In short: He is buying land as insurance against a US turn to democratic socialism (20% odds): in communist Hungary only agricultural land "they couldn't basically ruin" was returned after 45 years — "land is the logical asset" for your heirs.
This isn't an inflation trade. Peterffy grew up in communist Hungary, where the state took his family's land, homes and businesses. When communism fell, buildings and companies had been ruined — but farmland couldn't be, so it was handed back. He puts a 20% chance on the US drifting toward democratic socialism, and he is buying land as the one asset he thinks his heirs would eventually get back.
41:56basically, the only thing they couldn't destroy and could return were the lands. Those lands that were not open to building upon and doing things with. So basically agricultural land, land that was out in the country that they couldn't basically ruin. And so that was returned. So I think that the same thing may happen in America and that is the reason [laughter] that I am buying land, so that after the democratic socialists take everything over and they ruin all the stuff, they will eventually find out that it doesn't work and they will have
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