Ann: Pause in Trading, page-44

Cyclical and capital intensive, yes. But unfortunately it doesn't end there. It has few, but large & supremely powerful customers. It has no pricing power. It is constantly at the mercy of the weather gods, by way of feed prices. It faces disease risks. Did I miss anything?

if you believe a business is worth the cash it can deliver to its owners, over time, after meeting its obligations and stay-in-business needs, as I do, then by your own assessment, the business may not be worth more than zero. That requires a very, very large margin of safety.