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Jack and Jill went up the hill
To fetch a pail of water.
Jack fell down and broke his crown,
And Jill came tumbling after.
It has been suggested that the rhyme records the attempt by King Charles I to reform the taxes on liquid measures. He was blocked by Parliament, so subsequently ordered that the volume of a Jack (1/2 pint) be reduced, but the tax remained the same. This meant that he still received more tax, despite Parliament's veto. Hence "Jack fell down and broke his crown" (many pint glasses in the UK still have a line marking the 1/2 pint level with a crown above it) "and Jill came tumbling after". The reference to "Jill", (actually a "gill", or 1/4 pint) is said to reflect that the gill dropped in volume as a consequence.
The suggestion has also been made that Jack and Jill represent Louis XVI of France, who was deposed and beheaded in 1793 (lost his crown), and his Queen, Marie Antoinette (who came tumbling after), a theory made difficult by the fact that the earliest printing of the rhyme pre-dates those events. There is also a local belief that the rhyme records events in the village of Kilmersdon in Somerset in 1697. When a local spinster became pregnant, the putative father is said to have died from a rock fall and the woman died in childbirth soon after.
Fairly depressing story to be singing to toddlers, isn’t it?
The good news is that Jill made me think of buying the stock JLL, so I did.
Today I bought Jones Lang LaSalle Incorporated (JLL) at 143.31. I will sell it in 4 to 6 weeks at 165.43. Here’s why I like JLL.
First of all, I love the chart:
This stock is up 46% in the last year and its PE is only 19 - but it’s what lies ahead that is far more exciting. Remember, for good or bad, the wealthiest 1 percent of Americans control 36 percent of the total wealth of the country -- more than a third. Even more incredible is that the richest 10 percent of Americans control 75 percent of the wealth, leaving only 25 percent to the other 90 percent of Americans. Now, I’m not here to comment on this fact given that it’s true, but moreover, how do I make money knowing this?
The stupidest thing that anyone can do is get rich twice. Once people are wealthy, they want to preserve their capital. How do they do this? They invest in safe, fixed income securities. Well, in this day of quantitative easing 1, 2 and 3, interest income is essentially a thing of the past. Money is free, and you can’t make money lending it to anyone. So you have to find other ways to make money.
If you build it, they will come. The HUGE winner in all of this has been the commercial real estate business. With the economy chugging along, real estate values have been appreciating. For those well capitalized and with good credit, it costs next to nothing to borrow more money. Credit has certainly loosened up – FOR THOSE WHO DON’T NEED IT! With this free money, people have been investing like crazy in commercial real estate.
JLL is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $53.0 billion of real estate assets under management. In 2014, for the seventh year in a row, Jones Lang LaSalle was named one of the ‘World’s Most Ethical Companies’ by the Ethisphere Institute, an international organization that promotes best practices in business ethics, corporate and anti-corruption.The Company’s real estate services include agency leasing, capital markets, tenant representation, real estate investment banking / merchant banking, property management, corporate finance, facilities management / outsourcing, hotel advisory, project and development management / construction, energy and sustainability services, valuations, value recovery and receivership services, consulting and
Jones Lang LaSalle was formed by the merger of Jones Lang Wootton, a British firm with origins dating back to 1783, and LaSalle Partners, an American company formed from a predecessor launched in 1968.
Jones Lang Wootton opened its first US office in New York in 1975. In 1997, the initial public offering was completed by LaSalle Partners for the company's common stock in the market.
JLW and LaSalle Partners formed Jones Lang LaSalle in 1999, which was the largest international merger in the real estate industry at the time. Company size has increased in recent years through a combination of organic growth and mergers and acquisitions.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. Occupancy costs in prime office markets worldwide are expected to accelerate into the end of the year due to strong demand and tight supply.
Now in its fifth year of recovery after the global recession cut down revenue and profit growth, JLL has been gaining market share from smaller rivals around the world. Revenue has grown 16% on a compounded annual rate since 2010. The industry is still highly fragmented, and JLL has gotten as much growth as it wants from roll ups – with no end in sight. JLL offers one stop shopping for commercial real estate investors, so their business model makes sense for those who’d rather avoid the headache of having to turn to multiple service providers.
JLL provides professional real estate services and investment management to clients seeking to own, occupy and invest in real estate, whether they're leasing offices, buying buildings or investing in real estate funds.
The stock has plenty of upside left, given the improving operating fundamentals, opportunistic acquisitions and a long-term expected growth rate of 14%.
