
- 14:10David Chan: efficiency
- 14:11David Chan: considerations
- 14:12David Chan: and
- 14:12David Chan: may
- 14:12David Chan: value
- 14:12David Chan: depreciation.
- 14:14David Chan: On
- 14:14David Chan: the
- 14:14David Chan: other
- 14:14David Chan: end
- 14:15David Chan: of
- 14:15David Chan: the
- 14:15David Chan: spectrum
- 14:15David Chan: would
- 14:15David Chan: be
- 14:15David Chan: row
- 14:16David Chan: crops.
- 14:16David Chan: And
- 14:16David Chan: so
- 14:16David Chan: row
- 14:16David Chan: crops
- 14:17David Chan: are
- 14:17David Chan: going
- 14:17David Chan: to
- 14:17David Chan: be
- 14:17David Chan: your
- 14:18David Chan: annual
- 14:18David Chan: crops.
- 14:19David Chan: You
- 14:19David Chan: mentioned
- 14:19David Chan: Wisconsin
- 14:20David Chan: before,
- 14:20David Chan: I'm
- 14:21David Chan: sure
- 14:21David Chan: there,
- 14:21David Chan: there's
- 14:22David Chan: certainly
- 14:22David Chan: some
- 14:22David Chan: permanent
- 14:23David Chan: crop
- 14:23David Chan: acreage
- 14:23David Chan: somewhere
- 14:24David Chan: in
- 14:24David Chan: Wisconsin,
- 14:24David Chan: but
- 14:25David Chan: by
- 14:25David Chan: and
- 14:25David Chan: large,
- 14:26David Chan: Wisconsin,
- 14:26David Chan: I
- 14:26David Chan: think
- 14:27David Chan: I'd
- 14:27David Chan: venture
- 14:27David Chan: to
- 14:27David Chan: say
- 14:27David Chan: is
- 14:27David Chan: probably
- 14:28David Chan: 95.
- 14:29David Chan: Plus
- 14:29David Chan: percent
- 14:30David Chan: row
- 14:30David Chan: crops.
- 14:31David Chan: That's
- 14:31David Chan: going
- 14:31David Chan: to
- 14:31David Chan: be
- 14:32David Chan: your
- 14:32David Chan: corn,
- 14:32David Chan: your
- 14:33David Chan: wheat,
- 14:33David Chan: your
- 14:33David Chan: barley
- 14:34David Chan: peas,
- 14:35David Chan: cotton
- 14:36David Chan: any
- 14:36David Chan: of
- 14:36David Chan: those
- 14:37David Chan: commodities
- 14:37David Chan: that
- 14:37David Chan: grow
- 14:38David Chan: in
- 14:38David Chan: rows
- 14:38David Chan: on
- 14:39David Chan: the
- 14:39David Chan: ground
- 14:39David Chan: and
- 14:39David Chan: are
- 14:39David Chan: planted
- 14:40David Chan: every
- 14:40David Chan: single
- 14:40David Chan: year.
- 14:41David Chan: So
- 14:41David Chan: there's
- 14:41David Chan: no
- 14:42David Chan: long
- 14:42David Chan: live
- 14:43David Chan: asset
- 14:43David Chan: there
- 14:43David Chan: that
- 14:44David Chan: you're
- 14:44David Chan: underwriting.
- 14:45David Chan: Your
- 14:45David Chan: basically,
- 14:46David Chan: making
- 14:46David Chan: a
- 14:46David Chan: decision
- 14:47David Chan: during
- 14:47David Chan: the
- 14:47David Chan: planting
- 14:47David Chan: season
- 14:48David Chan: as
- 14:48David Chan: to
- 14:48David Chan: what
- 14:48David Chan: you're
- 14:48David Chan: going
- 14:49David Chan: to
- 14:49David Chan: plant
- 14:49David Chan: and
- 14:50David Chan: taking
- 14:50David Chan: it
- 14:50David Chan: one
- 14:50David Chan: year
- 14:50David Chan: at
- 14:51David Chan: a
- 14:51David Chan: time
- 14:51David Chan: effectively.
- 14:52David Chan: So
- 14:52David Chan: that,
- 14:53David Chan: that's
- 14:53David Chan: essentially
- 14:53David Chan: the
- 14:53David Chan: composition
- 14:54David Chan: of
- 14:54David Chan: farmland
- 14:54David Chan: today.
- 14:56Ryan: I
- 14:56Ryan: love
- 14:56Ryan: it.
- 14:56Ryan: That's
- 14:57Ryan: fantastic.
- 14:57Ryan: And
- 14:58Ryan: I
- 14:58Ryan: think
- 14:58Ryan: a
- 14:58Ryan: lot
- 14:59Ryan: of
- 14:59Ryan: people,
- 15:00Ryan: might
- 15:00Ryan: just
- 15:01Ryan: think,
- 15:01Ryan: yeah,
- 15:01Ryan: like
- 15:01Ryan: corn
- 15:02Ryan: and
- 15:02Ryan: wheat,
- 15:02Ryan: not
- 15:03Ryan: think
- 15:03Ryan: about
- 15:03Ryan: orchards
- 15:04Ryan: or
- 15:05Ryan: vineyards
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- 15:06Ryan: on.
- 15:06Ryan: A
- 15:06Ryan: lot
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- 15:09Ryan: farmland
- 15:09Ryan: that
- 15:10Ryan: can
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- 15:11Ryan: up
- 15:11Ryan: probably
- 15:11Ryan: a
- 15:11Ryan: very
- 15:12Ryan: diversified
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- 15:13Ryan: if
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- 15:17Ryan: whether
- 15:17Ryan: it's,
- 15:18Ryan: like
- 15:19Ryan: I
- 15:19Ryan: said,
- 15:19Ryan: in
- 15:19Ryan: the
- 15:19Ryan: South
- 15:20Ryan: or
- 15:20Ryan: Florida,
- 15:20Ryan: you're
- 15:20Ryan: getting,
- 15:21Ryan: citrus
- 15:22Ryan: and
- 15:22Ryan: out
- 15:23Ryan: here
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- 15:23Ryan: California,
- 15:23Ryan: some
- 15:24Ryan: vineyards
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- 15:25Ryan: in
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- 15:25Ryan: Midwest,
- 15:25Ryan: some
- 15:26Ryan: corn.
- 15:27Ryan: So
- 15:28Ryan: you
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- 15:28Ryan: diversify
- 15:29Ryan: your
- 15:29Ryan: holdings
- 15:30Ryan: there.
- 15:31Ryan: And
- 15:32Ryan: talked,
- 15:33Ryan: you
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- 15:33Ryan: little
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- 15:34Ryan: on
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- 15:34Ryan: equity
- 15:35Ryan: side,
- 15:35Ryan: right?
- 15:36Ryan: Your
- 15:36Ryan: invest,
- 15:37Ryan: it's
- 15:37Ryan: an
- 15:37Ryan: equity
- 15:38Ryan: investment
- 15:38Ryan: and
- 15:39Ryan: some
- 15:39Ryan: of
- 15:39Ryan: these
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- 15:40Ryan: investing
- 15:41Ryan: in
- 15:41Ryan: farmland.
- 15:41Ryan: What
- 15:42Ryan: are
- 15:42Ryan: the
- 15:42Ryan: different
- 15:43Ryan: ways
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- 15:43Ryan: invest
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- 15:44Ryan: farmland
- 15:44Ryan: or
- 15:44Ryan: agriculture?
- 15:47David Chan: There,
- 15:47David Chan: there
- 15:47David Chan: are
- 15:48David Chan: many.
- 15:48David Chan: I
- 15:48David Chan: think
- 15:48David Chan: for
- 15:49David Chan: equity
- 15:49David Chan: investments
- 15:50David Chan: direct
- 15:51David Chan: ownership
- 15:51David Chan: would
- 15:52David Chan: include
- 15:53David Chan: institutional
- 15:53David Chan: funds
- 15:54David Chan: or
- 15:54David Chan: commingled
- 15:55David Chan: funds.
- 15:55David Chan: Like
- 15:56David Chan: what
- 15:56David Chan: we
- 15:57David Chan: work
- 15:57David Chan: what
- 15:57David Chan: we
- 15:57David Chan: work
- 15:57David Chan: on
- 15:58David Chan: at
- 15:58David Chan: Homestead.
- 15:59David Chan: It
- 15:59David Chan: could
- 15:59David Chan: be
- 16:00David Chan: direct
- 16:00David Chan: ownership
- 16:01David Chan: through
- 16:01David Chan: sole
- 16:01David Chan: asset
- 16:02David Chan: if
- 16:02David Chan: someone's
- 16:02David Chan: familiar
- 16:03David Chan: with
- 16:03David Chan: the
- 16:03David Chan: space
- 16:03David Chan: and
- 16:03David Chan: can
- 16:04David Chan: operate,
- 16:04David Chan: a
- 16:05David Chan: property
- 16:05David Chan: on
- 16:05David Chan: their
- 16:05David Chan: own.
- 16:06David Chan: But
- 16:06David Chan: that
- 16:07David Chan: would
- 16:07David Chan: be
- 16:07David Chan: more
- 16:07David Chan: of
- 16:07David Chan: the
- 16:07David Chan: direct
- 16:08David Chan: flavor
- 16:08David Chan: on
- 16:08David Chan: the
- 16:08David Chan: equity
- 16:09David Chan: side.
- 16:09David Chan: On
- 16:10David Chan: the
- 16:10David Chan: public
- 16:10David Chan: side,
- 16:10David Chan: there
- 16:11David Chan: are
- 16:11David Chan: certainly
- 16:11David Chan: some
- 16:12David Chan: public
- 16:12David Chan: equities,
- 16:13David Chan: ETFs,
- 16:13David Chan: there's
- 16:14David Chan: obviously
- 16:14David Chan: agribusiness
- 16:15David Chan: companies.
- 16:16David Chan: There's
- 16:16David Chan: even
- 16:16David Chan: some
- 16:17David Chan: farmland,
- 16:17David Chan: REITs,
- 16:17David Chan: some
- 16:18David Chan: publicly
- 16:18David Chan: traded
- 16:18David Chan: REITs
- 16:19David Chan: that
- 16:19David Chan: are
- 16:19David Chan: available.
- 16:20David Chan: And,
- 16:21David Chan: I
- 16:21David Chan: would
- 16:21David Chan: say
- 16:21David Chan: that's
- 16:22David Chan: again,
- 16:22David Chan: also
- 16:22David Chan: on
- 16:22David Chan: the
- 16:22David Chan: equity
- 16:23David Chan: side.
- 16:23David Chan: And
- 16:23David Chan: then
- 16:24David Chan: there's
- 16:24David Chan: an
- 16:24David Chan: entirely
- 16:25David Chan: other
- 16:25David Chan: world
- 16:25David Chan: which
- 16:26David Chan: would
- 16:26David Chan: be
- 16:26David Chan: more
- 16:26David Chan: credit.
- 16:27David Chan: And
- 16:27David Chan: that's,
- 16:28David Chan: lending
- 16:28David Chan: to
- 16:28David Chan: the
- 16:28David Chan: space.
- 16:29David Chan: So
- 16:29David Chan: lending
- 16:29David Chan: to
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- 16:30David Chan: lending
- 16:31David Chan: to
- 16:31David Chan: folks
- 16:31David Chan: who
- 16:31David Chan: work
- 16:32David Chan: in
- 16:32David Chan: agriculture
- 16:32David Chan: who
- 16:33David Chan: either
- 16:33David Chan: need
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- 16:34David Chan: to
- 16:35David Chan: a
- 16:35David Chan: term
- 16:35David Chan: loan
- 16:36David Chan: or
- 16:36David Chan: an
- 16:36David Chan: operating
- 16:37David Chan: loan,
- 16:37David Chan: a
- 16:37David Chan: working
- 16:38David Chan: capital
- 16:38David Chan: facility
- 16:39David Chan: any
- 16:39David Chan: of
- 16:39David Chan: those
- 16:40David Chan: types
- 16:40David Chan: of
- 16:40David Chan: credits.
- 16:41David Chan: On
- 16:41David Chan: the
- 16:41David Chan: equity
- 16:41David Chan: side
- 16:42David Chan: obviously
- 16:42David Chan: we're
- 16:42David Chan: biased,
- 16:43David Chan: historically
- 16:44David Chan: we
- 16:44David Chan: see
- 16:44David Chan: that.
- 16:45David Chan: When
- 16:45David Chan: we
- 16:46David Chan: look
- 16:46David Chan: at
- 16:46David Chan: farmland's
- 16:47David Chan: performance
- 16:48David Chan: as
- 16:49David Chan: a
- 16:49David Chan: diversifier
- 16:50David Chan: offering
- 16:50David Chan: uncorrelated
- 16:51David Chan: returns
- 16:52David Chan: we
- 16:52David Chan: see
- 16:52David Chan: the
- 16:52David Chan: direct
- 16:53David Chan: ownership
- 16:53David Chan: model
- 16:53David Chan: as
- 16:54David Chan: best
- 16:54David Chan: stimulating
- 16:55David Chan: that,
- 16:55David Chan: certainly
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- 16:57David Chan: a
- 16:57David Chan: little
- 16:57David Chan: bit
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- 16:57David Chan: market
- 16:58David Chan: beta.
- 16:59David Chan: Influence
- 17:00David Chan: the
- 17:00David Chan: REITs
- 17:00David Chan: and
- 17:01David Chan: the
- 17:01David Chan: ETFs
- 17:02David Chan: and
- 17:02David Chan: the
- 17:02David Chan: agribusiness
- 17:03David Chan: companies
- 17:03David Chan: that
- 17:03David Chan: are
- 17:03David Chan: publicly
- 17:04David Chan: traded,
- 17:04David Chan: which
- 17:04David Chan: should
- 17:05David Chan: be
- 17:05David Chan: of
- 17:05David Chan: no
- 17:05David Chan: surprise
- 17:06David Chan: if,
- 17:06David Chan: if
- 17:06David Chan: you're
- 17:06David Chan: listed
- 17:06David Chan: on
- 17:07David Chan: an
- 17:07David Chan: exchange,
- 17:07David Chan: obviously
- 17:07David Chan: you're
- 17:08David Chan: gonna
- 17:08David Chan: going
- 17:08David Chan: to
- 17:08David Chan: be
- 17:08David Chan: more
- 17:09David Chan: susceptible
- 17:09David Chan: to
- 17:09David Chan: beta.
- 17:10David Chan: That
- 17:10David Chan: would
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- 17:10David Chan: the
- 17:10David Chan: only
- 17:11David Chan: caveat
- 17:12David Chan: that
- 17:12David Chan: I'd
- 17:12David Chan: share
- 17:12David Chan: there.
- 17:14David Chan: Okay.
- 17:15Ryan: good.
- 17:15Ryan: We're
- 17:15Ryan: gonna
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- 17:17Ryan: points
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- 17:20Ryan: I
- 17:20Ryan: think,
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- 17:23Ryan: markets
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- 17:24Ryan: but
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- 17:25Ryan: shortly.
