Larry Hicks of Cattlehedging.com was one of the keynote speakers at the Tiffin Conference yesterday in Lethbridge. Larry spoke about the necessity of risk management in the beef business. Larry very clearly outlined what hedging is and that there is much more involved than calling your broker to buy or sell futures contracts. He emphasized that you must have a hedging plan in order to really obtain success.
I had a chance to sit down with Larry before his Tiffin speech to discuss some of the pressing issues in the beef business and get a better idea of how he views the beef business going forward.
I'm no psychologist, psychiatrist or sociologist, but I understand from discussions with experts that as social creatures, humans are prone to experiencing "group mentality." Quite simply: we are easily influenced by the thoughts and actions of our associates. We also tend to associate with like-minded individuals, who reinforce our biases. It is my concern that…Read more »