Well, I’m back from vacation in Disney World last week (my son’s favorite “experiences” of the trip: the character dinner with Chip and Dale and the Splash Mountain log flume ride). At lunch in the Animal Kingdom park, I ran into an old colleague who used to run sales and trading in US convertible bonds. What’s he up to now?
He moved back to Indiana, bought himself about 350 acres, and is happily growing corn and soybeans under contract from Monsanto.
In his latest newsletter, permabear Fred Hickey muses to himself: if the Fed manages to reflate the economy yet again, where will we see the next asset bubble? We’ve had tech stocks. We’ve had residential real estate. What’s next?
Well, he notes, commodities sure have been on a tear lately.
Count my trader-turned-farmer as one little anecdotal confirmation.