- 17:26Ryan: Where
- 17:27Ryan: do
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- 17:29Ryan: You
- 17:29Ryan: talked
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- 17:33Ryan: just
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- 17:35Ryan: It's
- 17:36Ryan: decreasing,
- 17:36Ryan: and
- 17:37Ryan: I
- 17:37Ryan: got
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- 17:38Ryan: question
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- 17:39Ryan: that,
- 17:39Ryan: but
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- 17:40Ryan: you
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- 17:41Ryan: opportunities
- 17:41Ryan: right
- 17:42Ryan: now?
- 17:44David Chan: Us.
- 17:44David Chan: I,
- 17:44David Chan: I
- 17:44David Chan: think
- 17:45David Chan: we
- 17:45David Chan: certainly
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- 17:45David Chan: a
- 17:45David Chan: very
- 17:46David Chan: bottoms
- 17:46David Chan: up
- 17:46David Chan: approach
- 17:47David Chan: when
- 17:47David Chan: it
- 17:47David Chan: comes
- 17:48David Chan: to
- 17:48David Chan: sourcing.
- 17:48David Chan: It
- 17:49David Chan: starts
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- 17:49David Chan: the
- 17:49David Chan: land.
- 17:50David Chan: It
- 17:50David Chan: starts
- 17:50David Chan: with,
- 17:50David Chan: soil
- 17:51David Chan: quality
- 17:52David Chan: water
- 17:52David Chan: quality,
- 17:53David Chan: water
- 17:53David Chan: access.
- 17:54David Chan: We
- 17:54David Chan: would
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- 17:56David Chan: Is
- 17:57David Chan: the
- 17:57David Chan: pool
- 17:57David Chan: of
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- 17:58David Chan: partners
- 17:59David Chan: or
- 17:59David Chan: tenants
- 17:59David Chan: in
- 17:59David Chan: that
- 18:00David Chan: area.
- 18:00David Chan: And
- 18:01David Chan: so
- 18:01David Chan: you,
- 18:01David Chan: it's
- 18:01David Chan: rare,
- 18:02David Chan: but
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- 18:02David Chan: could
- 18:02David Chan: have
- 18:03David Chan: a
- 18:03David Chan: really
- 18:04David Chan: strong
- 18:05David Chan: asset
- 18:05David Chan: in
- 18:06David Chan: terms
- 18:06David Chan: of
- 18:06David Chan: water
- 18:07David Chan: quality,
- 18:07David Chan: soil
- 18:07David Chan: quality,
- 18:08David Chan: and
- 18:08David Chan: if
- 18:09David Chan: that's
- 18:09David Chan: an
- 18:09David Chan: isolated
- 18:10David Chan: siloed
- 18:11David Chan: asset
- 18:11David Chan: in
- 18:11David Chan: an
- 18:11David Chan: area
- 18:12David Chan: where,
- 18:13David Chan: maybe
- 18:13David Chan: there
- 18:13David Chan: are
- 18:13David Chan: operating
- 18:14David Chan: partners
- 18:14David Chan: and
- 18:14David Chan: tenants
- 18:14David Chan: and
- 18:15David Chan: we
- 18:15David Chan: just
- 18:15David Chan: haven't
- 18:15David Chan: gotten
- 18:15David Chan: to
- 18:15David Chan: know
- 18:15David Chan: them
- 18:16David Chan: yet.
- 18:16David Chan: That
- 18:16David Chan: presents
- 18:17David Chan: risk
- 18:17David Chan: obviously,
- 18:18David Chan: because
- 18:18David Chan: you
- 18:18David Chan: don't
- 18:18David Chan: want
- 18:18David Chan: to
- 18:19David Chan: find
- 18:19David Chan: yourself
- 18:19David Chan: with
- 18:19David Chan: an
- 18:19David Chan: asset,
- 18:20David Chan: with
- 18:20David Chan: no
- 18:20David Chan: one
- 18:20David Chan: to
- 18:20David Chan: manage
- 18:21David Chan: it.
- 18:21David Chan: And
- 18:21David Chan: so
- 18:22David Chan: we
- 18:22David Chan: certainly
- 18:22David Chan: think
- 18:22David Chan: about,
- 18:23David Chan: where
- 18:23David Chan: are
- 18:23David Chan: we
- 18:24David Chan: comfortable
- 18:24David Chan: in
- 18:25David Chan: terms
- 18:25David Chan: of
- 18:25David Chan: tenant
- 18:26David Chan: pools
- 18:26David Chan: and
- 18:26David Chan: operator
- 18:27David Chan: networks
- 18:27David Chan: and
- 18:28David Chan: where
- 18:28David Chan: are
- 18:28David Chan: we
- 18:28David Chan: confident
- 18:29David Chan: that,
- 18:29David Chan: if
- 18:29David Chan: the
- 18:29David Chan: proverbial
- 18:30David Chan: bus
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- 18:31David Chan: one
- 18:32David Chan: of
- 18:32David Chan: our
- 18:32David Chan: key
- 18:32David Chan: partners
- 18:33David Chan: that
- 18:33David Chan: we
- 18:33David Chan: would
- 18:34David Chan: have,
- 18:34David Chan: a
- 18:34David Chan: number
- 18:35David Chan: of
- 18:35David Chan: other
- 18:35David Chan: very
- 18:36David Chan: capable
- 18:36David Chan: and
- 18:37David Chan: high
- 18:37David Chan: quality.
- 18:38David Chan: Substitutes
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- 18:39David Chan: in
- 18:39David Chan: place.
- 18:39David Chan: I,
- 18:40David Chan: I
- 18:40David Chan: would
- 18:40David Chan: say
- 18:40David Chan: all
- 18:40David Chan: of
- 18:40David Chan: that
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- 18:41David Chan: a
- 18:41David Chan: big
- 18:41David Chan: role.
- 18:42David Chan: In
- 18:42David Chan: terms
- 18:42David Chan: of
- 18:43David Chan: where
- 18:43David Chan: we
- 18:43David Chan: are
- 18:44David Chan: today
- 18:44David Chan: in
- 18:44David Chan: the
- 18:44David Chan: farmland
- 18:45David Chan: market.
- 18:46David Chan: Most
- 18:46David Chan: commodities
- 18:47David Chan: right
- 18:47David Chan: now,
- 18:47David Chan: certainly
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- 18:47David Chan: the
- 18:48David Chan: permanent
- 18:48David Chan: side
- 18:48David Chan: are.
- 18:49David Chan: In
- 18:50David Chan: bull,
- 18:50David Chan: or
- 18:50David Chan: I'm
- 18:50David Chan: sorry,
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- 18:50David Chan: bear
- 18:51David Chan: markets
- 18:51David Chan: right
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- 18:51David Chan: And
- 18:52David Chan: we
- 18:52David Chan: don't
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- 18:52David Chan: many
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- 18:53David Chan: currently
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- 18:54David Chan: ag.
- 18:54David Chan: I
- 18:54David Chan: can't
- 18:54David Chan: really
- 18:55David Chan: think
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- 18:55David Chan: any
- 18:55David Chan: at
- 18:55David Chan: the
- 18:55David Chan: moment.
- 18:56David Chan: And
- 18:56David Chan: these
- 18:56David Chan: are
- 18:57David Chan: all
- 18:57David Chan: commodity
- 18:57David Chan: markets,
- 18:57David Chan: so
- 18:57David Chan: they're
- 18:58David Chan: cyclical,
- 18:58David Chan: which
- 18:58David Chan: means
- 18:59David Chan: what
- 19:00David Chan: goes
- 19:00David Chan: up,
- 19:00David Chan: must
- 19:00David Chan: come
- 19:00David Chan: down,
- 19:01David Chan: what
- 19:01David Chan: goes,
- 19:01David Chan: and
- 19:01David Chan: then
- 19:01David Chan: we
- 19:02David Chan: see
- 19:02David Chan: low
- 19:02David Chan: cr,
- 19:02David Chan: low
- 19:03David Chan: prices,
- 19:03David Chan: cure
- 19:03David Chan: low
- 19:03David Chan: prices.
- 19:04David Chan: And
- 19:04David Chan: so
- 19:05David Chan: very
- 19:05David Chan: cyclical
- 19:06David Chan: we
- 19:06David Chan: think
- 19:06David Chan: now
- 19:07David Chan: is
- 19:07David Chan: a
- 19:07David Chan: very
- 19:07David Chan: interesting
- 19:08David Chan: entry
- 19:08David Chan: point
- 19:08David Chan: just
- 19:08David Chan: given,
- 19:09David Chan: the
- 19:09David Chan: bear
- 19:10David Chan: markets
- 19:10David Chan: that
- 19:10David Chan: have
- 19:10David Chan: played
- 19:11David Chan: out
- 19:11David Chan: in
- 19:11David Chan: the
- 19:11David Chan: different
- 19:11David Chan: permanent
- 19:12David Chan: crops
- 19:12David Chan: that
- 19:13David Chan: we
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- 19:13David Chan: in.
- 19:14David Chan: And
- 19:14David Chan: so
- 19:14David Chan: there's
- 19:14David Chan: a
- 19:14David Chan: lot
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- 19:15David Chan: opportunities
- 19:15David Chan: in
- 19:16David Chan: tree
- 19:16David Chan: nuts
- 19:16David Chan: in,
- 19:17David Chan: in
- 19:17David Chan: citrus.
- 19:18David Chan: Really
- 19:18David Chan: across
- 19:19David Chan: a
- 19:19David Chan: lot
- 19:19David Chan: of
- 19:19David Chan: the
- 19:19David Chan: commodities
- 19:19David Chan: that
- 19:20David Chan: we
- 19:20David Chan: look
- 19:20David Chan: at.
- 19:20David Chan: It
- 19:20David Chan: comes
- 19:21David Chan: down
- 19:21David Chan: really
- 19:21David Chan: more
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- 19:22David Chan: asset
- 19:22David Chan: selection
- 19:23David Chan: soil,
- 19:24David Chan: water,
- 19:25David Chan: all
- 19:25David Chan: of
- 19:25David Chan: those
- 19:26David Chan: key
- 19:26David Chan: characteristics.
- 19:27David Chan: I
- 19:27David Chan: think
- 19:27David Chan: a
- 19:27David Chan: real
- 19:27David Chan: estate
- 19:28David Chan: investor
- 19:28David Chan: might
- 19:28David Chan: say
- 19:29David Chan: you
- 19:29David Chan: can't
- 19:29David Chan: change
- 19:30David Chan: where
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- 19:30David Chan: land
- 19:31David Chan: is,
- 19:31David Chan: or
- 19:31David Chan: you
- 19:31David Chan: can't
- 19:31David Chan: change
- 19:32David Chan: where
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- 19:32David Chan: block
- 19:32David Chan: you
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- 19:33David Chan: Some
- 19:33David Chan: of
- 19:33David Chan: those.
- 19:34David Chan: Adages
- 19:34David Chan: for
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- 19:35David Chan: equivalent
- 19:36David Chan: would
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- 19:36David Chan: soil
- 19:36David Chan: and
- 19:36David Chan: water.
- 19:37David Chan: And
- 19:37David Chan: so
- 19:37David Chan: it
- 19:37David Chan: starts
- 19:37David Chan: there.
- 19:39Ryan: Yeah.
- 19:39Ryan: Interest.
- 19:40Ryan: So
- 19:40Ryan: why
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- 19:40Ryan: think
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- 19:42Ryan: market
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- 19:45Ryan: Especially
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- 19:52Ryan: Climate,
- 19:53Ryan: is
- 19:54Ryan: it
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- 19:55Ryan: rates
- 19:56Ryan: is,
- 19:56Ryan: or
- 19:57Ryan: supply
- 19:58Ryan: and
- 19:58Ryan: demand?
- 20:02David Chan: A
- 20:02David Chan: couple
- 20:02David Chan: moments
- 20:02David Chan: ago
- 20:03David Chan: when
- 20:03David Chan: we
- 20:03David Chan: talked
- 20:03David Chan: about
- 20:03David Chan: permanent
- 20:04David Chan: versus
- 20:04David Chan: row
- 20:04David Chan: crops
- 20:05David Chan: we
- 20:05David Chan: talked
- 20:06David Chan: about
- 20:06David Chan: in
- 20:07David Chan: permanent,
- 20:07David Chan: you're
- 20:07David Chan: underwriting,
- 20:09David Chan: decades
- 20:09David Chan: potentially
- 20:10David Chan: of
- 20:10David Chan: cash
- 20:10David Chan: flow
- 20:11David Chan: with
- 20:11David Chan: long-lived
- 20:11David Chan: assets.
- 20:12David Chan: Whereas
- 20:12David Chan: in
- 20:12David Chan: row
- 20:12David Chan: crops
- 20:13David Chan: you
- 20:13David Chan: plant
- 20:13David Chan: every
- 20:14David Chan: year
- 20:14David Chan: you
- 20:14David Chan: basically
- 20:15David Chan: have
- 20:15David Chan: a
- 20:15David Chan: reset.
- 20:15David Chan: You
- 20:15David Chan: can
- 20:16David Chan: respond
- 20:17David Chan: to
- 20:17David Chan: the
- 20:17David Chan: market
- 20:17David Chan: around
- 20:17David Chan: you.
- 20:18David Chan: This
- 20:19David Chan: creates
- 20:19David Chan: a
- 20:19David Chan: pretty
- 20:20David Chan: meaningful
- 20:20David Chan: bull
- 20:20David Chan: whipp
- 20:21David Chan: effect
- 20:22David Chan: where
- 20:22David Chan: if
- 20:23David Chan: you
- 20:23David Chan: are
- 20:23David Chan: a
- 20:24David Chan: permanent
- 20:24David Chan: crop
- 20:24David Chan: grower.
- 20:26David Chan: It's
- 20:26David Chan: gonna
- 20:26David Chan: take
- 20:26David Chan: you
- 20:26David Chan: five
- 20:27David Chan: or
- 20:27David Chan: six
- 20:27David Chan: years
- 20:28David Chan: to
- 20:28David Chan: grow
- 20:28David Chan: your
- 20:28David Chan: almond
- 20:29David Chan: tree
- 20:29David Chan: to
- 20:29David Chan: a
- 20:29David Chan: point
- 20:30David Chan: where
- 20:30David Chan: it
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- 20:31David Chan: a
- 20:31David Chan: commercial
- 20:31David Chan: yield
- 20:32David Chan: no
- 20:32David Chan: matter
- 20:32David Chan: what.
- 20:33David Chan: We
- 20:33David Chan: can't
- 20:33David Chan: speed
- 20:33David Chan: up
- 20:33David Chan: biology.
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- 20:34David Chan: can't
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- 20:35David Chan: time
- 20:35David Chan: go
- 20:35David Chan: faster.
- 20:36David Chan: And
- 20:36David Chan: so
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- 20:37David Chan: that
- 20:38David Chan: limitation
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- 20:40David Chan: in
- 20:40David Chan: place,
- 20:40David Chan: whereas
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- 20:43David Chan: respond
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- 20:43David Chan: the
- 20:43David Chan: environment
- 20:44David Chan: around
- 20:44David Chan: them.
