RE:RE:RE:ValuationsRex...this is similar to grain farming in this context of high quality versus low quality assets.
Good black soil land in a good climate is worth so much cause it can produce CF better in droughts or if it rains. Maybe get 6 bumper crops in 10 years, 2 good, and 2 just okay.
Real bad soil land is same acres 160..but every 10 years you get few bumper crops.
Would you want 160 acres of good black soil with no rocks? or bad soil and rocks that need perdect rain and conditions.
Bne and Pne are bad soil in this example. Yes every so often in a decade bad soil land can produce like BNE and PNE>