Investors are most interested in maximizing their return on capital. It is notable that across 97 different industries, the agrifood sector is a mixed bag. Tobacco is tops across all industries, not just food and agriculture. Other highly protected industries at the top include shoes and steel. Food processing, including beef, is about a third of the way down the list, with food retail not looking very attractive by comparison.  Some of the worst performing over the recent period were industries hit by the Covid-related economic coma including: banks, oil/gas, coal, hotel/gaming and air transport. 

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