- 20:44David Chan: So
- 20:44David Chan: let's
- 20:45David Chan: pick
- 20:45David Chan: on
- 20:45David Chan: 2025
- 20:46David Chan: for
- 20:46David Chan: a
- 20:46David Chan: moment.
- 20:47David Chan: 2025.
- 20:48David Chan: We
- 20:48David Chan: had
- 20:48David Chan: a
- 20:48David Chan: lot
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- 20:49David Chan: tariff
- 20:49David Chan: volatility.
- 20:50David Chan: And
- 20:50David Chan: that
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- 20:52David Chan: and
- 20:53David Chan: I
- 20:53David Chan: think
- 20:53David Chan: created
- 20:53David Chan: a
- 20:53David Chan: lot
- 20:54David Chan: of
- 20:54David Chan: uncertainty
- 20:55David Chan: around
- 20:56David Chan: row
- 20:56David Chan: crops.
- 20:57David Chan: Corn
- 20:58David Chan: soy
- 20:58David Chan: was
- 20:58David Chan: probably
- 20:59David Chan: number
- 20:59David Chan: one
- 20:59David Chan: on
- 20:59David Chan: the
- 21:00David Chan: list
- 21:00David Chan: just
- 21:00David Chan: given.
- 21:01David Chan: China
- 21:01David Chan: typically
- 21:02David Chan: buys
- 21:02David Chan: 20
- 21:02David Chan: to
- 21:02David Chan: 25%
- 21:03David Chan: of
- 21:03David Chan: US
- 21:04David Chan: soy.
- 21:04David Chan: And
- 21:04David Chan: so
- 21:05David Chan: there
- 21:05David Chan: was
- 21:05David Chan: a
- 21:05David Chan: moment
- 21:05David Chan: last
- 21:06David Chan: year
- 21:06David Chan: where
- 21:06David Chan: I
- 21:06David Chan: think
- 21:06David Chan: a
- 21:06David Chan: lot
- 21:07David Chan: of
- 21:07David Chan: growers.
- 21:08David Chan: I
- 21:09David Chan: weren't
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- 21:09David Chan: if
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- 21:11David Chan: there
- 21:11David Chan: as
- 21:11David Chan: a
- 21:11David Chan: buyer.
- 21:11David Chan: And
- 21:11David Chan: if
- 21:11David Chan: you
- 21:12David Chan: can
- 21:12David Chan: imagine
- 21:12David Chan: 20
- 21:13David Chan: to
- 21:13David Chan: 25%
- 21:14David Chan: of
- 21:14David Chan: your
- 21:14David Chan: market
- 21:14David Chan: leaving
- 21:14David Chan: overnight,
- 21:15David Chan: that's
- 21:15David Chan: a
- 21:15David Chan: pretty
- 21:15David Chan: unsettling
- 21:17David Chan: thought.
- 21:17David Chan: And
- 21:17David Chan: so
- 21:18David Chan: we
- 21:18David Chan: saw
- 21:19David Chan: last
- 21:19David Chan: year,
- 21:20David Chan: I
- 21:20David Chan: think
- 21:20David Chan: a
- 21:20David Chan: four
- 21:21David Chan: or
- 21:21David Chan: 5%
- 21:22David Chan: transition
- 21:23David Chan: for
- 21:24David Chan: growers
- 21:24David Chan: who
- 21:25David Chan: previously
- 21:26David Chan: had
- 21:26David Chan: planted
- 21:26David Chan: soil
- 21:27David Chan: or
- 21:27David Chan: corn,
- 21:27David Chan: sorry,
- 21:28David Chan: in
- 21:28David Chan: 2024.
- 21:29David Chan: Would've
- 21:29David Chan: planted
- 21:30David Chan: corn.
- 21:30David Chan: And
- 21:30David Chan: in
- 21:30David Chan: 2025
- 21:31David Chan: they
- 21:31David Chan: opted
- 21:32David Chan: to
- 21:32David Chan: plant
- 21:32David Chan: soy.
- 21:33David Chan: Now,
- 21:33David Chan: this
- 21:33David Chan: year,
- 21:34David Chan: different
- 21:35David Chan: set
- 21:35David Chan: of
- 21:35David Chan: macro
- 21:35David Chan: uncertainty,
- 21:36David Chan: but
- 21:36David Chan: volatility
- 21:37David Chan: nonetheless.
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- 21:38David Chan: we're
- 21:38David Chan: dealing
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- 21:39David Chan: the
- 21:39David Chan: conflict
- 21:39David Chan: in
- 21:39David Chan: Iran
- 21:40David Chan: and
- 21:40David Chan: obviously
- 21:41David Chan: the
- 21:41David Chan: reverberation
- 21:42David Chan: and
- 21:42David Chan: energy
- 21:42David Chan: prices
- 21:43David Chan: and
- 21:43David Chan: a
- 21:43David Chan: lot
- 21:43David Chan: of
- 21:43David Chan: other
- 21:43David Chan: components.
- 21:44David Chan: And
- 21:44David Chan: so
- 21:45David Chan: there's
- 21:45David Chan: a
- 21:45David Chan: lot
- 21:45David Chan: more
- 21:45David Chan: uncertainty
- 21:46David Chan: now
- 21:47David Chan: for
- 21:47David Chan: the
- 21:47David Chan: corn
- 21:47David Chan: market.
- 21:48David Chan: Because
- 21:48David Chan: corn
- 21:49David Chan: requires
- 21:49David Chan: different
- 21:49David Chan: inputs,
- 21:50David Chan: different
- 21:50David Chan: fertilizers
- 21:51David Chan: a
- 21:51David Chan: number
- 21:52David Chan: of
- 21:52David Chan: these
- 21:52David Chan: fertilizers
- 21:53David Chan: are
- 21:53David Chan: sourced
- 21:53David Chan: from
- 21:53David Chan: the
- 21:53David Chan: Persian
- 21:54David Chan: Gulf.
- 21:54David Chan: And
- 21:55David Chan: so
- 21:55David Chan: right
- 21:55David Chan: now
- 21:55David Chan: estimates
- 21:56David Chan: from
- 21:56David Chan: the
- 21:56David Chan: USDA
- 21:57David Chan: are
- 21:57David Chan: showing
- 21:57David Chan: that
- 21:58David Chan: soy
- 21:58David Chan: acreage
- 21:59David Chan: is
- 21:59David Chan: going
- 21:59David Chan: to
- 21:59David Chan: be
- 21:59David Chan: up
- 22:00David Chan: 4%
- 22:00David Chan: and
- 22:00David Chan: corn
- 22:01David Chan: down
- 22:01David Chan: 4%.
- 22:01David Chan: And
- 22:01David Chan: so
- 22:02David Chan: we're
- 22:02David Chan: seeing
- 22:02David Chan: that
- 22:03David Chan: switch
- 22:03David Chan: come
- 22:03David Chan: back
- 22:03David Chan: entirely,
- 22:04David Chan: more
- 22:04David Chan: or
- 22:04David Chan: less.
- 22:05David Chan: Permanent
- 22:05David Chan: crop
- 22:06David Chan: growers
- 22:06David Chan: can't
- 22:07David Chan: respond
- 22:08David Chan: that
- 22:08David Chan: quickly
- 22:08David Chan: because
- 22:09David Chan: of
- 22:09David Chan: biology.
- 22:09David Chan: They
- 22:10David Chan: can't,
- 22:11David Chan: they
- 22:11David Chan: can't
- 22:11David Chan: respond
- 22:11David Chan: to
- 22:12David Chan: their
- 22:12David Chan: to
- 22:12David Chan: different
- 22:13David Chan: headwinds
- 22:13David Chan: or
- 22:13David Chan: challenges.
- 22:14David Chan: And
- 22:14David Chan: I
- 22:14David Chan: think.
- 22:15David Chan: What
- 22:15David Chan: has
- 22:15David Chan: caused
- 22:16David Chan: a
- 22:16David Chan: big
- 22:16David Chan: part
- 22:17David Chan: of
- 22:17David Chan: the
- 22:17David Chan: current
- 22:18David Chan: bear
- 22:18David Chan: market
- 22:18David Chan: that
- 22:18David Chan: we're
- 22:19David Chan: in
- 22:19David Chan: across
- 22:19David Chan: a
- 22:19David Chan: lot
- 22:19David Chan: of
- 22:19David Chan: permanent
- 22:20David Chan: crops
- 22:21David Chan: was
- 22:21David Chan: actually
- 22:21David Chan: the
- 22:21David Chan: pandemic.
- 22:22David Chan: And
- 22:22David Chan: so
- 22:22David Chan: during
- 22:23David Chan: the
- 22:23David Chan: pandemic,
- 22:24David Chan: a
- 22:24David Chan: number
- 22:25David Chan: of
- 22:25David Chan: ports
- 22:25David Chan: were
- 22:25David Chan: closed
- 22:26David Chan: for
- 22:26David Chan: trading
- 22:26David Chan: partners
- 22:27David Chan: that
- 22:27David Chan: we
- 22:27David Chan: typically
- 22:27David Chan: export
- 22:28David Chan: to.
- 22:29David Chan: And
- 22:29David Chan: many
- 22:30David Chan: of
- 22:30David Chan: these
- 22:30David Chan: commodities
- 22:31David Chan: are
- 22:31David Chan: actually
- 22:32David Chan: I
- 22:32David Chan: wouldn't
- 22:32David Chan: say
- 22:33David Chan: that
- 22:33David Chan: they're
- 22:33David Chan: non-perishable,
- 22:34David Chan: but
- 22:34David Chan: they
- 22:34David Chan: can
- 22:34David Chan: be
- 22:34David Chan: stored,
- 22:35David Chan: they
- 22:35David Chan: can,
- 22:35David Chan: you
- 22:36David Chan: can
- 22:36David Chan: build
- 22:36David Chan: inventories.
- 22:37David Chan: And
- 22:37David Chan: so
- 22:38David Chan: stockpiles
- 22:38David Chan: grew.
- 22:39David Chan: And
- 22:40David Chan: all
- 22:40David Chan: the
- 22:40David Chan: while
- 22:40David Chan: we
- 22:41David Chan: continued
- 22:41David Chan: to
- 22:41David Chan: have
- 22:41David Chan: banner
- 22:42David Chan: years
- 22:43David Chan: with
- 22:43David Chan: weather
- 22:43David Chan: where
- 22:44David Chan: we
- 22:44David Chan: were
- 22:44David Chan: having
- 22:44David Chan: bumper
- 22:45David Chan: crop
- 22:45David Chan: on
- 22:45David Chan: top
- 22:46David Chan: of
- 22:46David Chan: bumper
- 22:46David Chan: crop,
- 22:47David Chan: on
- 22:47David Chan: top
- 22:47David Chan: of
- 22:48David Chan: bumper
- 22:48David Chan: crop.
- 22:48David Chan: And
- 22:49David Chan: so
- 22:49David Chan: these
- 22:49David Chan: stockpiles
- 22:50David Chan: and
- 22:50David Chan: inventories
- 22:50David Chan: grew
- 22:51David Chan: as
- 22:51David Chan: we
- 22:51David Chan: were
- 22:52David Chan: very
- 22:52David Chan: limited
- 22:52David Chan: in
- 22:53David Chan: getting
- 22:53David Chan: exports
- 22:53David Chan: and
- 22:53David Chan: trade
- 22:54David Chan: out.
- 22:54David Chan: And
- 22:55David Chan: it
- 22:55David Chan: created
- 22:55David Chan: a
- 22:55David Chan: little
- 22:56David Chan: bit
- 22:56David Chan: of
- 22:56David Chan: a,
- 22:56David Chan: of
- 22:57David Chan: a
- 22:57David Chan: compounding
- 22:57David Chan: issue.
- 22:58David Chan: And
- 22:58David Chan: so
- 22:58David Chan: we've
- 22:59David Chan: had
- 22:59David Chan: oversupply
- 23:00David Chan: in
- 23:00David Chan: a
- 23:00David Chan: number
- 23:00David Chan: of
- 23:00David Chan: these
- 23:00David Chan: markets
- 23:01David Chan: as
- 23:01David Chan: a
- 23:01David Chan: result.
- 23:01David Chan: And
- 23:02David Chan: we're
- 23:02David Chan: finally,
- 23:02David Chan: now,
- 23:03David Chan: what,
- 23:03David Chan: three
- 23:04David Chan: or
- 23:04David Chan: four
- 23:04David Chan: years
- 23:05David Chan: post
- 23:05David Chan: pandemic.
- 23:06David Chan: Finally
- 23:06David Chan: starting
- 23:07David Chan: to
- 23:07David Chan: get
- 23:08David Chan: both
- 23:08David Chan: the
- 23:08David Chan: stockpiles
- 23:09David Chan: down
- 23:09David Chan: and
- 23:09David Chan: seeing
- 23:10David Chan: the
- 23:10David Chan: market
- 23:11David Chan: forces
- 23:11David Chan: essentially
- 23:12David Chan: take
- 23:12David Chan: hold
- 23:12David Chan: where
- 23:13David Chan: you're
- 23:13David Chan: seeing
- 23:14David Chan: land
- 23:14David Chan: either
- 23:15David Chan: become
- 23:15David Chan: fallowed
- 23:16David Chan: or
- 23:16David Chan: almond
- 23:17David Chan: orchards
- 23:18David Chan: decrease
- 23:19David Chan: in
- 23:19David Chan: size.
- 23:19David Chan: Trees
- 23:20David Chan: may
- 23:20David Chan: be
- 23:20David Chan: ripped
- 23:20David Chan: out.
- 23:21David Chan: Basically,
- 23:22David Chan: the
- 23:22David Chan: market,
- 23:22David Chan: the
- 23:22David Chan: supply
- 23:23David Chan: market
- 23:23David Chan: shrinking
- 23:24David Chan: as
- 23:24David Chan: a
- 23:24David Chan: response
- 23:25David Chan: to
- 23:26David Chan: what
- 23:26David Chan: that.
- 23:27David Chan: Signal
- 23:28David Chan: or
- 23:28David Chan: challenge
- 23:28David Chan: was,
- 23:29David Chan: but
- 23:29David Chan: it
- 23:29David Chan: takes
- 23:29David Chan: almost
- 23:30David Chan: five
- 23:30David Chan: years
- 23:30David Chan: for
- 23:30David Chan: that
- 23:31David Chan: to
- 23:31David Chan: happen
- 23:31David Chan: here.
- 23:32David Chan: Whereas
- 23:32David Chan: in
- 23:32David Chan: row
- 23:32David Chan: crops
- 23:33David Chan: it
- 23:33David Chan: happens,
- 23:34David Chan: I
- 23:34David Chan: wouldn't
- 23:34David Chan: say
- 23:34David Chan: overnight,
- 23:35David Chan: but
- 23:35David Chan: it
- 23:35David Chan: feels
- 23:35David Chan: overnight
- 23:36David Chan: compared
- 23:36David Chan: to
- 23:36David Chan: permanent.
