Replanting decisions play out over a decade. Ownership structures that require annual justification tend to make the wrong ones.
A vineyard replanted this year produces nothing of commercial quality for several years and does not reach its intended expression for considerably longer. The decision is therefore taken by one owner and rewarded, if at all, by another.
Ownership structures with a defined horizon are poorly suited to that arithmetic. The rational choice for a seller within three years is to defer replanting, harvest the existing vines harder, and present a stronger current yield.
The cost of that choice is real and largely invisible in the accounts. It appears later, as declining fruit quality and a replanting programme that has become urgent rather than planned.
Proprietary capital allows the schedule to be set by the vineyard. That is not sentiment about agriculture; it is the only basis on which the asset can be valued honestly.