Let's see, Target is going to be worth more because they have become better merchants and have innovations in purchasing and inventory management.
No?
They've lowered their cost of capital?
No?
Oh, they are going to take advantage of tax law, so that their real-estate is suddenly worth more (because it's wrapped into a tax-favored REIT).
Great. Innovation. Great. No really, great. Great.
How do the numbers work out if the government wises up and pulls the plug on this clever, new, kinda-tax-"deduction"?
(Don't hate me, Bill. Superb, well articulated ideas on the financial crisis. It can only be helpful if more people had confidence that there is equity-capital financing available. On the other hand, no one at Treasury seems to be listening, too much, so a word to the wise ... falls on deaf ears? :-)
Thursday, October 30, 2008
Wall Street's Latest ...
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