Buffett/Munger: Cattle Ranching is "Worst" business, page-23

Blind freddy can see selling boxed meat to Asia is a hard grind. They want to process their own and will do it cheaper and better.Did you note Northern live beef export to China starting.We have land and cattle and thats our strength, processing for export and you swim against the tide.Until the overseas market smells the possibility of land divestment or a quality live cattle trade the SP will stay stagnent.Would have been better off investing ships than a toy slaughter house in the hottest corner of the world with out a forward contract for export.We will be left behind by competition with a full fridge of frozen beef.Good genetics to china and we may make a quid.