It would seem to me that an accumulation of cash would be beneficial for a cyclical business like FRM. Not only to buffer themselves from volatile grain prices, but ultimately to buy out distressed egg producers if/when there is a prolonged downturn in commodities and margins are squeezed. I'm always skeptical about share buybacks, because there is almost never a price ceiling set by directors, so in my mind it is nearly always a waste of capital. Dividends? Eh, I'd rather see fat snowballing capital gains
Good Write Up From The Boat Fund - Feb Report, page-3
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