In short: The Ventura County avocado grower the host described — "I own these companies… that's in Ventura County." Ostensibly an avocado grower, the real value is developing the land for residential use plus undervalued water rights; "great management," now run by an activist investor. Owned.
Limoneira looks like an avocado grower in Ventura County, California — but the real value is its land (which it can sell for housing) and its water rights, which Polomny argues aren't "valued properly at all." An activist investor is now running it to unlock that value, and he says "I own these companies." Same idea as Alico: you're buying undervalued land and water dressed up as a farm, with someone in charge motivated to cash it in.
52:08I know exactly what you're talking about. That's in Ventura County. You can see it on the Google map, where that grove is and they want to develop it. But great management, an activist investor I think is running it now. What I thought was interesting, the water — we haven't talked about, we don't have all day to talk about this, but I'm becoming more and more interested as I started doing the research into some of these companies, how many of them, a lot of them in the West are tied to these assets around these water rights that aren't
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.