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Farmland provides both a cash yield and capital appreciation. It's a play on inflation and a rise in commodity prices, namely wheat, soybeans and corn. It's also often a family-run business, where families can control tens of thousands of acres. Why doesn't Buffett buy a few hundred thousand acres, or a million acres, across the country to further diversify Berkshire's earnings base? I believe it provides exposure and a hedge that, to a degree, is not provided by the other subs. Moreover, I feel many families would be more than happy to put their land in Berkshire's hands.

Perhaps the argument goes that it wouldn't "move the needle" and even a million acres at 3,000 per acre is only 3 billion. Thoughts?
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