In short: "Did a little venture into Alico" (a Florida agriculture/land company he knows from growing up in Florida) — it's pivoting former grove land toward development and "popped about 60% in the last year." A hidden-asset land play; a small holding.
Alico is a Florida land and agriculture company Polomny knows from growing up there. The interesting part isn't the farming — it's that the company is turning old grove land toward real-estate development, and the stock "popped about 60%" in the last year as the market started to value that land. He took "a little venture" (a small position) — an example of his hidden-asset land theme: buy companies whose real worth is the dirt and water rights they sit on, not their stated business.
53:10a little venture into like Alico just because I grew up in southern Florida. When I was in western Florida they're kind of doing a development. They kind of popped about 60% in the last year. So I think land is good. There's ways to express it. What I think is interesting is — most of the ones that are publicly traded, they seem to have been sitting around basically a lot of them doing nothing. Okay.
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