No Sympathy for Mr. Know-It-All
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NEW YORK CITY—In his most recent post, Ethan Penner looks at remarks from Sandler O'Neil analyst Alexander Goldfarb, who questioned Vornado's continued involvement with retail, and compares the credentials of Goldfarb with Vornado Chairman and CEO Steven Roth.
Who would you trust with Vornado's future? Penner asks. Penner suggests that Roth's background actively building the REIT's properties and investments should give him the upper hand. But why would the markets respond to an analyst with no background in acquiring or selling property saying, "There's no good reason for an office company and a shopping-center company to be housed under the same roof"? Penner sees it as part of the same need to offer unsolicited opinions and advice, and acknowledges a more basic problem with investing culture and society at large.
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