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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (22442)	11/6/2005 7:35:23 PM
From: Bob Rudd	Read Replies (1) of 78696

Paul..I owned AG profitably for a while in the 90's buying when it was out of favor..but it took quite awhile before came up from well underwater. Haven't studied the ag economy or AG recently, but I know farmers are hit hard by higher oil prices in two ways: their fuel cost AND their fertilizer costs. Meanwhile, some subsidies are under pressure. Tobacco used to be a heavily subsidized money crop, but a lot of that has gone away. All this adds up, IMO, to pressure on discretionary capital the farmer has available to upgrade equipment. Maybe the AG guy's buy means this is all in the stock, but I'd expect anyone betting on AG will need lots of patience.

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