Known for their calm temperaments and soft fleece, alpacas looked like the next hot thing to backyard farmers. The market was frenetic, with some top of the line animals selling for hundreds of thousands of dollars.
But the bubble burst, leaving thousands of alpaca breeders with near-worthless herds. Today, craigslist posts across the country advertise “herd liquidations” and going out of business deals on alpacas, some selling for as low as a dollar.
It’s just one more chapter in a long line of agricultural speculative bubbles that have roped in investors throughout history, throwing money at everything from emus to chinchillas to Berkshire pigs to Dutch tulips, only to find themselves in financial ruin after it bursts.