Abstract
The major purposes of Colin Carter's Comment on my article are suggest that farmland returns are not dictated by returns in a portfolio comprised of bonds, stocks, and farmland, and it is unsuitable to investigate them with the CAPM model which assumes they are. His discussion includes the following items: (a) effects of nonfarm investor behavior, (b) CAPM applicability to farmland, (c) composition of the market portfolio, and (d) a numerical illustration of the correlation between changes in values of farmland and common stock. My Reply responds to these four items and raises some concerns about several points in his paper.
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