A conversation with Jon Doehr
Jon asked me to join him for a series of interviews his firm is putting posting. Since the topic was, broadly, trends and consolidation in agriculture, it sounded to me like less a question of knowing what to say but deciding when to shut up, hopefully prior to exhausting Jon or his audience. Those who know me at all know my instinct on ag M&A tends toward skepticism. Much of the industry is remarkably immune to consolidation, as much due to the gobsmacking complexity of geography and meteorology and logistics as due to ingrained habit or tradition. Nonetheless we’ve seen a fair piece of it particular in dairy, poultry, and hogs.
But still: you can’t help but wonder if the massive infusions of cash courtesy the Fed, and the ‘til-recent suppression of interest rates, had a hand in that than some necessity dictated by new economic efficiencies.
In any case, here’s the whole conversation. Jon’s own questions and comments are at least as insightful and interesting as mine.