I’VE SPENT 50 YEARS as a lawyer, business advisor, and deal negotiator
for real estate tycoons at the top of the world’s toughest real
estate market—New York City. I’ve represented or negotiated with
great real estate minds like Harry Helmsley, Sam LeFrak, Bill Zeckendorf,
and Donald Trump. It’s been my good fortune to spend many
of the best years of my career as Donald’s right-hand man.
CHAPTER 7 GET HELP FROM THE BEST REAL ESTATE SPECIALISTS YOU CAN FIND. KEY POINTS: Hire people based on their reputation and track record. Be willing to pay a premium. Play up the prestige of your professionals. Hiring tips for key specialties.
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Our main empirical ndings are as follows. We nd that a range of nancial and macroeconomic
variables prove helpful in selecting funds that are capable of generating future alphas. In particular,
we nd evidence that a number of investment strategies (that use macroeconomic variables to
predict fund returns) generate out-of-sample alphas from 7-9%/year (after fund-level trading costs
and fees), when measured with a single-factor model, and from 12-13%/year with a four-factor
model that controls for fund exposures to size, book-to-market, and momentum.
An investment property offers a unique option: you can buy one virtually anywhere. If you’re
comfortable being an absentee landlord, you can actually own a home thousands of miles away
and have a team of specialists manage your property. But most investors opt to be more involved
than that, buying properties closer to home. An NAR study of investment home purchases shows
the median distance to be 99 miles from the owner’s primary residence, with 37% located less
than 25 miles away.
Domestic factors have already made China’s economy slow down in 2008, coming off
its high pace in 2007. Due in part to an earlier tightening in macroeconomic policies,
investment growth declined in 2008, led by real estate and construction, which then fed
through to several “upstream” industries. Most other segments of the domestic economy,
notably consumption, seem to have held up reasonably well so far. Looking ahead, private
sector investment is likely to be weighed down by the unfavorable external prospects and
continued weakness in real estate.
The audit committee’s evaluation of the auditor begins with an examination of the quality of the services provided by the
engagement team during the audit and throughout the financial reporting year. Because audit quality largely depends
on the individuals who conduct the audit, the audit committee should assess whether the primary members of the audit
engagement team demonstrated the skills and experience necessary to address the company’s areas of greatest financial
reporting risk and had access to appropriate specialists and/or national office resources during the audit.
On schemes involving different types of engineering, design may be let out
in separate ‘packages’ to different specialist consultants. For instance the design
of an industrial estate may be packaged into – roads and drainage; water
supply and sewerage; power supplies, and landscaping. For large schemes
the promoter may appoint an overall consultant with wide experience to
co-ordinate the inputs of the specialist design consultants.