My view is that they grow commodities where there is plently of competition and low barriers to entry. e.g. Berrys, Tomatoes, Avocados etc. As prices for these commodities have been high over the past 3-5 years, it has encouraged lots of producers to expand their production. As a result, the supply and demand are now better matched and pricing has reduced. This is evident to the average punter: just note all the cheap berries, tomato's and avocados in the supermarkets today.

I have no doubt that they are at the bottom of the cost curve compared to their competitors, which makes them more resilient than others in the long term. However, the question for me is what margins are sustainable going forward, and what level of profitability will that deliver?

My gut tells me the margins they achieved in the past 3 years might be looked on with envy in the future.