Achieving Balance by Aligning Values with High Return Organic Investing

Sustainable Farm Partners (SFP) presents a one-hour lunch & learn about sustainable investing through organic farmland.

The presentation covers three key SFP objectives that support …

  • Our People: by growing healthier organic food, creating a more viable food system while restoring economic vitality to rural communities.
  • Our Planet: by restoring soil health, reducing erosion, cleaning chemical-laden water while sequestering CO2 reducing the impact of climate change.
  • Your Profits: by dramatically increasing profitability through transitioning chemical-based farmland to organic.

Venue: Bourbon Grill – 104 Old Las Vegas Hwy, Santa Fe, NM 87505
Date: Wednesday, April 11, 2018, 11:30an – 1:00pm, lunch is included. RSVP as seating is limited.
RSVP at or call 505-663-6034.
SFP is a 506 (c) private placement partnership and can only be offered to accredited investors, family offices and endowments.


Invest in a Business and Not Just Markets

As I prepared for this article I realized that there are so many myths about investing. One myth is the concept of a balanced portfolio. A balanced portfolio are how stocks and bonds are supposed to offset each other. So I can properly explain why these myths are giving us a false sense of security I thought I would start with a quick definition of the two markets and the concept of a balanced portfolio.

What is the Bond Market?

The bond market, also called the debt market or credit market, is a financial market in which the investors are provided with the issuance and trading of debt securities. The bond market primarily includes government-issued securities and corporate debt securities, facilitating the transfer of capital from savers to the issuers or organizations requiring capital for government projects, business expansions, and ongoing operations. Definition courtesy of Investopedia.

What is the Stock Market?

The stock market refers to the collection of markets and exchanges where the issuing and trading of equities (stocks of publicly held companies), bonds and other sorts of securities takes place, either through formal exchanges or over-the-counter markets. Also known as the equity market, the stock market is one of the most vital components of a free-market economy, as it provides companies with access to capital in exchange for giving investors a slice of ownership. Definition courtesy of Investopedia

A Balanced Portfolio

Bonds in the past have been a way to balance your investment portfolio. The traditional approach used by many financial planners or advisors is 60% stocks or equities and 40% bonds. The theory is when stocks are up, bonds are down and when bonds are up, then stocks are down. Below is a 222-year chart that shows the balance between the S&P 500 and Interest rates (bond prices are reflected by interest rate change). Interest rates actually slowly went down as the S&P 500 slowly went up in value except for the depression of 1920-1921. That’s where interest rates jumped to 6% only to drop to 3.5% by 1926. Also during that time, we had the roaring twenties. We had the most stock growth ever at that time only to see it all go away in 1929 with the start of the Great Depression.

222 year bonds vs stocks

Then it changed

After World War 2 we enter a period of tremendous growth and accelerating inflation like we had never seen before. This was one of those times that you made money no matter what you invested in. Bond yields kept going up and stock prices did the same. If you were a financial planner your balanced portfolio just made money.

Debt and Baby Boomers

Now as we head into the bull market of 2017 and 2018 we are now starting to see, after a decade of the lowest interest rates in US history, that interest rates are going up. In normal times that would be a good thing but we have two major issues that are going to keep both the bond market and stock market volatile. The two are 20 trillion in national debt and 10,000 baby boomers retiring every day.

baby boomers

The first issue is debt. If interest rates go up then debt interest goes up. With a national debt of $20 trillion all we need is for interest rates to go up 1% then “we the people” will have to pay $200 billion more per year in interest. To truly understand the effect on our economy, we just passed a tax cut bill that saves in taxes, $1.5 trillion over 10 years or $150 billion a year. So if interest rates go up 1% it will more than wipe out the full benefit of the tax cuts. I am no economist but the US cannot afford to raise interest rates until the debt is addressed and I do not believe that is going to happen anytime soon. Get used to continuing low-interest rates.

So why are low-interest rates so bad?

Well, 10,000 baby boomers are retiring a day. They need income and as long as interest rates stay low they are not going to have low-risk investments like CDs or money market. Also, the bond market will still be producing low yields. That means these investors are going to be forced into much higher risk investments. Meaning the current stock market is going to stay extremely volatile. We also have another twenty years before we see the end of the baby boomer bubble and the high demand for income.

So what is the answer?

