I nearly bought graincorp at the outset of the war. But then discovered they had a significant business in Ukraine. Sadly I didn’t really have enough time to find out how significant: would the rise in grain and seed pil prices be greater than the loss of business they had in Ukraine?

I didn’t want to make the same error of first order thinking I made buying funeral companies at the beginning of COVID. As a reminder, funerals were limited to like 3 people so IVC ended losing money, not being a beneficiary of a huge increase in mortality. (Yeah, I know, I feel like a vulture now)

Anyway, I still don’t know whether GrainCorp is a good buy now, but absolutely lost the opportunity back when it was 30% cheaper!