Charlie Munger And The Cattle Rancher, page-12

Those who wonder what I mean

Good family run (gfr) bought up heaps barley at harvest to last nearly all year..AAC would have bought a bit more but nowhere near enough. Gfr buys cattle themselves most often from known sources where they get genotype who give good weight gain under feed. When gfr buy cattle elsewhere, they get them cheaper on average. Gfr make modifications to yards etc at cheaper costs ...etc ..etc

I have no doubt AAC have some wyagu operations that sit pretty well with what they are doing...however, they would sit better in a gfr.

I have not the intimate knowledge of the properties, but I am sure over time AAC will get to do more higher value cropping on some northern places, particularly with focus on northern development.