Stop investing in markets and start investing in business opportunities that are not affected by the markets. There was a time when you would follow a company that was doing well and when they went public you would invest in them. The problem today is when these companies go public the investment bankers make millions and the average stockholder gets stuck with a manipulated stock price. Also, the only way that investors can get income is through a dividend-paying stock or bond fund. The sectors that pay the highest yield are listed below.The Financial sector is the highest paying and it averages 3.72%. Remember when the bank paid you 5% on your savings?

dividends by sector


Besides stocks and bonds, there are still other investments out there. What if you could invest in a business as a limited partner and that business bought farmland and then converted it to organic. What if after the conversion the farm could produce 2.5 times more profits than the non-converted farmland. That 80% of the profit would be paid to the limited partners and that would be equivalent to at least an 8% return on their investment and could be higher.


Then after 10 years, the investment is liquidated and the limited partners receive 80% of the profits from the sale of the land that would be equivalent to getting back double the amount they initially invested. In addition, you have a team of people to not only overlook your investment but would also be available to answer any of your questions. And last what if this investment actually helped local farmers succeed while giving consumers healthier farmlands and more nutritious grains.

If this interests you please contact us at Sustainable Farm Partners (SFP) or go to our website, If you qualify we can send you out a Private Placement Memorandum (PPM). A PPM is the document that discloses everything the investor needs to know to make an informed investment decision prior to investing in a Regulation D Offering. Unlike a Business Plan, the PPM details the investment opportunity disclaims legal liabilities and explains the risk of losses.

How Soil Health Impacts All Wealth

In today’s complex economy how do we progress financially from where we are today and the life of abundance we seek? This is the first question a financial advisor will ask us. It is seldom an easy question to answer because the quality of our life isn’t measured purely in financial terms. There are multiple factors including our work, our family and, fundamentally, our values. How does our quest for financial wealth balance with the people and planet upon whom we depend? Surprisingly, it all begins with the soil.

First, let’s step back and look at where wealth comes from. The Wealth Pyramid describes the three different levels at which wealth is created. By investing in each of these levels we can achieve a balance in our portfolio that reflects all our goals and values. We’ll also learn how soil health impacts all wealth.

Primary Wealth – is land ownership.
Ask yourself, “Where does everything we need in order to live come from?” You are standing on the answer – the earth. The earth, the soil and all that resides above, within and below its surface are the source of all that we need to survive and thrive. All wealth, therefore, must derive from this.

Throughout history, from the earliest civilizations to kingdoms to the nation-state, wealth has been measured by land owned or controlled. All needs were met from the land. Land ownership was held within the castle walls. The serfs outside the walls paid the king a handsome portion of the bounty that came from the crops they grew and the products they made from the king’s land. If a serf’s crops failed he lost his wealth and labour. The King only lost some income but still owned the land – his true wealth. Land ownership is an expression of Primary Wealth and the foundation of the Wealth Pyramid.

Secondary Wealth – is what we make from Primary Wealth.
When energy, in the form of coal and oil, was discovered beneath the soil, its abundance caused an explosion in Secondary Wealth creating the Industrial Revolution. Primary Wealth beneath the soil gives us ore, which becomes steel to build infrastructure. Soil begets food to feed us, trees turn into lumber to build homes. But it was the discovery of hydrocarbons to create energy that enabled labour to be replaced and goods to be made at a rate like never before. This led to the greatest economic expansion in human history. In societal terms, it is secondary wealth that made the middle class and created new fortunes for the multitudes. But it all came from the abundance of the earth. Secondary Wealth leverages Primary Wealth to create more wealth.

Tertiary Wealth – is a “claim” on Primary and Secondary Wealth.
About the time Secondary Wealth began to kick in, so did Tertiary Wealth. It rests at the top of the Wealth Pyramid and creates its value through investing in the companies that have business interests in Primary and Secondary Wealth. Compared to Primary and Secondary Wealth, Tertiary Wealth is held in pieces of paper (actual or digital) represented by stock certificates, promissory notes, etc. These wealth instruments all point back to Secondary and Primary Wealth. This third level of wealth is a “claim” on the sources of wealth below it. Tertiary Wealth leverages Primary & Secondary Wealth into investment instruments.