- 23:37Ryan: Yeah,
- 23:37Ryan: exactly.
- 23:38Ryan: And
- 23:39Ryan: we'll
- 23:40Ryan: talk
- 23:40Ryan: about
- 23:40Ryan: geopolitics
- 23:41Ryan: and
- 23:41Ryan: the
- 23:42Ryan: political
- 23:42Ryan: risk
- 23:43Ryan: there
- 23:43Ryan: shortly,
- 23:44Ryan: but
- 23:44Ryan: it's
- 23:44Ryan: interesting,
- 23:46Ryan: it's
- 23:46Ryan: not
- 23:46Ryan: just
- 23:47Ryan: within
- 23:47Ryan: the
- 23:47Ryan: US
- 23:48Ryan: borders,
- 23:48Ryan: right?
- 23:49Ryan: We
- 23:49Ryan: export
- 23:50Ryan: a
- 23:50Ryan: lot
- 23:50Ryan: of
- 23:51Ryan: the
- 23:51Ryan: crops,
- 23:52Ryan: a
- 23:52Ryan: lot
- 23:52Ryan: of
- 23:52Ryan: geopolitical
- 23:54Ryan: risk
- 23:54Ryan: there
- 23:55Ryan: involved
- 23:56Ryan: with
- 23:56Ryan: with
- 23:56Ryan: investing
- 23:57Ryan: in
- 23:57Ryan: farmland.
- 23:58Ryan: So
- 23:58Ryan: what
- 23:58Ryan: are
- 23:59Ryan: some
- 23:59Ryan: misconceptions
- 24:00Ryan: of
- 24:01Ryan: investing
- 24:01Ryan: in
- 24:01Ryan: farmland?
- 24:03Ryan: sure
- 24:03Ryan: There's,
- 24:03Ryan: a
- 24:03Ryan: few
- 24:03Ryan: you
- 24:04Ryan: come
- 24:04Ryan: across.
- 24:06David Chan: There's
- 24:06David Chan: many.
- 24:07David Chan: I
- 24:07David Chan: would
- 24:07David Chan: say,
- 24:08David Chan: one
- 24:08David Chan: we
- 24:08David Chan: touched
- 24:09David Chan: on
- 24:09David Chan: already
- 24:09David Chan: was
- 24:09David Chan: that
- 24:10David Chan: it's
- 24:10David Chan: just
- 24:10David Chan: passive
- 24:11David Chan: land
- 24:11David Chan: ownership.
- 24:12David Chan: Maybe
- 24:12David Chan: for
- 24:13David Chan: some,
- 24:13David Chan: but.
- 24:14David Chan: For
- 24:14David Chan: us
- 24:15David Chan: at
- 24:15David Chan: Homestead,
- 24:15David Chan: it
- 24:15David Chan: is
- 24:16David Chan: very
- 24:16David Chan: much
- 24:16David Chan: an
- 24:17David Chan: active
- 24:17David Chan: strategy
- 24:17David Chan: and
- 24:18David Chan: an
- 24:18David Chan: active
- 24:18David Chan: approach.
- 24:19David Chan: And
- 24:19David Chan: I
- 24:19David Chan: think
- 24:20David Chan: for
- 24:20David Chan: a
- 24:20David Chan: lot
- 24:20David Chan: of
- 24:20David Chan: growers,
- 24:21David Chan: it's
- 24:21David Chan: a
- 24:21David Chan: very
- 24:21David Chan: active
- 24:22David Chan: approach.
- 24:23David Chan: Decisions
- 24:23David Chan: that
- 24:24David Chan: you
- 24:24David Chan: make
- 24:24David Chan: in
- 24:25David Chan: the
- 24:25David Chan: moment
- 24:25David Chan: can,
- 24:26David Chan: can
- 24:26David Chan: bear
- 24:27David Chan: out
- 24:27David Chan: meaningfully
- 24:28David Chan: in
- 24:28David Chan: terms
- 24:28David Chan: of
- 24:28David Chan: return,
- 24:29David Chan: in
- 24:29David Chan: terms
- 24:29David Chan: of
- 24:30David Chan: financial
- 24:30David Chan: health
- 24:31David Chan: of
- 24:31David Chan: that
- 24:31David Chan: particular
- 24:32David Chan: farm.
- 24:32David Chan: And
- 24:33David Chan: I
- 24:33David Chan: certainly
- 24:33David Chan: don't,
- 24:33David Chan: I
- 24:33David Chan: think
- 24:34David Chan: it's
- 24:34David Chan: far
- 24:34David Chan: too
- 24:34David Chan: complex
- 24:36David Chan: of
- 24:36David Chan: an
- 24:36David Chan: industry
- 24:37David Chan: especially
- 24:37David Chan: in
- 24:38David Chan: today's
- 24:38David Chan: environment,
- 24:39David Chan: for
- 24:39David Chan: anyone
- 24:39David Chan: to
- 24:40David Chan: be
- 24:40David Chan: able
- 24:40David Chan: to
- 24:40David Chan: label
- 24:40David Chan: it
- 24:40David Chan: as
- 24:41David Chan: passive,
- 24:42David Chan: I
- 24:42David Chan: think
- 24:42David Chan: another
- 24:43David Chan: another
- 24:43David Chan: two
- 24:44David Chan: that
- 24:44David Chan: come
- 24:44David Chan: to
- 24:44David Chan: mind.
- 24:44David Chan: The
- 24:44David Chan: second
- 24:45David Chan: one
- 24:45David Chan: would
- 24:45David Chan: be
- 24:45David Chan: that
- 24:45David Chan: it's
- 24:46David Chan: an
- 24:46David Chan: either
- 24:46David Chan: a
- 24:46David Chan: niche
- 24:47David Chan: or
- 24:47David Chan: maybe
- 24:47David Chan: a
- 24:47David Chan: nascent
- 24:48David Chan: asset
- 24:48David Chan: class.
- 24:48David Chan: That,
- 24:49David Chan: or
- 24:49David Chan: esoteric
- 24:50David Chan: is
- 24:50David Chan: another
- 24:50David Chan: word
- 24:50David Chan: that
- 24:51David Chan: comes
- 24:51David Chan: up
- 24:51David Chan: that
- 24:51David Chan: I,
- 24:52David Chan: always
- 24:52David Chan: gets
- 24:53David Chan: a
- 24:53David Chan: reaction
- 24:53David Chan: out
- 24:53David Chan: of
- 24:53David Chan: me.
- 24:54David Chan: Because
- 24:54David Chan: this
- 24:55David Chan: is.
- 24:56David Chan: In
- 24:56David Chan: my
- 24:56David Chan: view,
- 24:56David Chan: the
- 24:57David Chan: oldest
- 24:57David Chan: asset
- 24:57David Chan: class
- 24:58David Chan: we
- 24:58David Chan: have,
- 24:58David Chan: if
- 24:58David Chan: you
- 24:59David Chan: go
- 24:59David Chan: back
- 24:59David Chan: to,
- 25:00David Chan: where
- 25:00David Chan: derivative
- 25:00David Chan: contracts
- 25:01David Chan: started,
- 25:01David Chan: it
- 25:01David Chan: was
- 25:02David Chan: Dutch
- 25:02David Chan: tulips
- 25:03David Chan: centuries
- 25:04David Chan: ago.
- 25:04David Chan: And
- 25:04David Chan: ag
- 25:05David Chan: has
- 25:05David Chan: been
- 25:05David Chan: here
- 25:05David Chan: as
- 25:05David Chan: long
- 25:06David Chan: as
- 25:06David Chan: we
- 25:06David Chan: have.
- 25:07David Chan: There's
- 25:07David Chan: nothing
- 25:08David Chan: nascent
- 25:09David Chan: or
- 25:09David Chan: esoteric
- 25:09David Chan: about
- 25:10David Chan: it.
- 25:10David Chan: And
- 25:10David Chan: so
- 25:10David Chan: I,
- 25:11David Chan: I
- 25:11David Chan: would
- 25:11David Chan: say
- 25:11David Chan: that
- 25:11David Chan: would
- 25:12David Chan: be
- 25:12David Chan: a
- 25:12David Chan: second.
- 25:12David Chan: And
- 25:13David Chan: then
- 25:13David Chan: the
- 25:13David Chan: last
- 25:13David Chan: one,
- 25:14David Chan: I
- 25:14David Chan: haven't
- 25:15David Chan: heard
- 25:15David Chan: much
- 25:15David Chan: of
- 25:15David Chan: this
- 25:16David Chan: recently,
- 25:16David Chan: but
- 25:16David Chan: have
- 25:17David Chan: certainly
- 25:17David Chan: seen
- 25:17David Chan: in
- 25:17David Chan: the
- 25:17David Chan: past
- 25:18David Chan: a
- 25:18David Chan: lot
- 25:18David Chan: of,
- 25:19David Chan: a
- 25:19David Chan: lot
- 25:19David Chan: of
- 25:19David Chan: folks
- 25:20David Chan: journalists
- 25:21David Chan: or
- 25:21David Chan: just,
- 25:21David Chan: just
- 25:21David Chan: writers
- 25:23David Chan: mentioning
- 25:23David Chan: that
- 25:23David Chan: us
- 25:24David Chan: farming
- 25:24David Chan: is
- 25:24David Chan: has
- 25:25David Chan: industrialized
- 25:26David Chan: too
- 25:26David Chan: much
- 25:26David Chan: and
- 25:26David Chan: industrial
- 25:27David Chan: farming
- 25:28David Chan: and
- 25:28David Chan: the
- 25:28David Chan: consequences
- 25:29David Chan: of
- 25:29David Chan: what
- 25:29David Chan: that
- 25:29David Chan: could
- 25:29David Chan: bring.
- 25:30David Chan: And
- 25:31David Chan: I
- 25:31David Chan: just
- 25:31David Chan: don't
- 25:31David Chan: think
- 25:31David Chan: it's
- 25:31David Chan: the
- 25:32David Chan: right
- 25:32David Chan: characterization
- 25:33David Chan: for
- 25:33David Chan: us
- 25:33David Chan: farming.
- 25:34David Chan: If
- 25:34David Chan: you
- 25:34David Chan: wanna.
- 25:35David Chan: If
- 25:36David Chan: you
- 25:36David Chan: were
- 25:36David Chan: to
- 25:36David Chan: say
- 25:37David Chan: that
- 25:37David Chan: industrial
- 25:37David Chan: farming
- 25:38David Chan: is
- 25:38David Chan: linked
- 25:39David Chan: to
- 25:39David Chan: institutional
- 25:40David Chan: farming,
- 25:41David Chan: on
- 25:41David Chan: the
- 25:41David Chan: institutional
- 25:42David Chan: side,
- 25:42David Chan: we're
- 25:42David Chan: maybe
- 25:43David Chan: two
- 25:43David Chan: or
- 25:43David Chan: 3%
- 25:44David Chan: of
- 25:44David Chan: the
- 25:44David Chan: market.
- 25:44David Chan: So
- 25:44David Chan: 97%
- 25:46David Chan: of
- 25:46David Chan: US
- 25:46David Chan: farms
- 25:46David Chan: are
- 25:46David Chan: privately
- 25:47David Chan: owned
- 25:48David Chan: by
- 25:48David Chan: families
- 25:48David Chan: or
- 25:48David Chan: small
- 25:49David Chan: family
- 25:49David Chan: companies.
- 25:50David Chan: So
- 25:51David Chan: I
- 25:51David Chan: certainly
- 25:51David Chan: wouldn't
- 25:52David Chan: say
- 25:52David Chan: that's
- 25:52David Chan: the
- 25:52David Chan: right
- 25:52David Chan: way
- 25:53David Chan: to,
- 25:53David Chan: to
- 25:53David Chan: look
- 25:53David Chan: at
- 25:53David Chan: it.
- 25:53David Chan: If
- 25:53David Chan: you
- 25:54David Chan: were
- 25:54David Chan: looking
- 25:54David Chan: at
- 25:54David Chan: it
- 25:54David Chan: from
- 25:55David Chan: maybe
- 25:56David Chan: the
- 25:56David Chan: average
- 25:56David Chan: farm
- 25:57David Chan: size.
- 25:58David Chan: Our
- 25:58David Chan: farms
- 25:59David Chan: are
- 25:59David Chan: generally
- 25:59David Chan: under
- 26:00David Chan: a
- 26:00David Chan: thousand
- 26:00David Chan: acres.
- 26:01David Chan: In
- 26:01David Chan: the
- 26:01David Chan: US
- 26:01David Chan: it's
- 26:02David Chan: rare
- 26:02David Chan: to
- 26:02David Chan: find
- 26:02David Chan: multi-thousand.
- 26:04David Chan: Acre
- 26:04David Chan: contiguous
- 26:05David Chan: plots
- 26:05David Chan: of
- 26:05David Chan: land
- 26:05David Chan: here.
- 26:06David Chan: And
- 26:06David Chan: if
- 26:06David Chan: you
- 26:07David Chan: look
- 26:07David Chan: at
- 26:07David Chan: our
- 26:07David Chan: history
- 26:08David Chan: and
- 26:08David Chan: our
- 26:08David Chan: firm's
- 26:08David Chan: namesake,
- 26:09David Chan: president
- 26:09David Chan: Lincoln,
- 26:10David Chan: signed
- 26:10David Chan: the
- 26:10David Chan: Homestead
- 26:11David Chan: Act
- 26:11David Chan: in
- 26:11David Chan: 1862.
- 26:13David Chan: And
- 26:13David Chan: that,
- 26:13David Chan: of
- 26:13David Chan: course,
- 26:13David Chan: granted
- 26:14David Chan: Western
- 26:14David Chan: settlers,
- 26:15David Chan: I
- 26:15David Chan: think
- 26:15David Chan: it
- 26:15David Chan: was
- 26:15David Chan: 160
- 26:16David Chan: acres
- 26:17David Chan: that
- 26:17David Chan: vested
- 26:17David Chan: over
- 26:18David Chan: five
- 26:18David Chan: years.
- 26:19David Chan: Basically
- 26:19David Chan: incentivizing
- 26:20David Chan: them
- 26:20David Chan: to
- 26:20David Chan: make
- 26:20David Chan: improvements
- 26:21David Chan: to
- 26:21David Chan: the
- 26:21David Chan: land
- 26:22David Chan: and
- 26:22David Chan: start
- 26:22David Chan: agricultural
- 26:23David Chan: production.
- 26:24David Chan: In
- 26:24David Chan: order
- 26:24David Chan: to
- 26:25David Chan: improve
- 26:25David Chan: our
- 26:25David Chan: food
- 26:25David Chan: supply
- 26:26David Chan: and
- 26:26David Chan: also
- 26:27David Chan: start
- 26:27David Chan: to,
- 26:27David Chan: to
- 26:27David Chan: disperse
- 26:28David Chan: more
- 26:28David Chan: of
- 26:28David Chan: our
- 26:29David Chan: population
- 26:29David Chan: out
- 26:29David Chan: west.
