@CJ0pp3l@BarrySchwartzBW FFH is one of my top 5 positions. I recommend @VikingVan100 's posts (and book and spreadsheets) examining FFH to help understand the business. He does a terrific job at breaking down the drivers of value.
@CJ0pp3l I would feel comfortable advising a friend to buy them equally weighted and go fishing. Come back in 6 yrs and my guess is the money would have doubled (~12% CAGR)
@BRK_Student Hey Adam, I did the math! Mineral deposits grew from 10% to 27% over the same time-span; and Land and improvements also grew to 18% in 2013 and then came back to 14%
[Source: Annual reports from 1998, 2013, and 2022]
@NicoperJES Looks very good. My only suggestion would be to be more conservative on the minimum value for revenue growth for the crystal ball settings. Something like 10 or 15% (I looked at CSU's history since 2008 for reference and they had revenue growth of 10 to 15% in 2012,2015,2016)