One of the largest and most successful long time ranchers in the area does the same thing.Talked to a guy that is quite well off close to my place last summer (he owns the local farm store, has a few thousand acres at least, etc.) One of the things he did was to destock very early and then start looking for more cattle during the depth of the drought. The interestIng thing was, he had 2 years of hay on hand. How much hay he had didn't seem to affect his decision on whether or not to destock. Don't know if he's bought new cattle yet, but I feel I learned something from that conversation. I even wonder if he sold half of his hay at a good profit later. Will ask the next time I bump into him
Years ago he started out with a small herd and not much ground. But is now one of the largest land owners and ranchers in the area. His philosophy is if everyone else is buying you want to sell.
The time to buy is when everyone else is selling.that is his philosophy with both land and animals.
He will tell you everything he owns is for sale all the time. The only thing is you have to want it more than he does. Doesn't matter what the market says it is worth if you want to buy it you have to have a higher value on it then he does.