Call the Market

My friends, as we come to another year's end, I look back in utter disbelief -- at the prices we saw, the rally that unfolded before our eyes and the truly historic time in which we are living. Some days are hard -- hell, some years are hard. But what we enjoyed this past year was truly something special.

With that, for my last column of the year, on the last day of the year, I'm not going to recap what the markets have done because you all know that already. Instead, I'm going to share some nuggets of wisdom that have stuck with me over the years and that have changed my perspective on life and business. I hope they also serve you well in the year to come.

So, with that, here's all that's left to say in 2025 as we begin to suit up for yet another New Year and whatever may come in the cattle complex in the next 365 days.

1. I recently read this statement: "Your life is more apt to improve if you stop one bad habit than if you start a good one." I know around this time of year we are pressured to make New Year's resolutions, but whether it be in your personal life or in business, I think this statement rings incredibly true.

2. My grandpa (a rancher in south-central Montana who lived through the 1980s' interest rates while raising four kids and running cows and sheep) once said, "You can't throw good money after bad money and expect it to come out clean in the wash."

3. Even in good markets, you have to know what the hell is going on because playing catch-up is never a place where the best business decisions are made.

4. There's a place for both Dave Ramsey and Robert Kiyosaki in this world. For me, personally, I believe in living my personal life like Dave Ramsey and running my business like Robert Kiyosaki. If you haven't read the book "Rich Dad Poor Dad" yet, you need to.

5. Buy assets, don't buy liabilities thinking they're assets. To endure the test of time, we must be keenly aware of our financial position and hyper fixated on profitability so that we can enjoy longevity in the business.

6. Work is good for the body, and even better for the mind. 1 Thessalonians 4:10 says this: "But we encourage you, brothers, to do so even more, to seek to lead a quiet life, to mind your own business and to work with your own hands, as we commanded you, so that you may walk properly in the presence of outsiders and not be dependent on anyone."

7. I recently had a friend, who's a dear mentor of mine, tell me a story about selling his calves to their local cattle buyer. After driving down the feedlot bunks, the buyer parked his pickup, looked at him and said, "Do you know what this is?" as he drew a circle on the dusty center console of his pickup. My friend nodded and said, "Yes, that's a circle." And then right next to the circle, the cattle buyer drew an oval, and said, "I do business in a circle, and if the business starts to become an oval, I'm out." The point he was making is this: Do good business and be fair to your partners. Trying to cheat someone out of a deal never serves anyone in the long term.

8. When it comes to ranching, cash isn't king -- cash flow is. If the business doesn't cash flow, the ranch won't go.

9. Price. Price. Price. Records. Records. Records. I hope to God you did something positive with the extra income you earned this last year that will better position your business for the tough years to come and that you didn't just buy more liabilities to keep up with the Joneses.

10. When asked what his definition of paradise would be, Johnny Cash is famously quoted as saying, "This morning, with her, having coffee," referring to his beloved wife, June. If you can't enjoy the little things of life -- the morning sunshine, a good cup of coffee, or the fresh air God gives you -- a vacation to some luxury island, more cows or more land aren't going to solve your problems.

11. Recently, on a Ranching Returns Podcast, Marlene Moore, a rancher from southwest Nebraska who has successfully run and operated an extensive cattle operation since she was in her early 20s, shared a wealth of knowledge. I was particularly fond of what she had to say about fear and greed. Later in the podcast, Moore said, "You know, sometimes you just have to get in there and push a little harder. But fear will really, really wreck you, and of course, greed will too." (Click here to access the episode: https://www.ranchingreturns.com/….)

Sometimes in life, we need to write things out and detail every little thing. Other times, simple, little nuggets of wisdom like these help guide sound thoughts and business decisions. I pray that each one of you has a prosperous year in 2026, and I look forward to enduring the journey alongside you once again in the year ahead! Onward and forward, folks!

ShayLe Stewart can be reached at ShayLe.Stewart@dtn.com

(c) Copyright 2025 DTN, LLC. All rights reserved.