It is my belief that:

1. Price is determined by supply and demand.

2. The supply/demand information available in the hog market is far superior to that available in any other market.

3. There is a strong tendency for ALL production to move in cycles.

4. Of all production cycles, the Hog Cycle is the most consistent.

In January I will close out ten-years trading hogs based on these beliefs. It looks like this will be my third losing year and the winning years have been much larger than the losing years.

The winning years are more fun and fulfilling!!

Best wishes,

Doc