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  "documentTitle": "Howard Hughes Corporation (HHC)",
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  "authorName": "William Ackman",
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      "text": "As a result, many investors are reluctant to invest in land development, and therefore use extremely high discount rates to value these investments",
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      "text": "Land developers typically use large amounts of recourse leverage\nSubstantial capital must be spent long before the first lot is sold\nThere is substantial risk and time required to obtain zoning and building permits\nThere is pressure to build immediately without regard to market conditions due to large upfront investments and leverage\nThe vast majority of profits are not realized until the last few lots are sold",
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      "text": "History is replete with boom and bust cycles and bankruptcies in the land development business. Why?",
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      "text": "Land Development is Typically a High-Risk Business",
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