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| That's fair enough. The hard part is when the price of land really becomes unhinged from the value of production, which is what happened here with 1031 exchanges. Opportunities vanished overnight. You can get by with buying overpriced land as long as things keep going up. When that doesn't happen is when you get squeezed. There are also a lot of "mature" operations around right now with money to throw around. That's also making things interesting. Dealing with a "dual level" playing field, so to speak.
My main problem, it seems right now, is figuring how to allot capital, while still trying to keep other opportunities open, and keep my balance sheet in a good enough shape to take advantage of them if they do occur.
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College economics and the grain markets.
