I also agree with your analysis, Paramazing. To your list I...

I also agree with your analysis, Paramazing. To your list I would like to add:

5. Even if a future competitor had the funds available, it would be extremely difficult to find suitable land of sufficient area (at least 10,000 hectares), with adequate and reliable water, in a low sovereign risk location.

SA1588, my understanding of the market situation is that by 2030, when TFS expects to supply almost 25% of the total demand, TFS also "does not expect there to be any material suppliers or resources of Indian sandalwood available to the market at that time." (see page 13 of your linked document). It is important to understand that the total demand is not the amount that will be traded, but the amount of demand that would be filled if supply was available (but supply will be nowhere near the demand). We all know what happens to price of a product in such a market, particularly with no substantive competitors.

So the market situation is every bit as good as the "wide moat" referred to by Paramazing.

I have said before in earlier posts that I know of no other investment with such a strong outlook over the medium to long term. Patience is required, and the short term pricing of TFS may not always work for short-term investors.