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In the course of our business, we:
Acquire and develop unique undervalued assets, including water assets, land, and other businesses in strategic areas at downside risk-protected valuations;
Enhance fair market value through operational expertise, development activities, transaction structure and efficient use of capital; and
Achieve consistent gains in book value per share - an increase of approximately 15% annually on a pre-tax basis since 1994.
Quietly and intelligently pursuing our business with the goal of increasing book value per share.
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