Balance – There is wealth to be created at all three levels of the Wealth Pyramid, which takes us back to “balance”. How do we balance our treasure between these three that carry different risks and opportunities? One answer is to include sustainable organic farmland in our portfolio because, as Primary Wealth, it is the foundation for all wealth and the most sustainable and healthy of all farming practice. Farming isn’t always the highest flyer in the Wealth Pyramid but it is a hard asset that produces something we all need …food. It won’t depreciate to zero and if we take care of this farmland it will continue to take care of us.

Healthy Soil Keeps the Wealth Pyramid Healthy

Our economy stands on the shoulders of our soil and Primary Wealth. Just as there is a need for balance in the Wealth Pyramid, so too is there a need for balance in our soil. Balance is something nature will achieve on its own with minimal human interference. Soil health and balance are the crux of organic agriculture. And there’s a lot to balance. If you think a lot of life is going on above ground, it pales in comparison to the balance of life in the soil. According to Kathy Merrifield, a retired nematologist at Oregon State University, one teaspoon of soil
can hold up to one billion bacteria, several yards of fungal filaments, several thousand protozoa and scores of nematodes. That is if they’re allowed to live together in balance through healthy soil stewardship.

Conventional GM Farming

Unfortunately, modern conventional farming practices tend to create soil imbalance. They are also dependent to a large degree on a farming model that exists around genetically modified (GM) seeds. Conventional GM farming often uses minimal crop rotations, growing the same single crop year after year on the same land. This practice, known as mono-cropping causes the depletion of nutrients and minerals, essentially ‘mining’ them out of the soil. In order to continue growing crops in this depleted soil, these nutrients and minerals must be added back in the form of hydrocarbon-based fertilizers and mined minerals such as phosphate. Conventional GM farming is dependant on earth-based, non-renewable resources that are decreasing in supply, and increasing in cost.

Monocultures and the resulting poor soil health open the way for infestations of insects, diseases, and weeds. Healthy bio-diverse soil keeps these infestations in check. The lack of biodiversity requires synthetic pesticides and herbicides to be used, destroying the natural soil biology still further in an endless destructive downward cycle that turns healthy soil into dirt, hence the farmer becomes ‘dirt poor’.

Organic Farming

Organic farming eschews the use of GM seeds and all synthetic inputs. This allows nature to do what it does best, balancing the billions of life forms that thrive in the soil. The symbiotic relationship between healthy soil and plants is a marvel whereby one supports the other. Healthy soil creates healthy plants and together they provide abundance. It’s that simple. By building healthy soil the farmer becomes “soil rich”. This is the difference between soil and dirt.

If we allow our soil to become dirt then Primary Wealth, the foundation of all wealth, causes suffering for Secondary and Tertiary Wealth. Soil health and wealth in all its forms are co-dependent.

How Organic Farmland Can Balance Your Portfolio

Between October 2007 and October 2008 the Dow Jones Industrial Average declined 54% from
13,842 to 6,370. It took the next five years to recover its previous highs. During the same period, Iowa farmland grew 36% in value. This represents how farmland (Primary Wealth) can help balance investments in Secondary and Tertiary wealth.

Using data from Iowa State University’s Ag Extension Service we can compare average Iowa farmland values versus the Dow Jones (DJIA) from 1994 to 2014. In 1994 the Dow averaged around 3,827 while Iowa farmland values averaged $1,356 per acre. As of September 30, 2015, the Dow closed at 16,272 while the average price per acre in Iowa is at $7,943. How does this compare?

The Dow is up approximately 425%; Iowa farmland average price per acre is up approximately 585%
Yet this comparison is not the whole story. In addition to appreciation, farms also produce income that adds to the value equation. This is where what you farm, where you farm and how you farm really counts. As of the spring 2015, conventional GM corn was selling for around $3.50 per bushel, close to or below the cost of production. In contrast organic corn was selling for over $12 per bushel. At the same time organic row-crop farming can cost as much as 40% less to produce than conventional GM farming while meeting or exceeding conventional crop yields.

Why is organic corn more expensive? Because the demand is so high and the supply so low. In 2014 this imbalance was shown in the fact that for every dollar of organics exported by the US, it imported $8. When you consider your risk tolerance and values, you may want to consider investing a portion of your portfolio in the world of Primary Wealth, soil and organic farmland. It’s a triple bottom line investment. And like the life in our soil, it’s all about balance.

Bottom line, organic farming creates greater wealth, provides healthier food while repairing our ecosystem. Not a bad return for turning dirt back into soil.

