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Down on the Farm: Do Farm Stocks Have a Place in a Balanced Portfolio?

I'm not really sure I understand the rationale for investing in farmland. I could see the value in some specific ag related stocks, but not the land in general. Parts of my extended family have ranches that have been in the family for over 100 years. It has provided a modest living and a nice home for them over the years, but I can't see it providing much value in a retirement portfolio.

Is there some reasoning here that I'm missing?