how this stock can be worth $1.50 in 5yrs, page-25

Buffet, I understand the resource is diminishing... but with $$ flowing in each year would it not be appropriate and would you not expect your directors to be 'replenishing' your supply either via acquisition or more land purchses?

Again as i stated before, I understand this is a pie in the sky calc. Just a simple one based on some assumptions and known variables.