I think the attempt to develop an agri lending business at SPX is dillusional. They have no underwriting expertise. And any such business will be valued at the lowest end in terms of multiple. You cannot foreclose on farmers. Any bad debt will be very bad, in a very cyclical business. They should add value through software if they think they have an edge. And bring in some expert balance sheet to take on the risk. But not lending, no, no, no...
It's just the beginning for Spenda!, page-1552
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