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Patrick Thomas

πŸ‘€ Speaker
84 total appearances

Appearances Over Time

Podcast Appearances

The Journal.
How Beef Got So Expensive

It's old-timey.

The Journal.
How Beef Got So Expensive

It's kind of got the wooden exterior.

The Journal.
How Beef Got So Expensive

The floors are creaking when you walk in.

The Journal.
How Beef Got So Expensive

You've kind of got that brassy Sinatra type of music, old-world type of steakhouse.

The Journal.
How Beef Got So Expensive

My family still lives out there.

The Journal.
How Beef Got So Expensive

My brother was actually graduating high school.

The Journal.
How Beef Got So Expensive

You know, so a 11-ounce filet, $62.

The Journal.
How Beef Got So Expensive

A bone-in ribeye, 25 ounces, that's going to be about $90.

The Journal.
How Beef Got So Expensive

That seems expensive for Nebraska.

The Journal.
How Beef Got So Expensive

And the tomahawk, that's $137.

The Journal.
How Beef Got So Expensive

I went to the restaurant's Yelp page to find a picture of what the menu looked like 10 years ago, and it's about double from what it was 10 years ago.

The Journal.
How Beef Got So Expensive

Why is beef so expensive?

The Journal.
How Beef Got So Expensive

Beef is a very complex supply chain, but the answer is very simple.

The Journal.
How Beef Got So Expensive

We don't have enough cattle in this country right now.

The Journal.
How Beef Got So Expensive

You have the bull running into the ring, who kind of trots out right away, he's kicking up some of the manure, and sometimes, you know, he runs by and the manure will kind of fly up a little bit, so you got to be careful if you're in the front row.

The Journal.
How Beef Got So Expensive

You have guys been described as vicious because you'll have, you know, sometimes personal vendettas take place if they want to drive the price higher on somebody.

The Journal.
How Beef Got So Expensive

Historically, cattle ranching has been one of the hardest jobs in agriculture.

The Journal.
How Beef Got So Expensive

The profit margins have been, largely for the most of history, pretty lackluster.

The Journal.
How Beef Got So Expensive

There's always boom and bust cycles.

The Journal.
How Beef Got So Expensive

But historically, it's a tough business.

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