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The Diss of the Yellowstone Club
When Vale bought the Yellowstone Club, it was losing something like $18 million a year. I'm a believer in finding opportunities that can generate high multiples as well as internal rate returns. So these large covered land plays, while they can be tricky, if bought at the right values and have unique characteristics can really provide exceptional returns over time. The Yellowstone Club has proven to be that for our investors.