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Saturday, March 26, 2011
The 2022 World Cup in Qatar goes hi-tech and low-temp
Ricky Brown: 'The Quick Brown Fox' of PH basketball
- I will always remember the electricity felt in the Big Dome and Ultra because of the excitement generated by the PBA fans. I get goose bumps just thinking about running out from the dugouts onto the floor and looking up to see all of the fans so excited and fired up for a great game of basketball.
- The opportunity to interact and engage with the fans before and after the game, and in and around Manila. Just speaking and smiling with them, shaking their hands, [having] photos taken together, and having a quick, friendly conversation touched my heart and my soul. Recognizing that they were thrilled just to spend some time with me was a humbling experience. I miss this more than anything else.
- The undying support and loyalty the fans displayed to me, whether on Great Taste or San Miguel, were so inspiring and motivating. I often felt like the fans were out there on the court with me.
Texters clash with Beermen; Aces take on resurgent Bolts
Parents, Kids, and Discipline
- Reward good behavior
- Natural consequences
- Logical consequences
- Taking away privileges
- Time outs
- What about corporal punishment and spanking?
- Communicate your discipline plan
- Be respectful of your child
- Be consistent
- When it's done, it's done
- Understand what is appropriate for your child's development
- Look for the "why" behind behaviors
- Give yourself a break
- Know When and Where to Go for Help
Mayweather's new Pacman shield: Guaranteed $100-M purse
5th Asian Awards
Asia stocks mixed amid uncertainty in Japan, Libya
Philippine official: military graft staggering
Japan Expected to Take Up to 5 Years to Rebuild, With History in Its Favor
John Malone Overtakes Ted Turner as Largest Individual Landowner in the U.S.
When asked about the source of his lust for land, John C. Malone laughs. “My wife says it’s the Irish gene. A certain land hunger comes from being denied property ownership for so many generations.”
Malone, the 70-year-old billionaire chairman of Liberty Media, has well sated that hunger. He started his land feast slowly nearly two decades ago, collecting parcels in Wyoming, New Mexico and Colorado. By the beginning of last year he had nearly 1 million acres. But in the last seven months, as property prices and the cost of borrowing have dropped, the hard-bargaining cable magnate’s land grab shifted into overdrive.
In August Malone bought the 290,100-acre Bell Ranch in northeastern New Mexico, after waiting years for it to drop to what he says was a “rational price.” (The ranch was initially listed in 2006 for $110 million, then for $83 million last year. Malone is rumored to have gotten it for closer to $60 million.) Then in February he made his biggest splash, snapping up 1 million acres of timberland in Maine and New Hampshire for a “fair price.”
With that acquisition Malone became the largest private landowner in the U.S., at 2.2 million acres, according to The Land Report, which tracks sales. He surpassed his fellow billionaire Ted Turner, who had held the title for the previous 15 years. Turner owns 2.1 million acres in the U.S. and has an additional 100,000 acres in South America.
The turnover at the top is fitting. Malone (worth $4.5 billion) and Turner (worth $2.1 billion) are longtime acquaintances and business partners. Malone served on the board of Turner Broadcasting in the 1980s and bailed out Turner’s company in 1987. In 2007, through Liberty Media, Malone became the owner of the Atlanta Braves, Turner’s old baseball team. (“I will always think of them as Ted’s team,” says Malone.) The two have neighboring trophy ranches in northern New Mexico (Malone’s 250,000-acre TO Ranch runs east from Turner’s 591,000-acre Vermejo Park Ranch.) And it was Turner, 72, who “first gave me this land-buying disease,” says Malone, when the duo flew a helicopter over Vermejo. Says Turner: “Over the years I’ve shared my experiences with John. I consider him a good friend and have great respect for him.”
So no Hatfield-McCoy here. Malone recently visited Turner, who was “down in the dumps because I still have lots of dry powder and he’s pretty tapped out,” jokes Malone. “I think if it was a race, Ted would concede.”
Turner seems happy to do just that, saying he was glad to see Malone make his latest acquisition. “We’re working toward the same goal–to be stewards of the land and make sure it’s preserved for future generations,” says Turner.
But though their conservation ends may be the same, their means differ. “Ted’s idea of tradition is to go back to pre-European times,” says Malone. Turner famously poisoned a stretch of Cherry Creek–which runs through his Flying D Ranch in Montana–to rid it of the invasive brown and rainbow trout. (He replanted the stream with native cutthroat trout.) At Turner’s ranch bison roam free over land that’s been cleared of most signs of human habitation.
