Luke Stronach

And so typically with your permanent crops, that's going to be higher.

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 going to be a little bit lower.

that would be a fantastic return.

And you have to understand some of that is unrealized.

It's trapped, it's captured, which is a good thing in the value of the land.

And many people look at farmland investing, Nathan, as a way to lock value into the land.

You have people who are really after yield and you have some people who aren't.

The main component is the land, going after the land.

It's certainly one of the big aspects of it from a portfolio theory standpoint, meaning...

You have big forces out there in the world, very wealthy individuals, pension funds, insurance companies, and they're major farmland investors.

And they all have different reasons for it.

If somebody told me that their main interest in farmland investing was to just make tons of cash flow every year,

I would tell them that that is not the main purpose of it.

Its main purpose is to reduce the volatility that you see in other investments, like the stock market, and as a real hedge against inflation.

Yeah, look at 2007 to 2009, okay?

So the S&P 500, the 500 largest...

publicly traded companies from 2007 to 2009, it lost 50% of its value.

Okay.