- 26:30David Chan: So
- 26:31David Chan: small
- 26:31David Chan: farming
- 26:32David Chan: is
- 26:32David Chan: really
- 26:33David Chan: part
- 26:33David Chan: of
- 26:33David Chan: the
- 26:33David Chan: fabric
- 26:33David Chan: of
- 26:34David Chan: our
- 26:34David Chan: history's,
- 26:34David Chan: DNA.
- 26:35David Chan: And
- 26:36David Chan: so
- 26:36David Chan: that
- 26:36David Chan: would
- 26:36David Chan: be
- 26:36David Chan: the
- 26:36David Chan: last
- 26:36David Chan: one
- 26:37David Chan: where,
- 26:37David Chan: if
- 26:37David Chan: you
- 26:37David Chan: wanted
- 26:38David Chan: to
- 26:38David Chan: truly
- 26:38David Chan: see
- 26:38David Chan: industrial
- 26:39David Chan: farming
- 26:40David Chan: go
- 26:40David Chan: to
- 26:40David Chan: Brazil
- 26:41David Chan: farms,
- 26:41David Chan: there
- 26:42David Chan: have
- 26:42David Chan: runways
- 26:43David Chan: where
- 26:43David Chan: planes
- 26:43David Chan: can
- 26:43David Chan: land
- 26:44David Chan: and
- 26:44David Chan: take
- 26:44David Chan: off
- 26:44David Chan: to
- 26:44David Chan: take
- 26:45David Chan: crop,
- 26:45David Chan: off
- 26:46David Chan: of
- 26:46David Chan: the
- 26:46David Chan: property
- 26:46David Chan: that
- 26:47David Chan: I
- 26:47David Chan: would
- 26:47David Chan: say
- 26:47David Chan: that
- 26:48David Chan: is
- 26:48David Chan: industrial
- 26:48David Chan: farming.
- 26:49Ryan: Yeah.
- 26:50Ryan: Yeah,
- 26:50Ryan: that's
- 26:51Ryan: probably
- 26:51Ryan: the
- 26:51Ryan: last
- 26:51Ryan: thing
- 26:51Ryan: I
- 26:52Ryan: wanna
- 26:52Ryan: see.
- 26:52Ryan: David
- 26:52Ryan: I
- 26:53Ryan: would
- 26:53Ryan: rather
- 26:53Ryan: see
- 26:54Ryan: big
- 26:54Ryan: trucks,
- 26:55Ryan: big,
- 26:56Ryan: this
- 26:56Ryan: 18
- 26:56Ryan: wheelers
- 26:57Ryan: hauling
- 26:57Ryan: crops
- 26:58Ryan: off
- 26:58Ryan: the
- 26:58Ryan: land
- 26:59Ryan: and
- 26:59Ryan: big
- 26:59Ryan: trailers.
- 27:00Ryan: That
- 27:00Ryan: to
- 27:00Ryan: me
- 27:01Ryan: is
- 27:01Ryan: farming,
- 27:01Ryan: not
- 27:01Ryan: airplanes
- 27:02Ryan: coming
- 27:02Ryan: in.
- 27:03Ryan: That's
- 27:03Ryan: crazy.
- 27:04Ryan: The
- 27:04Ryan: other
- 27:04Ryan: thing
- 27:04Ryan: too,
- 27:05Ryan: you
- 27:05Ryan: talked
- 27:05Ryan: about
- 27:05Ryan: it's
- 27:06Ryan: a
- 27:06Ryan: niche
- 27:06Ryan: investment.
- 27:08Ryan: But
- 27:08Ryan: if
- 27:08Ryan: you
- 27:09Ryan: think
- 27:09Ryan: about
- 27:09Ryan: futures,
- 27:10Ryan: like
- 27:10Ryan: future
- 27:10Ryan: contracts
- 27:11Ryan: and
- 27:11Ryan: for,
- 27:12Ryan: It's
- 27:12Ryan: all
- 27:12Ryan: based
- 27:13Ryan: on
- 27:13Ryan: really
- 27:13Ryan: agriculture,
- 27:14Ryan: right?
- 27:14Ryan: Whether
- 27:15Ryan: it's
- 27:15Ryan: a
- 27:15Ryan: pork
- 27:15Ryan: belly
- 27:16Ryan: or
- 27:17Ryan: a
- 27:17Ryan: bushel
- 27:17Ryan: of
- 27:17Ryan: wheat,
- 27:18Ryan: right?
- 27:18Ryan: And
- 27:19Ryan: think
- 27:19Ryan: of
- 27:19Ryan: how
- 27:20Ryan: liquid
- 27:21Ryan: and
- 27:21Ryan: how
- 27:21Ryan: popular
- 27:22Ryan: that
- 27:22Ryan: market
- 27:23Ryan: is.
- 27:23Ryan: It's
- 27:23Ryan: all,
- 27:24Ryan: those
- 27:24Ryan: future
- 27:25Ryan: that
- 27:25Ryan: was
- 27:25Ryan: based
- 27:26Ryan: on,
- 27:27Ryan: farmland
- 27:27Ryan: and
- 27:27Ryan: agriculture.
- 27:29Ryan: For
- 27:29Ryan: years
- 27:29Ryan: and
- 27:29Ryan: decades
- 27:30Ryan: ago.
- 27:30Ryan: Good
- 27:30Ryan: point
- 27:31Ryan: there.
- 27:31Ryan: What's
- 27:32Ryan: the
- 27:32Ryan: risk
- 27:32Ryan: profile
- 27:33Ryan: of
- 27:33Ryan: investing
- 27:34Ryan: in
- 27:34Ryan: pharma?
- 27:35Ryan: Is
- 27:35Ryan: it
- 27:35Ryan: riskier
- 27:36Ryan: than
- 27:36Ryan: other
- 27:36Ryan: real
- 27:37Ryan: estate
- 27:37Ryan: asset
- 27:37Ryan: classes?
- 27:38Ryan: We've
- 27:38Ryan: talked
- 27:38Ryan: a
- 27:38Ryan: lot
- 27:39Ryan: about
- 27:39Ryan: data
- 27:40Ryan: centers,
- 27:40Ryan: but
- 27:40Ryan: there's
- 27:41Ryan: commercial
- 27:41Ryan: real
- 27:41Ryan: estate.
- 27:43Ryan: Retail
- 27:44Ryan: is
- 27:45Ryan: how,
- 27:45Ryan: what's
- 27:45Ryan: the
- 27:46Ryan: risk
- 27:46Ryan: profile
- 27:47Ryan: compared
- 27:47Ryan: to
- 27:47Ryan: other
- 27:48Ryan: asset
- 27:49Ryan: classes?
- 27:51David Chan: It's
- 27:51David Chan: one
- 27:51David Chan: of
- 27:51David Chan: the
- 27:51David Chan: reasons
- 27:52David Chan: why
- 27:52David Chan: we
- 27:52David Chan: love
- 27:52David Chan: the
- 27:52David Chan: space
- 27:53David Chan: so
- 27:53David Chan: much.
- 27:53David Chan: Farmland
- 27:53David Chan: has
- 27:54David Chan: generally
- 27:54David Chan: shown
- 27:55David Chan: much
- 27:55David Chan: lower
- 27:55David Chan: volatility
- 27:56David Chan: than
- 27:56David Chan: most
- 27:56David Chan: other
- 27:56David Chan: mainstream
- 27:57David Chan: asset
- 27:57David Chan: classes
- 27:58David Chan: and
- 27:58David Chan: most
- 27:59David Chan: other
- 27:59David Chan: real
- 27:59David Chan: estate
- 27:59David Chan: sectors.
- 28:00David Chan: So
- 28:00David Chan: we
- 28:01David Chan: tend
- 28:01David Chan: to
- 28:01David Chan: look
- 28:01David Chan: at,
- 28:02David Chan: I
- 28:02David Chan: think
- 28:02David Chan: if
- 28:02David Chan: you
- 28:02David Chan: look
- 28:02David Chan: at
- 28:03David Chan: public
- 28:03David Chan: equities,
- 28:03David Chan: s
- 28:03David Chan: and
- 28:04David Chan: p
- 28:04David Chan: five
- 28:04David Chan: hundred's,
- 28:04David Chan: a
- 28:04David Chan: great
- 28:05David Chan: barometer.
- 28:06David Chan: There,
- 28:06David Chan: there's
- 28:06David Chan: certainly
- 28:07David Chan: a
- 28:07David Chan: number
- 28:08David Chan: that
- 28:08David Chan: are
- 28:08David Chan: out
- 28:08David Chan: there
- 28:09David Chan: in
- 28:09David Chan: terms
- 28:09David Chan: of
- 28:09David Chan: benchmarks
- 28:10David Chan: for
- 28:10David Chan: us
- 28:10David Chan: in
- 28:10David Chan: farmland,
- 28:11David Chan: we
- 28:11David Chan: use
- 28:12David Chan: something
- 28:12David Chan: called
- 28:12David Chan: the
- 28:12David Chan: Nare
- 28:13David Chan: Farmland
- 28:13David Chan: Index.
- 28:14David Chan: So
- 28:14David Chan: the
- 28:14David Chan: NARE
- 28:15David Chan: is
- 28:15David Chan: the
- 28:15David Chan: National
- 28:15David Chan: Council
- 28:16David Chan: of
- 28:16David Chan: Real
- 28:16David Chan: Estate
- 28:17David Chan: Investment
- 28:17David Chan: Fiduciaries.
- 28:18David Chan: And
- 28:18David Chan: so
- 28:19David Chan: homestead's
- 28:20David Chan: a
- 28:20David Chan: part
- 28:20David Chan: of
- 28:20David Chan: that
- 28:21David Chan: of
- 28:21David Chan: that
- 28:21David Chan: group
- 28:22David Chan: and
- 28:22David Chan: we
- 28:22David Chan: report
- 28:23David Chan: to
- 28:23David Chan: the
- 28:23David Chan: nare.
- 28:24David Chan: And
- 28:24David Chan: we're
- 28:24David Chan: able
- 28:24David Chan: to
- 28:24David Chan: see
- 28:25David Chan: historical
- 28:26David Chan: performance
- 28:26David Chan: data
- 28:27David Chan: back
- 28:27David Chan: to,
- 28:27David Chan: I
- 28:27David Chan: believe,
- 28:27David Chan: 1991.
- 28:29David Chan: Through
- 28:29David Chan: this
- 28:29David Chan: benchmark.
- 28:29David Chan: And
- 28:30David Chan: so
- 28:30David Chan: we
- 28:30David Chan: know
- 28:30David Chan: that,
- 28:31David Chan: over
- 28:31David Chan: the
- 28:31David Chan: past
- 28:32David Chan: 35
- 28:33David Chan: or
- 28:33David Chan: so
- 28:33David Chan: years,
- 28:34David Chan: farmland
- 28:34David Chan: has
- 28:35David Chan: produced
- 28:35David Chan: about
- 28:35David Chan: a
- 28:35David Chan: 10%
- 28:36David Chan: return
- 28:37David Chan: on
- 28:37David Chan: average
- 28:37David Chan: with
- 28:38David Chan: a
- 28:38David Chan: volatility
- 28:38David Chan: of
- 28:38David Chan: around
- 28:39David Chan: 7%.
- 28:40David Chan: I'm
- 28:40David Chan: rounding,
- 28:41David Chan: but
- 28:41David Chan: give
- 28:41David Chan: or
- 28:41David Chan: take,
- 28:42David Chan: that's
- 28:42David Chan: the
- 28:42David Chan: profile.
- 28:43David Chan: And
- 28:43David Chan: so
- 28:43David Chan: that's
- 28:43David Chan: a
- 28:44David Chan: really
- 28:44David Chan: compelling
- 28:45David Chan: sharp
- 28:45David Chan: ratio.
- 28:46David Chan: When
- 28:46David Chan: you
- 28:46David Chan: look
- 28:46David Chan: at
- 28:46David Chan: maybe
- 28:47David Chan: the
- 28:47David Chan: s
- 28:47David Chan: and
- 28:47David Chan: p
- 28:47David Chan: average
- 28:48David Chan: return.
- 28:49David Chan: Again,
- 28:49David Chan: I'm
- 28:49David Chan: gonna
- 28:49David Chan: go
- 28:50David Chan: off
- 28:50David Chan: memory.
- 28:51David Chan: I
- 28:51David Chan: would
- 28:51David Chan: venture
- 28:51David Chan: to
- 28:51David Chan: say
- 28:51David Chan: it's
- 28:52David Chan: probably
- 28:52David Chan: like
- 28:52David Chan: 11%,
- 28:53David Chan: but
- 28:54David Chan: with
- 28:54David Chan: a
- 28:54David Chan: volatility
- 28:55David Chan: of
- 28:55David Chan: maybe
- 28:55David Chan: 14%.
- 28:56David Chan: And
- 28:57David Chan: so
- 28:57David Chan: you
- 28:57David Chan: have
- 28:57David Chan: to
- 28:57David Chan: accept
- 28:58David Chan: a
- 28:58David Chan: lot
- 28:58David Chan: more
- 28:58David Chan: risk
- 28:59David Chan: in
- 28:59David Chan: order
- 28:59David Chan: to
- 28:59David Chan: generate,
- 29:00David Chan: maybe
- 29:01David Chan: an
- 29:01David Chan: incremental
- 29:01David Chan: a
- 29:01David Chan: hundred
- 29:02David Chan: basis
- 29:02David Chan: points
- 29:02David Chan: in
- 29:02David Chan: return
- 29:03David Chan: over
- 29:04David Chan: that
- 29:04David Chan: time
- 29:04David Chan: period.
- 29:05David Chan: So
- 29:05David Chan: in
- 29:05David Chan: general
- 29:06David Chan: we've
- 29:06David Chan: seen
- 29:06David Chan: a
- 29:06David Chan: lot
- 29:06David Chan: less
- 29:07David Chan: volatility,
- 29:07David Chan: and
- 29:07David Chan: that's
- 29:08David Chan: true
- 29:08David Chan: of
- 29:08David Chan: real
- 29:08David Chan: estate
- 29:08David Chan: too.
- 29:09David Chan: We
- 29:09David Chan: have
- 29:09David Chan: less
- 29:09David Chan: exposure
- 29:10David Chan: to
- 29:10David Chan: economic
- 29:10David Chan: cycles
- 29:11David Chan: than
- 29:12David Chan: say,
- 29:12David Chan: office.
- 29:12David Chan: I
- 29:12David Chan: picked
- 29:13David Chan: on
- 29:13David Chan: the
- 29:13David Chan: pandemic
- 29:13David Chan: before,
- 29:14David Chan: no
- 29:14David Chan: one
- 29:14David Chan: knows
- 29:15David Chan: the
- 29:15David Chan: pandemic
- 29:15David Chan: like
- 29:15David Chan: office.