Malone, on the other hand, says, “I tend to be more willing to admit that human beings aren’t going away.” So he believes that trees can be harvested without damaging the ecology and wildlife. (“I’m not an extreme tree-hugger,” he says.) He will continue the sustainable forestry operation on the Maine and New Hampshire land (purchased from GMO Renewable Resources, a private equity firm). Malone is also looking at wind-power opportunities on the property and will keep the land open for public recreation, a Maine tradition. Malone takes the same “working farm” philosophy with his western properties, like the Bell Ranch, where he raises cattle and horses.
Malone wants to “break even” on his land, but there is more than economics involved. “There’s the emotional and intellectual aspect of walking the land and getting that sense of awe,” he says. “I own it, sort of, for my lifetime.”
Like Turner, he has plans to conserve most of it for beyond his lifetime, through perpetual conservation easements. “But I’m not going to kid myself and think that 500 years from now, with population growth, that the government won’t start putting people on the land,” he says. “But at least I tried.”
Landowners
1. John Malone: 2.2 mn acres—With this year’s purchase of one million acres in Maine and New Hampshire, became the new top dog. Liberty Media chairman also owns property in New Mexico, Wyoming and Colorado.
2. Ted Turner: 2.1 mn acres—Land in seven states. Strident environmentalist has more than 50,000 bison. Has begun renewable energy plant (solar) in New Mexico.
3. Red Emmerson: 1.722 mn acres—Runs family-owned timber company Sierra Pacific Industries, founded by father, “Curly.” Biggest landowner in California. Recently has begun placing some land in conservation easements.
4. Brad Kelley: 1.7 mn acres—Discount cigarette billionaire owns land in Texas, New Mexico, and Florida, mostly used to propagate rare animal species, like the pygmy hippo and okapi.
5. Irving family: 1.2 mn acres—Through the timber company, Irving Woodlands, the Canadian family owns forest land in Maine, most of which is sustainably harvested.
6. Singleton Family: 1.11 mn acres—Children of Dr. Henry Singleton, founder of Teledyne, Inc., run ranchland in New Mexico. Avid participants in local rodeos.
7. King Ranch: 911,215 acres—Land in Texas and Florida. Farm sugarcane, vegetables, citrus and pecans. The ranch produced 1946 Triple Crown winner, Assault.
8. Pingree heirs: 800,000 acres—Family’s Seven Island Land Company owns tract of land in Maine bigger than state of Rhode Island. Heirs of David Pingree, a 19th century shipper.
9. Reed family: 770,000 acres—Through Simpson Lumber Company, owns timberland in Pacific Northwest.
10. Stanley Kroenke: 740,000—St. Louis Rams and Arsenal owner owns cattle and recreational ranches in Montana and Wyoming.
Source: The Land Report/MONTE BURKE/Forbes
John Malone, Largest Private Landowner in the U.S., Speaks
- John Malone: We bought it from GMO Renewable Resources, a private equity firm. We privately negotiated the deal starting about eight months ago. I already have forestry operation in Maine [68,000 acres] and was looking to expand around where I was. GMO happened to own property around there. I asked if they would part with some of it. Their response was they would, but it would expensive. Then I offered to buy their entire northeastern operation. The bulk of the land GMO had bought from IP five years prior.
- Malone: We’ve had a long history in Maine. My wife and I have been going to Maine since 1982. We used to spend summers there even when I was CEO of TCI. We’d move the summer office there every year. Maine is very similar to area where we both grew up in Connecticut before that state was overbuilt. And we’ve had a getaway place, a personal retreat, on a lake in Maine near the Quebec border for a dozen years.
- The new land goes from New Hampshire through Maine to the New Brunswick border, not contiguously, but more or less so. It fit our interests in land conservation and sustainability. From a financial point of view, it’s a pretty decent hedge on devaluation of currency. It’s a commodity-based asset, a hard asset, an asset that could see a tailwind if in fact the U.S. construction industry comes back.
- Malone: All of it will be operated as sustainable forestry. We’re trying to increase the value of what you don’t cut and trying to build a longer term asset. You cut down over-mature trees, you thin, which actually accelerates growth. You have a very long-term time horizon. In addition, we’re protecting lake fronts, riverbanks, and any drainages from any kind of siltation that might be caused by overcutting. Meanwhile you’re trying to provide continuing employment for pretty large contingent of people who make a living in timber industry. There’s also some potential to develop windpower on the property.
- Malone: Absolutely. Hunting, fishing, skiing, snowmobiling… all recreation. In Maine, property owners are protected from liability claims. It would be great if we had that out West. In Colorado if someone shoots himself in the foot because he tripped over wire on my property, there’s no protection. In Maine, we’ve kept the lake on which we have our personal getaway open to the public at no charge. We’ve never had a problem in 12 years. It works.
