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TWST: Sam, in your view, are there opportunities as well as challenges that this legislation opens the companies up to? Which companies in your view could use the opportunities successfully?

Mr. Lieber: I don’t think one can name specific companies, other than to suggest that the larger companies with significant capital could do a lot more than companies that are strapped for cash. I think the comment that there is risk related to whether the company has competence in a new business is valid. However, if one looks at real estate in general, it’s a relatively low return on asset business. There could be a number of other businesses, perhaps totally unrelated to real estate, that can generate significantly higher returns. Then one has to look at the valuation of such a company in a very different light. So we’ll see whether it really makes sense for companies to aggressively pursue alternative investments.

TWST: Sam, I’m sure you have some names that nobody else will have.

Mr. Lieber: A very interesting company is Chelsea GCA Realty (NYSE:CCG). While I’m positive on retail, I’m not as positive as I am on CBD office; however, Chelsea dominates a unique niche. The stock is down because other outlet centers have been hit hard and people are cautious on retail in general. Their developments in Japan are potentially tremendously lucrative and could lead to a stream of several other projects down the line there. I do think that they have a couple of strategies that might demonstrate their leadership position and boost the share price development during the next year.