Organic Economics In A World of Industrial Agriculture: Applying the Power of Nature

In order to understand how we arrived at today’s food system and the opportunity to expand into organics, some history is in order.

Prior to World War II, the food economy in the US was typified by organic market gardens and small grocery stores that carried fewer than 500 items. Self-sufficiency was a necessity as the economic grip of the Great Depression remained. The food supply was local and the average farm size was 157 acres.

World War II changed everything, laying the foundation for today’s industrial food economy. With the need to feed millions of soldiers, packaged food production went into high gear. K-rations, a soldier’s staple, was the precursor to post WWII packaged foods. We went from K-rations to TV dinners.

And the manufacture of ammonium nitrate used in making bombs was redirected into making the synthetic fertilizers widely used today throughout our chemical-based system of agriculture.

Shelf with today’s food production and global distribution infrastructure in place, the average grocery store now carries over 42,000 items and the average size of an Iowa farm is 441 acres.

In 1971, President Richard Nixon appointed Earl Butz as Secretary of Agriculture with the explicit goal to lower the cost of food. With government support, his solution was to industrialize American farms, calling farmers to either “Get big or get out”.

But bigger farms meant fewer family farms. Their loss contributed to the decline of rural economies, causing businesses to close and beginning the ghettoization of rural America.

Then, in 1995, genetically modified (GM) corn was introduced. Through genetic modification, the herbicide, Bacillus Thuringiensis (BT) was inserted into every cell of a corn plant enabling the plant to kill the pests that fed on it. This was followed by more GM traits that made the plant resistant to the herbicide Glyphosate, marketed under the name Roundup. Glyphosate would kill weeds but not the desired GM treated plant. Glyphosate is now the predominant weed killer used by the world’s agriculture.

Today there are four major crop categories that are genetically modified to resist glyphosate: corn, soybeans, canola, and cotton. Glyphosate is also used by many wheat farmers to kill their wheat crop early before harvest.

In 1990 Congress passed the Organic Foods Production Act that legally defined what constituted organic farming practices. In 2000 the USDA promulgated regulations establishing the National Organic Program. When followed, a food could display the USDA Certified Organic seal.

Organic sales have grown from $1 billion in 1990 to over $40 billion today.

The debate is raging about the safety of Glyphosate (Roundup) and GM foods in general. Research has been mounting about how GM crops and associated farming practices have sickened our soil and contributed to climate change. A new understanding is emerging about how poor soil health impacts both our health and our wealth.

Organic farming is the only farming practice regulated by law, prohibiting the use of synthetic herbicides, pesticides, fertilizers and genetically modified seeds. Organic farming succeeds by working with nature to restore healthy soil and re-establish the symbiotic relationship between plants, soil, water, and sunlight. To put the organic seal on a crop, a farmer is held to the strict letter of the law and re-certified annually.

Organic food is now mainstreaming with ever-increasing demand from key demographic segments lead by both moms and millennials. Using 2014 US data, America imported eight times the quantity of organics that it exported (mainly grains). US demand for organic products far exceeds the supply, creating a clear opportunity to invest in organic farming.

Sustainable living is key to our future. The three covenants of Sustainability must benefit People, our Planet and be Profitable:

People – The double-digit growth in demand for organic food is driven by consumer interest in healthier and more nutritious food. To quote Hypocrites, the Hippocratic oath every doctor takes, “Let food be thy medicine and medicine be thy food”. Growing healthy organic food supports human health in many ways.

Planet – At a time when there is a need to be proactive in reversing climate change it is understood that human behavior does have an impact … both ways. Agriculture and climate change are interrelated processes. Farming is a direct contributor to climate change and is directly impacted by the adverse weather it produces. Organic farming practices promote carbon capture in soil. Research conducted by SFP board advisor, David Johnson (PhD soil biologist at UNM), while working on a Sandia Lab’s Mars Curiosity rover’s carbon-measuring equipment, reported “The rate of biomass production we are currently observing in this system has the capability to capture enough CO2 emissions on less than 11 percent of world cropland.” As reported in Kristin Ohlson’s book “The Soil Will Save Us,” this means that if only 11 percent of the world’s cropland improved its community of soil organisms as much as Johnson did in his organic test plots, the amount of carbon sequestered in the soil would offset all our current emissions of carbon dioxide.

