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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (3016)1/13/1998 1:12:00 AM
From: jeffbas   of 78680
 
I think that your comments about the impact of the Internet on the value of retail real estate is quite interesting. It sounds to me like an adverse secular trend of unknown dimensions at this time. (I for one did do some research on items on the Internet but still bought an advertised special at the local mall.)

As far as the general issue of real estate is concerned, we have had that with S&L's, banks and insurance companies in the past. A good track record did not necessarily help, e.g., Mutual Benefit Life, an
old-line mutual insurance company that went bust.

I think that as long term investments, the ones where the land value is highly discounted like St. Joe Paper was (or is?), or perhaps the ones you mention, give you a margin of safety.
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