- 29:16David Chan: So
- 29:17David Chan: they'd
- 29:17David Chan: probably
- 29:17David Chan: tell
- 29:17David Chan: me
- 29:17David Chan: to
- 29:18David Chan: exit
- 29:18David Chan: stage
- 29:18David Chan: left
- 29:19David Chan: if
- 29:19David Chan: they
- 29:19David Chan: heard
- 29:19David Chan: me
- 29:19David Chan: talking
- 29:19David Chan: about
- 29:20David Chan: permanent
- 29:20David Chan: crops
- 29:21David Chan: and
- 29:21David Chan: and
- 29:21David Chan: the
- 29:21David Chan: pandemic
- 29:22David Chan: impacts.
- 29:22David Chan: I
- 29:22David Chan: would
- 29:23David Chan: say
- 29:23David Chan: we're
- 29:23David Chan: more
- 29:23David Chan: exposed,
- 29:24David Chan: to,
- 29:24David Chan: to
- 29:25David Chan: some
- 29:25David Chan: natural
- 29:25David Chan: factors
- 29:26David Chan: than
- 29:26David Chan: others.
- 29:26David Chan: Certainly
- 29:27David Chan: weather
- 29:27David Chan: can
- 29:27David Chan: play
- 29:28David Chan: a
- 29:28David Chan: role
- 29:28David Chan: in
- 29:29David Chan: a
- 29:29David Chan: given
- 29:29David Chan: season's
- 29:30David Chan: supply
- 29:31David Chan: or
- 29:31David Chan: harvest
- 29:32David Chan: yields.
- 29:32David Chan: We
- 29:33David Chan: talked
- 29:33David Chan: about
- 29:33David Chan: water
- 29:34David Chan: already,
- 29:34David Chan: but
- 29:34David Chan: that's
- 29:34David Chan: obviously
- 29:35David Chan: a
- 29:35David Chan: critical
- 29:35David Chan: component
- 29:36David Chan: of
- 29:36David Chan: our
- 29:36David Chan: underwriting.
- 29:37David Chan: And
- 29:37David Chan: then
- 29:38David Chan: just
- 29:38David Chan: the
- 29:38David Chan: general
- 29:39David Chan: supply
- 29:39David Chan: and
- 29:39David Chan: demand
- 29:40David Chan: factors
- 29:40David Chan: and
- 29:40David Chan: dynamics
- 29:41David Chan: that,
- 29:41David Chan: go
- 29:42David Chan: into
- 29:42David Chan: these
- 29:42David Chan: different
- 29:42David Chan: commodities.
- 29:43David Chan: And
- 29:43David Chan: so
- 29:44David Chan: I
- 29:44David Chan: think,
- 29:44David Chan: overall
- 29:45David Chan: when
- 29:45David Chan: we
- 29:45David Chan: look
- 29:45David Chan: at
- 29:45David Chan: the
- 29:46David Chan: risk
- 29:46David Chan: profile
- 29:46David Chan: of
- 29:46David Chan: farmland,
- 29:47David Chan: we
- 29:47David Chan: just
- 29:48David Chan: see
- 29:48David Chan: a
- 29:48David Chan: very
- 29:48David Chan: stable
- 29:49David Chan: asset
- 29:49David Chan: class
- 29:50David Chan: where,
- 29:50David Chan: we
- 29:50David Chan: like
- 29:50David Chan: to
- 29:50David Chan: think
- 29:50David Chan: of
- 29:51David Chan: it
- 29:51David Chan: if
- 29:51David Chan: you're
- 29:51David Chan: a
- 29:51David Chan: fan
- 29:51David Chan: of
- 29:52David Chan: baseball
- 29:52David Chan: we
- 29:53David Chan: think
- 29:53David Chan: we're
- 29:53David Chan: really
- 29:53David Chan: good
- 29:53David Chan: for
- 29:54David Chan: singles
- 29:54David Chan: and
- 29:54David Chan: doubles.
- 29:55David Chan: Very
- 29:55David Chan: consistent
- 29:56David Chan: for
- 29:56David Chan: singles
- 29:56David Chan: and
- 29:56David Chan: doubles.
- 29:57David Chan: But,
- 29:57David Chan: if
- 29:57David Chan: you're
- 29:57David Chan: looking
- 29:58David Chan: for
- 29:58David Chan: a
- 29:58David Chan: home
- 29:58David Chan: run
- 29:59David Chan: or
- 29:59David Chan: a
- 29:59David Chan: grand
- 29:59David Chan: slam,
- 30:00David Chan: probably
- 30:01David Chan: not
- 30:01David Chan: the
- 30:01David Chan: right
- 30:01David Chan: asset
- 30:01David Chan: class
- 30:02David Chan: for
- 30:02David Chan: that.
- 30:02Ryan: Yeah.
- 30:03Ryan: Yeah,
- 30:03Ryan: I
- 30:03Ryan: love
- 30:04Ryan: it.
- 30:04Ryan: I'm
- 30:04Ryan: so
- 30:04Ryan: glad
- 30:04Ryan: you
- 30:04Ryan: brought
- 30:05Ryan: up
- 30:05Ryan: the
- 30:05Ryan: benchmark
- 30:06Ryan: too.
- 30:06Ryan: That
- 30:06Ryan: was
- 30:06Ryan: one
- 30:06Ryan: of
- 30:06Ryan: my
- 30:07Ryan: questions.
- 30:07Ryan: It
- 30:08Ryan: was
- 30:08Ryan: gonna
- 30:08Ryan: be
- 30:08Ryan: one
- 30:09Ryan: of
- 30:09Ryan: my
- 30:09Ryan: questions
- 30:09Ryan: or
- 30:09Ryan: maybe
- 30:10Ryan: pain
- 30:10Ryan: points
- 30:11Ryan: to
- 30:11Ryan: invest
- 30:11Ryan: in
- 30:11Ryan: front
- 30:12Ryan: of,
- 30:12Ryan: if
- 30:12Ryan: I'm.
- 30:13Ryan: Financial
- 30:13Ryan: advisor,
- 30:14Ryan: investor,
- 30:14Ryan: what's
- 30:15Ryan: the
- 30:15Ryan: proxy?
- 30:16Ryan: Where
- 30:16Ryan: do
- 30:16Ryan: I
- 30:17Ryan: okay,
- 30:17Ryan: I
- 30:17Ryan: wanna
- 30:18Ryan: include
- 30:18Ryan: this
- 30:18Ryan: into
- 30:18Ryan: investment
- 30:19Ryan: portfolio,
- 30:19Ryan: but
- 30:20Ryan: I
- 30:20Ryan: would
- 30:20Ryan: like
- 30:20Ryan: to
- 30:20Ryan: have
- 30:21Ryan: a
- 30:21Ryan: proxy
- 30:21Ryan: that,
- 30:22Ryan: maybe
- 30:22Ryan: backtest
- 30:23Ryan: it,
- 30:23Ryan: see
- 30:23Ryan: what
- 30:23Ryan: it,
- 30:23Ryan: the
- 30:24Ryan: role
- 30:24Ryan: it
- 30:24Ryan: has
- 30:24Ryan: in
- 30:25Ryan: a
- 30:25Ryan: investment
- 30:25Ryan: portfolio.
- 30:26Ryan: Really
- 30:26Ryan: glad
- 30:27Ryan: you
- 30:27Ryan: brought
- 30:27Ryan: up
- 30:27Ryan: that
- 30:27Ryan: benchmark.
- 30:29Ryan: I
- 30:29Ryan: was
- 30:29Ryan: gonna
- 30:29Ryan: be
- 30:29Ryan: one
- 30:30Ryan: of
- 30:30Ryan: my
- 30:30Ryan: pain
- 30:30Ryan: points
- 30:31Ryan: or
- 30:31Ryan: my
- 30:31Ryan: questions.
- 30:32Ryan: Are
- 30:32Ryan: there
- 30:32Ryan: other
- 30:32Ryan: pain
- 30:33Ryan: points
- 30:33Ryan: of
- 30:33Ryan: investing
- 30:34Ryan: in
- 30:34Ryan: farmland
- 30:34Ryan: that
- 30:35Ryan: people
- 30:35Ryan: should
- 30:36Ryan: be
- 30:36Ryan: aware
- 30:37Ryan: of?
- 30:38David Chan: Yeah,
- 30:38David Chan: I
- 30:38David Chan: certainly
- 30:39David Chan: think
- 30:39David Chan: liquidity
- 30:40David Chan: is
- 30:40David Chan: probably
- 30:40David Chan: top
- 30:41David Chan: of
- 30:41David Chan: the
- 30:41David Chan: list,
- 30:41David Chan: and
- 30:41David Chan: so
- 30:42David Chan: it
- 30:43David Chan: is
- 30:43David Chan: not
- 30:43David Chan: an
- 30:43David Chan: asset
- 30:44David Chan: class
- 30:44David Chan: that,
- 30:44David Chan: I
- 30:44David Chan: would.
- 30:45David Chan: I
- 30:45David Chan: would
- 30:46David Chan: stay
- 30:46David Chan: away
- 30:46David Chan: from
- 30:47David Chan: the
- 30:47David Chan: mindset
- 30:48David Chan: of
- 30:48David Chan: the
- 30:48David Chan: flippant
- 30:49David Chan: mindset,
- 30:50David Chan: right?
- 30:50David Chan: This
- 30:50David Chan: is
- 30:50David Chan: not
- 30:50David Chan: typically
- 30:52David Chan: an
- 30:52David Chan: asset
- 30:52David Chan: class
- 30:52David Chan: where
- 30:52David Chan: you
- 30:53David Chan: can
- 30:53David Chan: come
- 30:53David Chan: in
- 30:53David Chan: and
- 30:53David Chan: make
- 30:53David Chan: some
- 30:53David Chan: operational
- 30:54David Chan: changes
- 30:54David Chan: in
- 30:54David Chan: two
- 30:55David Chan: years
- 30:55David Chan: and
- 30:55David Chan: expect
- 30:55David Chan: an
- 30:55David Chan: exit
- 30:56David Chan: and
- 30:56David Chan: expect
- 30:56David Chan: to
- 30:57David Chan: be
- 30:57David Chan: paid
- 30:57David Chan: for
- 30:57David Chan: those
- 30:58David Chan: changes.
- 30:58David Chan: It,
- 30:59David Chan: it
- 30:59David Chan: takes
- 30:59David Chan: a
- 30:59David Chan: long
- 31:00David Chan: time
- 31:00David Chan: for
- 31:01David Chan: CapEx
- 31:01David Chan: projects
- 31:02David Chan: to
- 31:02David Chan: really
- 31:02David Chan: materialize.
- 31:03David Chan: And
- 31:04David Chan: it
- 31:04David Chan: also,
- 31:05David Chan: takes
- 31:05David Chan: several
- 31:05David Chan: years
- 31:06David Chan: to
- 31:06David Chan: go
- 31:06David Chan: through
- 31:06David Chan: cycles.
- 31:07David Chan: And
- 31:08David Chan: to
- 31:08David Chan: ma
- 31:08David Chan: to
- 31:08David Chan: monetize
- 31:09David Chan: and
- 31:09David Chan: maximize
- 31:10David Chan: appreciation.
- 31:11David Chan: So
- 31:12David Chan: you
- 31:12David Chan: know,
- 31:13David Chan: it,
- 31:13David Chan: again,
- 31:13David Chan: we
- 31:13David Chan: come
- 31:14David Chan: back
- 31:14David Chan: to
- 31:15David Chan: the
- 31:15David Chan: nature
- 31:15David Chan: of
- 31:15David Chan: the
- 31:15David Chan: asset
- 31:16David Chan: class,
- 31:16David Chan: which
- 31:16David Chan: is
- 31:17David Chan: that
- 31:17David Chan: this
- 31:17David Chan: is
- 31:17David Chan: a
- 31:17David Chan: biological
- 31:18David Chan: asset
- 31:19David Chan: at
- 31:19David Chan: the
- 31:19David Chan: end
- 31:19David Chan: of
- 31:19David Chan: the
- 31:19David Chan: day.
- 31:20David Chan: And
- 31:20David Chan: so
- 31:20David Chan: we
- 31:21David Chan: can't
- 31:21David Chan: speed
- 31:21David Chan: up
- 31:21David Chan: mother
- 31:22David Chan: nature.
- 31:22David Chan: We
- 31:22David Chan: can't
- 31:22David Chan: speed
- 31:23David Chan: up
- 31:23David Chan: how
- 31:23David Chan: long
- 31:23David Chan: it
- 31:23David Chan: takes
- 31:24David Chan: trees
- 31:24David Chan: to
- 31:24David Chan: grow
- 31:25David Chan: or
- 31:25David Chan: vines
- 31:25David Chan: to
- 31:25David Chan: grow.
- 31:26David Chan: And
- 31:26David Chan: so
- 31:26David Chan: I
- 31:26David Chan: think,
- 31:27David Chan: investors
- 31:27David Chan: looking
- 31:28David Chan: at
- 31:28David Chan: ag
- 31:28David Chan: should
- 31:29David Chan: come
- 31:29David Chan: into
- 31:29David Chan: it
- 31:29David Chan: with
- 31:29David Chan: a
- 31:29David Chan: mindset
- 31:30David Chan: of.
- 31:30David Chan: It,
- 31:30David Chan: this
- 31:31David Chan: is
- 31:31David Chan: a
- 31:31David Chan: multi-year
- 31:31David Chan: investment.
- 31:32David Chan: And
- 31:32David Chan: depending
- 31:33David Chan: on
- 31:33David Chan: whether
- 31:34David Chan: you're
- 31:34David Chan: looking
- 31:34David Chan: at
- 31:34David Chan: it
- 31:34David Chan: from
- 31:34David Chan: a
- 31:35David Chan: credit
- 31:35David Chan: lens
- 31:35David Chan: or
- 31:35David Chan: an
- 31:36David Chan: equity
- 31:36David Chan: lens,
- 31:36David Chan: that
- 31:36David Chan: may
- 31:37David Chan: be,
- 31:38David Chan: in
- 31:38David Chan: the
- 31:38David Chan: case
- 31:38David Chan: of
- 31:38David Chan: credit
- 31:39David Chan: f.
- 31:40David Chan: Maybe
- 31:40David Chan: two
- 31:41David Chan: years
- 31:41David Chan: at
- 31:41David Chan: shortest
- 31:42David Chan: end
- 31:42David Chan: to
- 31:43David Chan: probably
- 31:43David Chan: five
- 31:43David Chan: years
- 31:44David Chan: is
- 31:44David Chan: where
- 31:44David Chan: we're,
- 31:44David Chan: we
- 31:45David Chan: tend
- 31:45David Chan: to
- 31:45David Chan: look
- 31:45David Chan: at
- 31:45David Chan: most
- 31:45David Chan: of
- 31:46David Chan: our
- 31:46David Chan: credit
- 31:46David Chan: opportunities.
- 31:47David Chan: And
- 31:47David Chan: on
- 31:47David Chan: the
- 31:48David Chan: equity
- 31:48David Chan: side
- 31:48David Chan: it
- 31:48David Chan: could
- 31:49David Chan: be
- 31:49David Chan: 10
- 31:49David Chan: to
- 31:49David Chan: 15
- 31:50David Chan: years.