Profit – Profitability is the third covenant to sustainability. If a process takes more than it gives in return it isn’t sustainable. The difference in the profitability of conventional GM farming versus organic farming is clear. For example, in 2014 when my family’s farms last grew organic corn, we received $12/bushel compared to the Iowa average for conventional GM corn at $3.50/bushel; and our yields were comparable to Iowa’s conventional corn yields. In 2015, our organic oats sold for $7/bushel versus conventional oats selling for $2.85, while our crop broke yield records.

Laying the Foundation for Sustainable Farm Partners

Beginning in 2010 in NW Iowa, my family farms began the transition of our first farm from conventional GM corn & soybeans to organic corn & oats. The financial impact was dramatic. This chart summarizes the results over an eight-year period before, during and after as we transitioned. Our net operating income averaged an increase of 290%.

At the same time, our input costs fell by as much as 40% without the need for expensive patented seed or synthetic inputs.

The overall asset appreciation of our farmland outperformed the Dow Jones Industrial Average (DJIA). From 1994 to 2014 the DJIA grew 464% from 3,834 to 17,823. Iowa farmland value grew 586% from an average $1,356/acre to $7,943/acre.

Sustainable Farm Partners, LLP Invests in Iowa Farmland – Our focus is on large-scale production of organic grains. Our organic farming model has been developed over the past decade from experience on our own farms. And our organic farm teams are geographically spread out across Iowa where there is the best farmland available.

Where We Farm Matters – Our farmland focus is where the best soil can be found and where there is adequate precipitation for farming (28” to 32”) per year. Irrigation is generally not a sustainable water source and its use should be minimized. This precipitation map from NOAA clarifies the best locations for North American agriculture.

How We Farm Matters – Our organic crop rotation achieves multiple benefits in mitigating weeds, better nutrient management, and natural pest control. No-till planting and residue left in place from the previous harvest returns nutrients and covers soil to mitigate erosion.

What We Farm Matters – Our focus on organic grains goes hand-in-hand with crop rotation. We plant corn then alternate with a hay crop of oats, alfalfa, and clover. These crops command high market prices and support each other’s nutrient needs.

The innovation in organic farming is in applying the power of nature.

Our Organic Production Team – Our relationship with our organic farm team is critical, working together on a crop share basis. Our operators, farming across the state of Iowa, provide the labor, equipment, and fuel and we provide the ground and share in expenses. Everyone has skin in the game and is aligned for success.

Exit – Our ten-year horizon on the investment forecasts double-digit returns. Unique to our program, we offer right of first refusal to our organic operators to purchase the farms at market prices. This builds a knowledgeable buyer into the exit while enabling our farm partners to increase their farm equity.

Easements – Sustainable Farm Partners is also pursuing a program to put each farm into a “Regenerative Farming Easement.” Unique to our efforts, this easement is structured in parallel with organic standards but not tied to organic standards that may change over time. Through some USDA Agricultural programs, it is possible to receive direct payments for these easements. There is also an opportunity to receive tax credits for our investors. SFP is breaking new ground in pursuing our Regenerative Farming Easement program and we will provide updates as we move forward.

Robots in the Mud

There is a lot of well-deserved interest in agriculture these days. After all, growing food is critical in any economy and is uncorrelated to gyrations in the stock market. In fact, the value of Iowa farmland out-perform the DJIA. The question here is, can high tech robotics improve our yields, returns, and efficiency?

Recently, a group of researchers from Harper Adams University in the UK designed an integrated system of robots to undertake all the necessary farming steps to grow and harvest a one hector plot of barley. While the barley yield in their experiment was below par, I give them high marks for trying.

However, I couldn’t help remembering last year when I was in the field during soybean harvest.

The rain was making the harvest window short so harvest started early that morning in less than optimal conditions due to soggy ground. We typically plant in rows and harvest in rows. At one spot in the field, the combine got stuck in a muddy row and tipped just enough for the auger to catch on the top of the grain wagon. Had the drivers of both the grain wagon and combine not stopped immediately, the auger would have been ripped off and set harvest back days while waiting for expensive repairs.

After some careful human maneuvering, the grain wagon got free and the auger was undamaged. The next decision was whether to proceed with harvest. It was decided to stop harvesting following the muddy rows and instead, to harvest across the field at a diagonal. After that, harvest continued successfully with no further mishaps.

