It is tempting to get back in with the weather outlook...

It is tempting to get back in with the weather outlook supportive, but management appear to be stuffing up on costs while they (recently) talked about almond milk and seem to think they are capable of doing that well. I fear they might cap raise as an excuse to invest in some "genius" vertically integrated project, while at the same time not having to sweat on being close to FCC covenants.

What I want is for them to get the systems and costs right and on an improvement trajectory, kill off as much debt as possible in good years, and pay some returns when there is net cash at bank and keep "would be" lender confidence high, and when the almond market is smashed to bits, buy and lease orchards on the cheap, and expand, without requiring dilutive capital raisings or placements, and stay focused on taking advantage of the booms and busts. Something that investors of normal intelligence would consider wise and low risk. Think like Warren Buffet at bit. Agricultural investments smash idiots regularly, as it is very volatile, and requires a significant margin of safety!

In future I would want the possibility of raising the market multiple of the business, as the market considers that they can roll up the perfect almond orchards and plantation land and make a better profit than anybody else out of the same assets. And I would like anybody on the board or management who talks about bold and daring side projects to be either set straight or replaced with somebody who understands the bigger game!

I don't think I ask for too much. Maybe they will get back to thinking sensibly?