re: $500k to invest. What does the MB recommend?

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Any or you guys know much about timber?

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I don't, but if I were you, I'd contact a reputable timber consultant. Could be...may be...a good investment alternative.

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What about for land and leasing out the farming rights? I know that's not a great money maker, but seems like a damn good hedge. And farm land rarely if ever goes down in value.

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You must not have been around in the early 80's when farm land blew up after years of ridiculous speculative gains in ag land. And from a recent article:

We farmers should be more sophisticated than the average subprime borrower and more risk averse than startup investors in the 1990s. After all, we manage multi-million dollar businesses, and since the average age of farmers is near 60, most of us are survivors of the agricultural asset crash of the early 1980s. In 1981, the average price of farmland in Iowa was $2,147 per acre; by 1986, the average farm brought $787 an acre. That period was the formative experience of my farming career, and one I would not wish to repeat. According to a recent article in the USA Today, a third of Iowa’s farmers left the industry during that crash.

RE bubble farmland

KC's Fed: Will Ags Boom Bust Cycle be Different This Time