I doubt a robot out there on its own could have made these maneuvers and decisions without human intervention. There is a lot of expertise that goes into farming, well beyond just planting and harvesting. This is particularly true in my world of organic farming. Organic farmers rely on their ability to manage machinery, choose crop rotations carefully, mitigate weeds and provide nutrients without using chemicals, observe their fields to understand where care is needed and all the while, meet the high standards for USDA organic certification.

Indeed, we use a lot of technology, just not robots and I choose farmers over robots in the field any day. And you can tell by the look on faces that harvest time is the best time of the year when farmers finally get paid for a year’s work. Have you ever seen a robot smile?

An Unusual Organic Crop Rotation

When I was eleven working on my family farms in Emmetsburg, our license plate proudly stated “Iowa, A Place To Grow”. That has never been truer than today. What has changed for my family is how we farm, moving from conventional chemical-based farming to organic.

Today our organic crop rotations include corn, oats, soybeans, alfalfa and other small grains, all in support of feeding a hungry world. Each year our soil yields more information about our fields and as we learn more, we adapt our rotations to support natures amazing ability to balance and produce. Little did I know back when I was eleven that farming could yield so much more.

Carbon Farming

Today, our organic farms also grow carbon in our soil by sequestering CO2, drawing it out of the atmosphere and storing in the ground.

As reported in Science Magazine (in scientific detail), “The soil organic carbon (SOC) pool represents a dynamic equilibrium of gains and losses. Conversion of natural farmland to chemical-based agricultural causes depletion of the SOC pool by as much as 60% in soils …. mostly emitted into the atmosphere. Severe depletion of the SOC pool degrades soil quality, reduces biomass productivity and adversely impacts water quality”.

 Organic carbon rich soil clots together binding the soil biome together

Carbon rich soil clots together binding the soil biome together

Our organic farms follow the USDA organic standards as set forth by the National Organic Program that eschews the use of chemicals thereby reversing the negative impact of chemical-based farming by increasing soil health, improving water quality while farming carbon back into the soil.

Energy Farming

In Iowa, we also grow energy, wind energy, that frees the world from a diminishing and polluting supply of fossil fuels. MidAmerican Energy, recently announced that it has opened two huge wind farms in Iowa. The two projects, called Beaver Creek and Prairie, total 169 turbines and have a combined capacity of 338 megawatts, enough to meet the annual electricity needs of 140,000 Iowa homes.

Wind Generators supplement organic farming

According to the American Wind Energy Association, Iowa is something of a hidden powerhouse in American wind energy. The technology provides an astonishing 36.6 percent of the state’s entire electricity generation. It also has the second largest amount of installed capacity in the nation at 6917MW. The wind farms form part of MidAmerican Energy’s major Wind XI project, which will see an extra 2,000MW of wind power built, and $3.6 billion invested, by the end of 2019.

Antibiotic Farming

As reported in The Scientist, dedicated to exploring life inspiring innovation, “Many of the most widely used antibiotics have come out of the dirt. Penicillin came from Penicillium, a fungus found in soil, and vancomycin came from a bacterium found in dirt. Now, researchers from Northeastern University and their colleagues have identified a new Gram-positive bacteria-targeting antibiotic from soil samples that can kill species including methicillin-resistant Staphylococcus aureus (MRSA) and Mycobacterium tuberculosis. Moreover, the researchers have not yet found any bacteria that are resistant to the antibiotic, called teixobactin”.

Organic Iowa soil

Iowa soil, home to life-saving anti-biotics

For this new bacteria-targeting antibiotic to thrive and save lives, it requires healthy soil that is not contaminated by chemicals that diminish the soil biome.

Every dollar we spend anywhere is tightly connected to agriculture. Because, if it weren’t for a six-inch layer of healthy topsoil and the fact that it rains … we would have nothing.

Iowa organic farming is indeed, “A Place To Grow” many amazing crops.

The Economist – January 3, 2015

January 3, 2015 “Institutional investors such as pension funds see farmland as fertile ground to plough … farming them out to specialist funds … Over the past 20 years in America, annual returns of 12% have caused some to dub it “gold with a coupon” … it out performed most asset classes … with low volatility … and farmland is less sensitive to economic shocks (people continue to eat even during downturns in interest rate hikes) …”