In drought struck Texas, ranchers differ with respect to their ability to handle the tough climate conditions. The NY Times
documents the heterogeneity and celebrates human ingenuity. The article also notes the role that insurance plays in providing income in "bad states of the world" (i.e no rain).
The ranchers are also learning about the joys of holding a diversified portfolio of land assets;
"He also has developed another source of revenue: hunters from Dallas and Fort Worth who pay to shoot the quail that like to nest in the bunch grasses on his land."