- 31:50David Chan: It's
- 31:50David Chan: certainly
- 31:51David Chan: a
- 31:51David Chan: longer
- 31:51David Chan: term
- 31:51David Chan: investment.
- 31:52David Chan: Besides
- 31:52David Chan: the
- 31:52David Chan: liquidity,
- 31:54David Chan: I
- 31:54David Chan: would
- 31:54David Chan: say
- 31:54David Chan: just
- 31:55David Chan: the
- 31:55David Chan: complexity
- 31:56David Chan: that's
- 31:56David Chan: involved
- 31:56David Chan: the
- 31:57David Chan: operational
- 31:57David Chan: complexity
- 31:58David Chan: that
- 31:58David Chan: we
- 31:58David Chan: see.
- 31:59David Chan: We
- 32:00David Chan: we
- 32:00David Chan: have
- 32:00David Chan: to
- 32:00David Chan: be
- 32:01David Chan: experts
- 32:01David Chan: on
- 32:02David Chan: as
- 32:02David Chan: many
- 32:02David Chan: commodities
- 32:03David Chan: and
- 32:03David Chan: regions
- 32:03David Chan: that
- 32:03David Chan: we're
- 32:04David Chan: active
- 32:04David Chan: in.
- 32:04David Chan: So
- 32:04David Chan: today
- 32:05David Chan: that's
- 32:05David Chan: probably
- 32:06David Chan: close
- 32:06David Chan: to
- 32:06David Chan: two
- 32:06David Chan: dozen
- 32:06David Chan: different
- 32:07David Chan: commodities.
- 32:08David Chan: Each
- 32:08David Chan: of
- 32:08David Chan: these
- 32:08David Chan: commodities
- 32:09David Chan: are
- 32:09David Chan: going
- 32:09David Chan: to
- 32:09David Chan: have
- 32:09David Chan: their
- 32:09David Chan: own
- 32:10David Chan: supply
- 32:10David Chan: and
- 32:10David Chan: demand
- 32:11David Chan: fundamentals
- 32:11David Chan: and
- 32:11David Chan: characteristics.
- 32:12David Chan: And
- 32:12David Chan: it's
- 32:12David Chan: almost
- 32:13David Chan: like
- 32:13David Chan: two
- 32:13David Chan: dozen
- 32:13David Chan: different.
- 32:14David Chan: Industries
- 32:15David Chan: in
- 32:15David Chan: a
- 32:15David Chan: way.
- 32:16David Chan: And
- 32:16David Chan: so
- 32:17David Chan: there's
- 32:17David Chan: a
- 32:17David Chan: lot
- 32:17David Chan: of
- 32:17David Chan: complexity
- 32:18David Chan: there.
- 32:19David Chan: But
- 32:19David Chan: we
- 32:19David Chan: think
- 32:19David Chan: that's
- 32:19David Chan: necessary
- 32:20David Chan: because
- 32:20David Chan: you,
- 32:20David Chan: if
- 32:21David Chan: you
- 32:21David Chan: are
- 32:21David Chan: going
- 32:21David Chan: to
- 32:22David Chan: invest
- 32:22David Chan: in
- 32:22David Chan: farmland,
- 32:23David Chan: we
- 32:23David Chan: do
- 32:23David Chan: think
- 32:24David Chan: a
- 32:24David Chan: diversified
- 32:24David Chan: portfolio
- 32:25David Chan: is
- 32:25David Chan: the
- 32:25David Chan: best
- 32:25David Chan: approach
- 32:26David Chan: just
- 32:26David Chan: given
- 32:26David Chan: the
- 32:26David Chan: cyclicality
- 32:27David Chan: of
- 32:27David Chan: agriculture.
- 32:28David Chan: And
- 32:28David Chan: so
- 32:29David Chan: you
- 32:30David Chan: wouldn't
- 32:30David Chan: wanna
- 32:30David Chan: be
- 32:30David Chan: overly
- 32:30David Chan: exposed
- 32:31David Chan: and
- 32:31David Chan: say,
- 32:32David Chan: have
- 32:32David Chan: a
- 32:32David Chan: portfolio
- 32:33David Chan: entirely
- 32:33David Chan: comprised
- 32:34David Chan: of.
- 32:35David Chan: Honey
- 32:36David Chan: crisp
- 32:36David Chan: apples.
- 32:36David Chan: Because
- 32:37David Chan: if
- 32:37David Chan: honey
- 32:37David Chan: crisp
- 32:38David Chan: apples
- 32:38David Chan: are
- 32:38David Chan: going
- 32:38David Chan: through
- 32:39David Chan: a
- 32:39David Chan: bear
- 32:40David Chan: cycle
- 32:40David Chan: during
- 32:40David Chan: the
- 32:41David Chan: majority
- 32:41David Chan: of
- 32:41David Chan: your
- 32:41David Chan: whole
- 32:41David Chan: period,
- 32:42David Chan: you're
- 32:42David Chan: not
- 32:42David Chan: going
- 32:42David Chan: to
- 32:42David Chan: be
- 32:42David Chan: a
- 32:42David Chan: happy
- 32:43David Chan: camper.
- 32:44Ryan: Yeah.
- 32:45Ryan: I
- 32:45Ryan: love
- 32:45Ryan: honey
- 32:45Ryan: crisp
- 32:46Ryan: apples.
- 32:46Ryan: I
- 32:46Ryan: think
- 32:47Ryan: David,
- 32:47Ryan: I
- 32:47Ryan: think
- 32:47Ryan: they're
- 32:47Ryan: the
- 32:48Ryan: best
- 32:48Ryan: apple
- 32:48Ryan: out
- 32:48Ryan: there,
- 32:49Ryan: so
- 32:50Ryan: I'm
- 32:50Ryan: doing
- 32:51Ryan: my
- 32:51Ryan: part.
- 32:51Ryan: Lastly,
- 32:53Ryan: you
- 32:53Ryan: mentioned
- 32:54Ryan: it
- 32:54Ryan: earlier.
- 32:56Ryan: And
- 32:56Ryan: it's
- 32:56Ryan: really
- 32:56Ryan: hard
- 32:57Ryan: not
- 32:57Ryan: to
- 32:57Ryan: have
- 32:57Ryan: this
- 32:57Ryan: conversation,
- 32:58Ryan: especially
- 32:58Ryan: when
- 32:59Ryan: we're
- 32:59Ryan: talking
- 32:59Ryan: about
- 32:59Ryan: global
- 33:01Ryan: investments
- 33:01Ryan: and
- 33:02Ryan: just
- 33:02Ryan: importing,
- 33:03Ryan: exporting
- 33:04Ryan: the
- 33:04Ryan: eco
- 33:04Ryan: global
- 33:05Ryan: economic
- 33:05Ryan: impact.
- 33:06Ryan: Farming
- 33:07Ryan: has
- 33:07Ryan: and
- 33:08Ryan: crops
- 33:08Ryan: has
- 33:09Ryan: what
- 33:11Ryan: the
- 33:11Ryan: geopolitical
- 33:12Ryan: concerns,
- 33:12Ryan: you
- 33:12Ryan: talked
- 33:13Ryan: on
- 33:13Ryan: it.
- 33:13Ryan: What
- 33:14Ryan: impact
- 33:14Ryan: does
- 33:14Ryan: the
- 33:15Ryan: Iran
- 33:15Ryan: war
- 33:16Ryan: conflict,
- 33:16Ryan: whatever
- 33:17Ryan: you
- 33:17Ryan: want
- 33:17Ryan: to
- 33:17Ryan: call
- 33:17Ryan: it
- 33:18Ryan: what
- 33:18Ryan: impact
- 33:19Ryan: does
- 33:19Ryan: that
- 33:19Ryan: have
- 33:20Ryan: on
- 33:21Ryan: investing
- 33:21Ryan: in
- 33:22Ryan: agriculture
- 33:22Ryan: or
- 33:22Ryan: farmlands?
- 33:24David Chan: Yeah,
- 33:24David Chan: certainly.
- 33:25David Chan: I
- 33:25David Chan: think.
- 33:26David Chan: It's
- 33:26David Chan: similar
- 33:27David Chan: to
- 33:27David Chan: tariffs
- 33:28David Chan: in
- 33:28David Chan: a
- 33:28David Chan: way
- 33:28David Chan: where
- 33:28David Chan: it's
- 33:28David Chan: complex
- 33:29David Chan: and
- 33:29David Chan: there's,
- 33:30David Chan: we
- 33:30David Chan: see
- 33:31David Chan: some
- 33:31David Chan: emerging
- 33:31David Chan: headwinds
- 33:32David Chan: and
- 33:32David Chan: some
- 33:32David Chan: emerging
- 33:32David Chan: tailwinds.
- 33:33David Chan: I
- 33:33David Chan: would
- 33:33David Chan: say
- 33:34David Chan: probably
- 33:34David Chan: the
- 33:34David Chan: biggest
- 33:34David Chan: headwind
- 33:35David Chan: is
- 33:35David Chan: going
- 33:35David Chan: to
- 33:35David Chan: be,
- 33:36David Chan: we
- 33:36David Chan: do
- 33:37David Chan: see
- 33:37David Chan: this
- 33:37David Chan: as
- 33:37David Chan: a
- 33:38David Chan: price
- 33:38David Chan: shock
- 33:38David Chan: for
- 33:39David Chan: fertilizer.
- 33:40David Chan: There's
- 33:40David Chan: a
- 33:40David Chan: number
- 33:40David Chan: of
- 33:40David Chan: fertilizer
- 33:41David Chan: components.
- 33:42David Chan: I'll
- 33:42David Chan: pick
- 33:42David Chan: on
- 33:43David Chan: a
- 33:43David Chan: few
- 33:43David Chan: of
- 33:43David Chan: the
- 33:43David Chan: biggest.
- 33:44David Chan: So
- 33:44David Chan: there's
- 33:44David Chan: DAP
- 33:45David Chan: and
- 33:45David Chan: map,
- 33:45David Chan: which
- 33:46David Chan: are
- 33:46David Chan: diammonium
- 33:46David Chan: phosphate
- 33:47David Chan: and
- 33:47David Chan: mono
- 33:47David Chan: ammonium
- 33:48David Chan: phosphate.
- 33:49David Chan: There's
- 33:49David Chan: urea
- 33:50David Chan: ammonium
- 33:51David Chan: and
- 33:52David Chan: potash
- 33:52David Chan: would
- 33:52David Chan: be
- 33:53David Chan: the
- 33:53David Chan: fourth
- 33:53David Chan: big
- 33:53David Chan: one.
- 33:54David Chan: And
- 33:54David Chan: then
- 33:54David Chan: of
- 33:54David Chan: course,
- 33:55David Chan: nitrogen.
- 33:55David Chan: But
- 33:55David Chan: all
- 33:56David Chan: are
- 33:56David Chan: related.
- 33:57David Chan: Many
- 33:57David Chan: are
- 33:57David Chan: byproducts
- 33:58David Chan: of
- 33:58David Chan: liquified
- 33:58David Chan: natural
- 33:59David Chan: gas
- 33:59David Chan: production.
- 34:00David Chan: And
- 34:01David Chan: given
- 34:01David Chan: that
- 34:01David Chan: the
- 34:01David Chan: Persian
- 34:01David Chan: Gulf
- 34:02David Chan: is
- 34:02David Chan: such
- 34:02David Chan: a
- 34:02David Chan: large
- 34:02David Chan: producer
- 34:03David Chan: of
- 34:03David Chan: LNG,
- 34:04David Chan: they're
- 34:05David Chan: also
- 34:05David Chan: by
- 34:05David Chan: defacto
- 34:06David Chan: a
- 34:06David Chan: big
- 34:06David Chan: producer
- 34:07David Chan: of
- 34:07David Chan: many
- 34:07David Chan: of
- 34:07David Chan: these
- 34:07David Chan: different
- 34:08David Chan: fertilizer
- 34:08David Chan: components.
- 34:09David Chan: And
- 34:09David Chan: I
- 34:09David Chan: think
- 34:10David Chan: the
- 34:11David Chan: biggest
- 34:11David Chan: thing
- 34:11David Chan: that.
- 34:12David Chan: I
- 34:13David Chan: would
- 34:13David Chan: wanna
- 34:13David Chan: share
- 34:13David Chan: right
- 34:14David Chan: now
- 34:14David Chan: is
- 34:14David Chan: that,
- 34:15David Chan: I
- 34:15David Chan: think
- 34:15David Chan: if
- 34:15David Chan: the
- 34:16David Chan: US
- 34:16David Chan: was
- 34:16David Chan: not
- 34:16David Chan: a
- 34:16David Chan: large
- 34:17David Chan: domestic
- 34:17David Chan: producer
- 34:18David Chan: of
- 34:18David Chan: many
- 34:18David Chan: of
- 34:18David Chan: these
- 34:19David Chan: different
- 34:19David Chan: components,
- 34:20David Chan: it
- 34:20David Chan: would
- 34:20David Chan: be
- 34:20David Chan: a
- 34:21David Chan: much
- 34:21David Chan: more,
- 34:22David Chan: alarming
- 34:22David Chan: situation.
- 34:23David Chan: And
- 34:24David Chan: we
- 34:24David Chan: would
- 34:24David Chan: see
- 34:25David Chan: the
- 34:25David Chan: potential
- 34:25David Chan: for
- 34:25David Chan: supply
- 34:26David Chan: shock.
- 34:27David Chan: That's
- 34:27David Chan: not
- 34:27David Chan: what
- 34:27David Chan: we're
- 34:27David Chan: seeing
- 34:28David Chan: today.
- 34:28David Chan: We
- 34:29David Chan: are
- 34:29David Chan: certainly
- 34:30David Chan: seeing
- 34:30David Chan: the
- 34:30David Chan: potential
- 34:30David Chan: and
- 34:31David Chan: likelihood
- 34:31David Chan: of
- 34:31David Chan: price
- 34:32David Chan: shock
- 34:32David Chan: because
- 34:33David Chan: ultimately,
- 34:34David Chan: this
- 34:34David Chan: disturbance
- 34:34David Chan: is
- 34:35David Chan: going
- 34:35David Chan: to
- 34:35David Chan: raise
- 34:36David Chan: and
- 34:36David Chan: has
- 34:36David Chan: already
- 34:36David Chan: raised
- 34:37David Chan: benchmark
- 34:37David Chan: prices
- 34:38David Chan: globally
- 34:38David Chan: for
- 34:38David Chan: fertilizer.
- 34:39David Chan: If
- 34:40David Chan: you
- 34:40David Chan: look
- 34:40David Chan: at
- 34:40David Chan: the
- 34:40David Chan: different
- 34:41David Chan: production
- 34:41David Chan: sources
- 34:42David Chan: for
- 34:42David Chan: US
- 34:42David Chan: fertilizer
- 34:43David Chan: for
- 34:43David Chan: the
- 34:43David Chan: DPA
- 34:44David Chan: map,
- 34:44David Chan: we
- 34:44David Chan: produce
- 34:45David Chan: two
- 34:45David Chan: thirds
- 34:45David Chan: of
- 34:45David Chan: that
- 34:46David Chan: ourselves
- 34:46David Chan: here
- 34:47David Chan: in
- 34:47David Chan: the
- 34:47David Chan: us.