- Malone: I would hate to see forestry banned. I’m not an extreme tree-hugger. I do believe trees grow and are a useful agricultural product that can be harvested without damaging the ecology and wildlife. In fact, done well, it can enhance wildlife and recreation. In that sense I’m an agricultural person. I think private ownership is generally superior to public because you care about the land more and it doesn’t get trashed.
- Malone: We already have a 250,000-acre TO Ranch in northern New Mexico. It goes back-to-back with Ted’s [Turner] Vermejo Ranch. I go east from him. We’ve had it for a number of years and really enjoy it. It’s a traditional horseback and cattle ranch. So we just expanded those operations with the Bell Ranch. I had looked at it for years. It was pretty pricey. When it finally got to a rational price, we stepped up and negotiated a deal. It will be a horse and cattle ranch. I brought in a new manager who had been a professor in the cattle field at Texas Tech. He’s also an expert on equine and bovine nutrition. Our plan is to operate the ranch with a state-of-the-art understanding of breeding and natural food and pasture management. We also have cattle ranch operations in Wyoming and Colorado.
- Malone: Ted and I are roughly of equal size. He was down in the dumps last time I saw him because he said I still had a lot of dry power and he was pretty tapped out [laughs]. If it was a race I think he would concede, but that’s not what it is. We’re really good friends. Ted first gave me this land-buying disease. I was with him when he negotiated to buy the Vermejo. He’d never seen it from the air so I took a helicopter down and flew him around to see the ranch from the air.
- Malone: Ted’s done some magnificent things. Ted wants tradition but Ted’s idea of tradition is to go back to pre-European time. I really respect that. His Flying D Ranch is absolutely magnificent, with his bison herds. He’s eliminated any sign of human habitation. But I tend to more willing to admit that human beings aren’t going away. Ted feels that there are some places where humans can be kept out.
- Ted and I kid because we’ve looked at a lot of the same stuff without knowing that we we were both looking. We’ve never gone head-to-head. We’ve been in business together an awful long time. Neither of us wants something so bad that we would step on other guy’s toes. This isn’t that kind of thing. I’m just as happy to see Ted own it and preserve it.
- We basically both love the land, and are very heavily involved in The Nature Conservancy. Here in the Denver area I bought basically a large ranch that separates Denver from Colorado Springs. It’s really the only buffer between the two metros. I did that in conjunction with easement so that they’ll always be open space. It’s primarily an elk and bighorn sheep preserve.
- We’re not in this to get rich. The land is not going to provide a meaningful cash return on invested capital. But it does appreciate in value. You’re in it for inflation protection and long-term value, but primarily because it’s something that should be preserved and you can afford to do it if the interest rates are low enough and operations are efficient enough. I tell my ranch guys that the goal is to break even and to improve the quality of the ranch over time with better water, better grass, better fences, better buildings and better cattle. Then it’s sustainable.
- Malone: We’re always interested. I’m looking at one large potential forestry addition back East, in the northeast and Canada. It would double us in forestry side there. We may or may not reach agreement on it. Then we are adding what I would call cropland to our land ownership, really so that we can go a little more vertical in cattle and produce more of our own feed and control costs better.
- Malone: Interest rates are very low so long term assets can be financed with low-cost money. Secondly, the devaluation of U.S. dollar would seem to be pushing up the value of commodities and commodity-producing assets. Also we’ve just come out of a very depressed period in which western ranch land became illiquid. It’s not so much there was collapse of prices as much as there was prolonged period of illiquidity which led to places like the Bell Ranch becoming available. There’s an old joke where one rancher says to another ‘there’s a four-year backlog in ranch sales.’ And the other guy says: ‘No, there’s a four-year pricing process, then a one month liquidity period.’ What happens with these properties is that most will sit in hands of a generation that doesn’t know what to do with them. It takes a while for them to conclude that the prices are not what they had hoped, so properties periodically come to the market.
- Malone: My wife says it’s the Irish gene. A certain land hunger comes from being denied property ownership for so many generations. My uncle told me one time that he didn’t want much, that he just wanted his little farm and all the ones attached to it [laughs]. There’s an emotional and intellectual aspect of walking the land and getting that sense of awe and the feeling that ‘wow, this is neat.’ I own it, sort of, for my lifetime. But I’m really just a steward.
- I love to fish and I bird-hunt occasionally on the property. I like to shoot sporting clays. My wife rides horses for four hours a day.
- Malone: If you’re really clever maybe can protect it after you’re no longer here. I’m putting most of the land in conservation easements which are hopefully supposed to be perpetual. But I’m not going to kid myself and think that 500 years from now, with population growth, that the government won’t start putting people on the land. But at least I tried.