Monday, December 28, 2015

Invasion Of The Hedge Fund Almonds

almond fields
It takes 34 times as much water to produce California's almond crop as it takes to supply all San Francisco residences and businesses with water.

by Tom Philpott. 

In California, farmers are converting their farms to almond, pistachio, and walnut orchards at a breakneck pace—and Wall Street firms are buying them up. No wonder, since these nuts are extremely valuable right now. 

That's because they're the health food du jour, both here and in China. 

There's just one problem: Tree nuts suck up more water than practically any other crop. 

So how can there be a nut boom during the worst drought in California's history? 

Tom Philpott has the fascinating answer.

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