Reflections from the Lake

“Inflation is everywhere and always a monetary phenomenon” – Milton Friedman I happen to slightly disagree with Mr. Friedman, but more on that later… I’m in the lumber business by accident, you see. Three years ago, my good friend Bob pitched me on investing in a partnership he was putting together. Bob is passionate about land. Rural land, in particular. The concept was simple: buy expansive acreage of affordable land in flyover country, harvest a good chunk of the available lumber and gravel, clean up the property, and sell it in a year or two for a tidy profit. Mix in a bit of leverage and we could easily achieve a 15-20% annual return on equity with minimal risk, likely more.

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