ANOTHER ENRON?
Is anyone the least bit surprised at this month's cryptocurrency meltdown? The only eye-opener is the extent of the incompetence. According to the Wall Street Journal, FTX's post-bankruptcy CEO said that he'd never seen anything as bad as the "complete failure of corporate controls." That's quite a statement given that John Ray has overseen some of the biggest bankruptcies in history, including Enron. At press time, Sequoia Capital, SoftBank, and Temasek had fully written down their multimillion-dollar investments in FTX.
Meanwhile, back on the farm, investors, family offices, funds, and farmers continue to park capital in farmland. That's my takeaway as the host of the third annual National Land Values webinar. I encourage you to download the report itself or listen to our lively hour-long discussion. Either way, I'm sure you'll agree that the inherent value of farmland is unassailable.
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