Farmland

“Australia is the driest continent on earth. And there's a lot less water compared to land. So water is a better way to pay the agricultural exposure.”

“Usually when you're investing in farmland, you're not actually buying the land. What you're really buying is access to water. It's more about water than it is soil. And so data centers is the same thing. It's about access to power.”

“Buying real estate, you know, we have everything from commercial properties to single families that we've turned into various Airbnbs land, farmland, regular land. Those have been our biggest winners.”

“The person whose farm butts up against you, they're going to be willing to pay a big premium because the land may only come available once in their lifetime. And so they're going to be bidding heavily. So whoever's in close proximity, because as you know, driv…”

“We have a very big allocation to forestry, about five percent of the fund. We have a big allocation to farmland. That's about six percent of the fund.”

“Since 1950, we've dropped the number of acres in America in farmland by about 30%.”

“So you'll even go into a state like Iowa now, you know, has 99 counties. One of those counties will have around 300,000 acres of tillable or plantable farmland. And look in the plat book, which is basically the phone directory for land, and in there you'll fin…”

“Historically, that has been around six percent. Half of that is inflation. This is a Very good inflation hedge. Soybeans go into like 3000 products, including the pen you're holding right there. I mean, it goes into everything. It is an inflation hedge, tracks…”

“One is that the United States or may globally gets into a deflationary environment. That'd be very bad for farmland.”

“If you do have a high inflationary environment with high interest rates, that works well for Farman. That's the 19 seventies for Farman.”

“But if somebody showed up and said, I want to buy two hundred fifty million dollars of farmland this year, the only way to do that would be to get large transactions and pay market prices to even attempt to do that even if you could execute it.”

“There are people in space to talk about at least mid teen returns, right on farmland. That's just not reality. We talk about high single digits in terms of returns”

“80% plus of the land are bought by farmers. We don't see a lot of competition from other farmland investment funds.”

“I think a lot of that disconnect comes by creating financial incentives, you know, bonuses and things like that for the investment manager that actually steer them away from things that the client should actually be investing in. And I see that often in farmla…”

“So you can get that combined yield with permanence up to 16, 17, 18% when things are going really, really, really well with your annual crops, with your things that have to be replanted every year, that's going to be corn, potatoes, onions, your yields are goi…”

“If somebody told me that their main interest in farmland investing was to just make tons of cashflow every year, I would tell them that that is not the main purpose of it. It's main purpose is to reduce the volatility that you see in other investments, like th…”

“If you go back to the 19 seventies, if you go back to that, that decade, if you were invested in the stock market, okay, over the decade, you would have gotten, you know, give or take about You know, 16, 17%, but you would have lost so much of your money to in…”

“This is why the farmland space is not as big as commercial property in other sectors is it's hard. This is a hard space. You can't operate in it, sitting in an office, pushing buttons, and, you know, spending your afternoons playing golf. You have to be able t…”

“Eventually we will be offering farmland. Eventually we'll be offering sort of more traditional agribusiness opportunities, emerging markets.”