From Wintergreen's semi annual report: "CTO’s assets are substantial land holdings located primarily in Volusia County, Florida which is home to Daytona Beach. The company has meaningful income properties and parcels of land that are in the direct path of growth for the city of Daytona. As sentiment towards real estate assets had become negative, Consolidated Tomoka’s stock price declined significantly, which gave Wintergreen the opportunity to buy a meaningful stake in the company at prices which we hope will become very attractive over time. A review of real estate prices in the Daytona area over the last few years shows that there have been substantial increases, and yet in comparison to many other areas on the east coast of Florida, Daytona remains much more affordable. This is significant in light of the fact that Florida is one of the states with the fastest growing populations. We are encouraged by investments for which the passage of time appears to increase their value and therefore to be our friend, and CTO certainly seems to be one of those investments. Consolidated Tomoka has a debt free balance sheet and has a strong management team that has done a good job to enhance the value of their properties."

From the semi-annual report: "Hong Kong Shanghai Bank (“HSBC”) is an example of an international investment that typifies our investment approach. This financial institution began in Hong Kong in 1865 and shortly thereafter started operations in Shanghai. The original purpose of the bank was to facilitate trade, and 140 years later they have maintained focus on their original business plan. Along the way, HSBC has become the third largest bank in the world; with approximately one third of its operations in North America, thirty percent in Europe, and the balance in the rest of the world, especially in emerging markets."

From Wall Street MoneyMakers interview: "Another company we like that’s an indirect play on Asia, though based in Switzerland, is Swatch. They not only make the very popularly priced Swatch watches, but they also own Omega, Breguet and Glashüette, among other brands. Watches have become universally popular as a way of showing your individuality and wealth. The more expensive they are, the more people want them. In Asia, the company has grown substantially. Swatch is on a Western stock exchange, it’s conservatively managed and has a strong balance sheet, and it is a great play on increasing wealth in Asia and the rest of the world."

From Wall Street MoneyMakers interview: "Along the same lines, Anglo-American, listed in London, owns the largest piece of DeBeers, which over the past 80 or 90 years has successfully convinced women and the men who love them that they want diamonds. Now they have an incremental 500 million customers in China, because when women get married in China now, they not only want jade, they want diamonds. The company is very shareholder friendly: they’re buying back $4 billion worth of stock, and they just paid out a $1 billion special dividend. It’s a company that trades at a low valuation, because people think of it as a mining company. It is, both in diamonds and platinum, but it’s really got some very special niches that would be almost impossible to duplicate."

From Wall Street MoneyMakers interview: "In the U.S., one stock that is under a cloud, and trades at a wide discount that could widen even more, is Weyerhauser. The company owns vast timberlands and has structural-wood-products and homebuilding businesses. They are in the process of unlocking value, which will take time. The housing slump obviously has affected the sentiment and the shorterterm earnings of the company, but we think it’s a treasure trove of assets."

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