Known for their mistrust of banks, the French are not just stuffing money into mattresses in these anxious days of recession and minuscule interest rates, they are also putting their hard cash into cows.

For Pierre Marguerit, cows make a safe, secure investment, allowing for long-term growth from a renewable resource. Cow contracts are hardly new, but go back to Richard Cœur de Lion (Richard I).  The French word for livestock, “cheptel,” is the root for “capital.”

These are not literally cash cows. However, Mr. Marguerit says his investment in Holsteins will bring a 4 to 5 percent return a year after taxes, based on natural growth, i.e. the sale of their offspring. That compares to the present interest rate of 0.75% on the basic French bank account.

Mr. Marguerit says that last year his business went up by 40 percent, and so far this year, it has practically doubled.  He is the managing director of Élevage et Patrimoine, a cattle investment firm in eastern France, and president of Gestel, which works with farmers and investors.