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Jacob B's avatar

Thanks again Summit, hope everyone enjoys!

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Leahi Capital's avatar

Thanks for the write up. I agree a quality company but no margin of safety. An investor could lose a lot of money in this stock if multiples mean revert. I wonder at what point it comes under pressure to return cash or use it. Now has $3.4 b in cash and ST investments. Pays no dividend, hasn't historically bought back much stock. Also wonder about what the FV of its land holdings would be - carried at $2.0 b. Perhaps some hidden value?

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