June 27, 2018 Recent Memos, Stock Ideas

Maui Land & Pineapple (MLP): 900 Acres of Hawaiian Resort Land for $250,000 an Acre

Maui Land & Pineapple (MLP) owns real estate on the island of Maui (which is in Hawaii). The company has 22,800 acres of land carried on its books at prices dating back to the 1911 to 1932 period. So, book value is meaningless here. The total size of the land holdings is also meaningless here. Of the 22,800 acres, 9,000 acres are conservation land. That leaves only 13,800 acres of potentially productive land. Almost all of that (12,900 acres) is zoned for agriculture. That leaves...

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