Marcato Capital Management: Old Land Is Gold

Wall Street Journal · 10/1/2012

Bill Ackman's protege Mick McGuire, like his teacher, scrutinizes the value of the property owned by the companies he's evaluating.

Land that's been on the books for years may be worth far more than a company paid for it, but accounting rules mean the land isn't carried at its current value, he said during a presentation at the Value Investing Congress.

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