March 31, 2013 Comments

Day 6 in Manhattan:

NBC studios tour, SOHO, Chinatown and a show (The Book of Mormon).

One disappointment the green hop-on-hop-off bus service had very poor service. Buy the red hop-on-hop-off by Gray Line or just take taxies and subway.

Another minor disappointment, the McDonalds next to our hotel is the slowest ever. Tonight they were horribly slow and also out of Coke and out of chicken snack wraps. It goes to show that businesses have to work to stay on their game.

But overall Manhattan is great. Well worth a visit.

In terms of Canadian businesses, TD Bank has a huge presence in Manhattan. Tim Hortons is here but nearly invesible. ALDO shoes has a good presence. Did not notice any other Canadian companies here.

In regards to Melcor, as I mentioned, market interest in the Real Estate Trust spin-off may not be that high. In any case the real estate was already marked to market (unlike their development lands) and therefore there may not be any material value gain when the REIT starts to trade. So, perhaps the January pop in Melcor’s price to $21 and higher was overdone. But anyhow I think Melcor is still good value at around $18 or $19 and will be a good long term investment. There is always the risk of a housing slow down in Alberta but in any case that would be temporary.

Day 5 in Manhattan (March 30)

Museum of Natural History, Central Park and Ground Zero. We continue to find everyone to be very friendly to and patient with tourists.


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