- 34:48David Chan: We
- 34:48David Chan: produce
- 34:48David Chan: two
- 34:48David Chan: thirds
- 34:48David Chan: of
- 34:48David Chan: the
- 34:49David Chan: urea
- 34:49David Chan: we
- 34:49David Chan: use
- 34:49David Chan: for
- 34:49David Chan: fertilizer
- 34:50David Chan: here
- 34:50David Chan: in
- 34:50David Chan: the
- 34:50David Chan: us.
- 34:51David Chan: We
- 34:51David Chan: produce
- 34:51David Chan: almost
- 34:52David Chan: 90%
- 34:53David Chan: of
- 34:53David Chan: ammonia
- 34:53David Chan: here
- 34:54David Chan: in,
- 34:54David Chan: in
- 34:54David Chan: the
- 34:54David Chan: us.
- 34:55David Chan: And
- 34:56David Chan: potash
- 34:56David Chan: is
- 34:56David Chan: the
- 34:56David Chan: one
- 34:56David Chan: that
- 34:57David Chan: we're
- 34:57David Chan: pretty
- 34:57David Chan: export
- 34:58David Chan: or
- 34:58David Chan: import
- 34:59David Chan: reliant
- 34:59David Chan: on.
- 35:00David Chan: I
- 35:00David Chan: think
- 35:00David Chan: we
- 35:00David Chan: import
- 35:01David Chan: almost.
- 35:02David Chan: Almost
- 35:02David Chan: all
- 35:02David Chan: of
- 35:03David Chan: the
- 35:03David Chan: potash
- 35:03David Chan: that
- 35:03David Chan: we
- 35:04David Chan: use
- 35:04David Chan: for
- 35:04David Chan: fertilizer
- 35:04David Chan: are
- 35:04David Chan: like
- 35:05David Chan: 98%
- 35:06David Chan: or
- 35:06David Chan: so.
- 35:07David Chan: But
- 35:07David Chan: our
- 35:07David Chan: neighbor
- 35:07David Chan: to
- 35:07David Chan: the
- 35:07David Chan: north
- 35:08David Chan: is
- 35:08David Chan: a
- 35:08David Chan: major
- 35:09David Chan: supplier,
- 35:09David Chan: potash.
- 35:09David Chan: So
- 35:10David Chan: we
- 35:10David Chan: got
- 35:10David Chan: all
- 35:11David Chan: of
- 35:11David Chan: that,
- 35:11David Chan: or
- 35:11David Chan: the
- 35:11David Chan: vast
- 35:12David Chan: majority
- 35:12David Chan: from
- 35:12David Chan: Canada.
- 35:13David Chan: The
- 35:14David Chan: US
- 35:14David Chan: is
- 35:14David Chan: in
- 35:14David Chan: actually
- 35:15David Chan: a
- 35:15David Chan: pretty
- 35:15David Chan: good
- 35:15David Chan: place
- 35:16David Chan: when
- 35:16David Chan: it
- 35:16David Chan: comes
- 35:16David Chan: to
- 35:16David Chan: sourcing
- 35:17David Chan: and
- 35:17David Chan: the
- 35:17David Chan: continuance
- 35:18David Chan: of
- 35:18David Chan: fertilizer
- 35:19David Chan: supply.
- 35:20David Chan: But
- 35:20David Chan: again
- 35:21David Chan: we
- 35:21David Chan: do
- 35:21David Chan: certainly
- 35:22David Chan: see
- 35:23David Chan: that
- 35:23David Chan: the
- 35:23David Chan: likelihood
- 35:24David Chan: of
- 35:24David Chan: prices
- 35:24David Chan: increasing
- 35:25David Chan: more
- 35:25David Chan: than
- 35:26David Chan: they
- 35:26David Chan: already
- 35:26David Chan: have
- 35:27David Chan: is
- 35:27David Chan: real
- 35:27David Chan: and
- 35:28David Chan: continues
- 35:28David Chan: to
- 35:28David Chan: go
- 35:28David Chan: up.
- 35:28David Chan: The
- 35:28David Chan: longer
- 35:29David Chan: that
- 35:29David Chan: this
- 35:29David Chan: conflict
- 35:30David Chan: stays
- 35:30David Chan: as
- 35:31David Chan: is.
- 35:31David Chan: So
- 35:31David Chan: that
- 35:32David Chan: would
- 35:32David Chan: be
- 35:32David Chan: the
- 35:32David Chan: headwind,
- 35:32David Chan: the
- 35:33David Chan: tailwind,
- 35:33David Chan: I
- 35:34David Chan: think.
- 35:34David Chan: There
- 35:35David Chan: has
- 35:35David Chan: been
- 35:36David Chan: a
- 35:36David Chan: emergence
- 35:37David Chan: and
- 35:37David Chan: really
- 35:37David Chan: an
- 35:37David Chan: acceleration
- 35:39David Chan: in
- 35:39David Chan: the
- 35:39David Chan: discussion
- 35:40David Chan: of
- 35:40David Chan: various
- 35:41David Chan: ethanol
- 35:41David Chan: policies
- 35:42David Chan: and
- 35:42David Chan: renewable
- 35:43David Chan: policies.
- 35:44David Chan: Largely
- 35:44David Chan: as
- 35:45David Chan: a
- 35:45David Chan: reaction
- 35:45David Chan: to
- 35:45David Chan: the
- 35:45David Chan: conflict
- 35:46David Chan: and
- 35:46David Chan: one
- 35:46David Chan: that
- 35:46David Chan: we're
- 35:46David Chan: monitoring
- 35:47David Chan: carefully
- 35:48David Chan: would
- 35:48David Chan: be
- 35:49David Chan: a
- 35:49David Chan: a
- 35:49David Chan: mandate
- 35:50David Chan: of
- 35:51David Chan: E
- 35:51David Chan: 15
- 35:52David Chan: fuel
- 35:52David Chan: oil
- 35:52David Chan: year
- 35:53David Chan: round.
- 35:53David Chan: So
- 35:54David Chan: E
- 35:54David Chan: 15
- 35:55David Chan: basically
- 35:55David Chan: just
- 35:55David Chan: means
- 35:56David Chan: that
- 35:56David Chan: the
- 35:56David Chan: ethanol
- 35:56David Chan: blend
- 35:57David Chan: in
- 35:57David Chan: the
- 35:57David Chan: gasoline
- 35:57David Chan: that
- 35:58David Chan: you
- 35:58David Chan: would
- 35:58David Chan: put
- 35:58David Chan: in
- 35:58David Chan: your
- 35:58David Chan: car
- 35:59David Chan: would
- 35:59David Chan: be,
- 36:00David Chan: it
- 36:00David Chan: would
- 36:00David Chan: have
- 36:00David Chan: 15%
- 36:00David Chan: ethanol
- 36:01David Chan: in
- 36:01David Chan: it
- 36:01David Chan: versus,
- 36:02David Chan: typical
- 36:02David Chan: 10
- 36:02David Chan: that
- 36:03David Chan: we
- 36:03David Chan: see.
- 36:03David Chan: It's
- 36:03David Chan: seasonal,
- 36:04David Chan: but
- 36:04David Chan: generally,
- 36:04David Chan: a
- 36:04David Chan: lot
- 36:05David Chan: of
- 36:05David Chan: places
- 36:05David Chan: will
- 36:05David Chan: blend
- 36:05David Chan: at
- 36:06David Chan: 10.
- 36:06David Chan: That
- 36:07David Chan: would
- 36:07David Chan: be
- 36:07David Chan: a
- 36:07David Chan: huge.
- 36:08David Chan: Demand
- 36:09David Chan: creator
- 36:10David Chan: for
- 36:10David Chan: co
- 36:10David Chan: corn
- 36:11David Chan: producers
- 36:11David Chan: in
- 36:11David Chan: the
- 36:11David Chan: us.
- 36:12David Chan: It
- 36:12David Chan: would
- 36:12David Chan: cre,
- 36:13David Chan: it
- 36:13David Chan: would
- 36:13David Chan: certainly
- 36:13David Chan: create
- 36:14David Chan: the
- 36:14David Chan: need
- 36:14David Chan: for
- 36:15David Chan: a
- 36:15David Chan: meaningful
- 36:16David Chan: number
- 36:17David Chan: of
- 36:17David Chan: millions
- 36:18David Chan: of
- 36:18David Chan: of
- 36:18David Chan: bushels
- 36:19David Chan: of
- 36:19David Chan: corn
- 36:19David Chan: to
- 36:19David Chan: be
- 36:19David Chan: sold
- 36:20David Chan: to
- 36:20David Chan: the
- 36:20David Chan: fuel
- 36:20David Chan: market.
- 36:21David Chan: Domestically
- 36:22David Chan: opposed
- 36:23David Chan: to
- 36:23David Chan: needing
- 36:23David Chan: export
- 36:24David Chan: markets
- 36:24David Chan: either
- 36:24David Chan: for
- 36:25David Chan: food
- 36:25David Chan: or
- 36:25David Chan: for
- 36:26David Chan: fuel.
- 36:26David Chan: And
- 36:27David Chan: so
- 36:27David Chan: we
- 36:27David Chan: actually
- 36:27David Chan: see
- 36:27David Chan: that
- 36:28David Chan: as
- 36:28David Chan: a
- 36:28David Chan: tailwind
- 36:28David Chan: and
- 36:29David Chan: that's
- 36:29David Chan: largely
- 36:29David Chan: been
- 36:29David Chan: spurred.
- 36:30David Chan: By
- 36:30David Chan: this
- 36:30David Chan: conflict.
- 36:31David Chan: And
- 36:31David Chan: I,
- 36:32David Chan: the
- 36:32David Chan: benefit,
- 36:33David Chan: I
- 36:33David Chan: would
- 36:33David Chan: say,
- 36:33David Chan: just
- 36:33David Chan: zooming
- 36:33David Chan: out
- 36:34David Chan: for
- 36:34David Chan: a
- 36:34David Chan: moment,
- 36:34David Chan: because
- 36:34David Chan: tariffs
- 36:35David Chan: work
- 36:35David Chan: the
- 36:35David Chan: same
- 36:35David Chan: way
- 36:36David Chan: where
- 36:36David Chan: we
- 36:36David Chan: saw.
- 36:37David Chan: Some
- 36:37David Chan: markets
- 36:37David Chan: experiencing
- 36:38David Chan: headwinds,
- 36:39David Chan: some
- 36:39David Chan: tailwinds
- 36:39David Chan: from
- 36:39David Chan: tariffs
- 36:40David Chan: last
- 36:40David Chan: year.
- 36:41David Chan: I
- 36:41David Chan: think
- 36:41David Chan: because
- 36:41David Chan: ag
- 36:42David Chan: is
- 36:42David Chan: so
- 36:43David Chan: diversified
- 36:44David Chan: and
- 36:44David Chan: we
- 36:44David Chan: talked
- 36:44David Chan: about
- 36:44David Chan: two
- 36:44David Chan: different,
- 36:45David Chan: two
- 36:45David Chan: dozen
- 36:46David Chan: commis,
- 36:46David Chan: two
- 36:46David Chan: different
- 36:47David Chan: angles
- 36:48David Chan: to
- 36:48David Chan: the
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- 36:48David Chan: with
- 36:48David Chan: permanent
- 36:48David Chan: crops,
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- 36:49David Chan: crops
- 36:50David Chan: the
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- 36:51David Chan: uniform
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- 36:53David Chan: of
- 36:53David Chan: macro
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- 36:55David Chan: out
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- 36:56David Chan: is
- 36:56David Chan: actually
- 36:56David Chan: quite
- 36:57David Chan: low.
- 36:57David Chan: And
- 36:57David Chan: so
- 36:58David Chan: again,
- 36:58David Chan: it
- 36:58David Chan: just
- 36:58David Chan: underscores
- 36:59David Chan: and
- 36:59David Chan: underpins
- 36:59David Chan: why
- 37:00David Chan: having
- 37:00David Chan: a
- 37:00David Chan: diversified
- 37:01David Chan: portfolio
- 37:02David Chan: in
- 37:02David Chan: agriculture
- 37:03David Chan: is
- 37:03David Chan: especially
- 37:04David Chan: important.
- 37:06Ryan: Wow,
- 37:06Ryan: David.
- 37:07Ryan: Awesome
- 37:08Ryan: conversation.
- 37:09Ryan: I
- 37:09Ryan: loved
- 37:09Ryan: It
- 37:10Ryan: Like
- 37:10Ryan: I
- 37:10Ryan: said,
- 37:10Ryan: I
- 37:11Ryan: always
- 37:11Ryan: enjoy
- 37:11Ryan: talking
- 37:12Ryan: to
- 37:12Ryan: agriculture
- 37:13Ryan: farmland
- 37:13Ryan: just
- 37:14Ryan: because
- 37:14Ryan: of
- 37:14Ryan: growing
- 37:15Ryan: up
- 37:15Ryan: with
- 37:15Ryan: it.
- 37:16Ryan: But
- 37:16Ryan: great
- 37:16Ryan: conversation.
- 37:17Ryan: You
- 37:18Ryan: brought
- 37:18Ryan: a
- 37:18Ryan: ton
- 37:18Ryan: of
- 37:19Ryan: great
- 37:19Ryan: insight
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- 37:20Ryan: information
- 37:21Ryan: that
- 37:21Ryan: I'm
- 37:21Ryan: sure
- 37:22Ryan: our
- 37:22Ryan: listeners,
- 37:22Ryan: I
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- 37:23Ryan: a
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- 37:24Ryan: I'm
- 37:24Ryan: sure
- 37:24Ryan: our
- 37:25Ryan: listeners
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- 37:27Ryan: you.
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- 37:27Ryan: been
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- 37:28Ryan: It
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- 37:28Ryan: lot
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- 37:29Ryan: Where
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- 37:35David Chan: It
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- 37:36David Chan: Ryan,
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- 37:47David Chan: I'm
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- 37:48David Chan: any
- 37:48David Chan: questions.
- 37:48David Chan: My
- 37:49David Chan: email's,
- 37:49David Chan: just
- 37:49David Chan: my
- 37:49David Chan: name,
- 37:49David Chan: david.Chan@homesteadcapital.com.
- 37:53Ryan: Awesome.
- 37:53Ryan: David,
- 37:54Ryan: thank
- 37:54Ryan: you
- 37:54Ryan: so
- 37:54Ryan: much
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- 37:54Ryan: thank
- 37:55Ryan: you
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- 37:56Ryan: thank
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- 37:56Ryan: everyone
- 37:57Ryan: for
- 37:57Ryan: listening
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- 37:59Ryan: Zephyr's
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