In this report, we reflect on the recent dairy downturn. For starters, our aim is to pull out some key lessons based on our observations during this latest dairy cycle. Later in the year, we would like to point out ways that the sector may adapt to or even influence the global dairy cycle. We suspect, for example, that NZ farmers aren't entirely hostage to the whims of global dairy markets. But that's for later, for now; here are the three key lessons we have learnt.