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| This still feels like the buyers are 'drinking the koolaid' and listening the ads on WLS telling them 'they value only has to triple for them to make money....'. We had a similar conversation here back when land was $4500 and how smart the buyers where. I'm not sure about smart, they were speculating, but it looks like it will work out if they sell to the 'greater fool'.
I'm still not sold on 'cash laying around' - I think businesses are not spending, hiring and expanding because a bad economy generates losses which have to be paid back once things get a little better. I don't think the economy, in general, is completely different from the hog industry. I would guess the smart guys with the cash already bought in a long time ago looking for just such a future buying spree to spike prices. Is gold a terrific buy at $1300/oz? How many times does buying at all time highs transfer into profit? Like has been said here before, when you start hearing the radio ads, they are fishing for suckers and the end can't be way off.
I could always be wrong and will one day be buying $20K/acre land telling everybody what a good deal it is - especially with $2.50 corn.
Thanks,
Pat
Edited by Pat H 9/8/2010 07:58
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Look Who Is Buying Farmland
