I've heard some of the old timers say that HIGH PRICES BRING HIGH PRICES.  I hope that proves correct for the cowman or anyone in the cattle industry.  I would have to say that the best advice my dad gave me was to be DIVERSIFIED and boy oh boy am I glad I followed that advice.   About 1/2 my income comes from livestock and the other from small grains,seed, hay, other deals.   So what hurts on one end feels good on the other I guess I might say.  Oh, and did I say he told me not to raise Sugar Beets.

 From college economics classes I learned that Profits Will Be Competed Away in time, and from what I read on this forum that is already happening in some areas.  First from people who outbid others on land rent (not saying right or wrong), fertilzer sales, equip.costs, etc.  These grain prices seem high but actually in a year or two this is probably where they will need to be in order to stay in business.  

So like Senior Citizen would say, keep dry powder, stay off high points, and keep a safe box.

I'm still optimistic otherwise I wouldn't be in this business!