JLL reported encouraging adjusted earnings of $2.31 per share for third-quarter 2014. Results comfortably exceeded ANAL-ysts estimate of $1.78 by nearly 30%, coming well above the year-ago quarter figure of $1.49. The company has also announced a 9% hike in its semi-annual dividend rate.
Consolidated fee revenue increased 19% from the prior-year quarter to $1.2 billion, driven by growth in Real estate and LaSalle Investment Management’s advisory and incentive fees.
ANAL-ysts now have the estimate for 2014 at $7.94 per share while that for 2015 is $8.79 per share. I’ll get to this comedy later on in the broadcast. Some of the most recent quarter’s earnings highlights are:
· Strong fee revenue growth across all service lines and geographic segments
· Outstanding results for LaSalle Investment Management contributed to significant margin expansion
· Continued strategic investment in technology
· Healthy pipelines entering the seasonally strong fourth quarter
"We completed a record third quarter with broad-based growth in all service lines and superior results from LaSalle Investment Management," said Colin Dyer, President and CEO of JLL. "Market conditions and sentiment remain strong in real estate markets around the world, and the healthy pipelines across our business signal continued growth into 2015," Dyer added.
Fee revenue for the quarter was $521 million, an increase of 16 percent from 2013. Fee revenue growth was driven by Capital Markets & Hotels, up 55 percent, and Leasing, up 10 percent, compared with the third quarter of last year.
JLL’s recently stated full year projections for global investment sales and leasing activity. They expect total investment sales market volumes to reach $700 billion this year, 15-20% above 2013. They see volumes increasing significantly in the Americas. Looking ahead to next year, they expect to continue high level of global demand for direct real estate investment. Projecting further transactional volume growth of 10-15% globally with a further 5% growth in capital values in the year with Tokyo, Beijing, Sydney and U.S. gateway markets showing the strongest capital appreciation. In 2015 they project gross leasing volumes to improve steadily by 5% as sustained world economic growth driving increased business head count and capital spend.
What makes them so good? They are a growth oriented, globally integrated firm. They believe in operational excellence and employ the productivity tools and broad research capability to get to that end. They have the financial strength to outmuscle the competition, including an investment grade balance sheet and strong cash flows. They believe in long term value creation and are a disciplined acquirer to continue down that path. Their 10 year compound annual growth rate is 16%. In the last 10 years they have quadrupled their fee revenue and their market cap has gone from $685 million to over $6 billion.
This year they have raised over $7.3 billion in capital, and are itching to put it to work. They raised $5.1 billion in the 3rd quarter alone. This is the LAUNCHING year for JLL. They are going to see EXPLOSIVE growth in the short run. The market is BOILING with opportunity.
As always, this all boils down to earnings. Having said that, I have no idea what TV station these ANAL-ysts are watching. Commercial real estate is going nuts and $$$MR. MARKET$$$ sees JLL’s 2014 earnings coming in at $8.83/share and 2015 ringing the bell at $10.73/share. At these earnings, and a PE multiple of 19, we should see the stock price go to 19 x $10.73 = $203.87. This is well past my stock target.
So I’m jumping into JLL and I’ll be able to buy myself a building with the profits I make on this no brainer pick.
I am HUGE!
$$$MR. MARKET$$$
To fetch a pail of water.
Jack fell down and broke his crown,
And Jill came tumbling after.
It has been suggested that the rhyme records the attempt by King Charles I to reform the taxes on liquid measures. He was blocked by Parliament, so subsequently ordered that the volume of a Jack (1/2 pint) be reduced, but the tax remained the same. This meant that he still received more tax, despite Parliament's veto. Hence "Jack fell down and broke his crown" (many pint glasses in the UK still have a line marking the 1/2 pint level with a crown above it) "and Jill came tumbling after". The reference to "Jill", (actually a "gill", or 1/4 pint) is said to reflect that the gill dropped in volume as a consequence.
The suggestion has also been made that Jack and Jill represent Louis XVI of France, who was deposed and beheaded in 1793 (lost his crown), and his Queen, Marie Antoinette (who came tumbling after), a theory made difficult by the fact that the earliest printing of the rhyme pre-dates those events. There is also a local belief that the rhyme records events in the village of Kilmersdon in Somerset in 1697. When a local spinster became pregnant, the putative father is said to have died from a rock fall and the woman died in childbirth soon after.
Fairly depressing story to be singing to toddlers, isn’t it?
The good news is that Jill made me think of buying the stock JLL, so I did.
Today I bought Jones Lang LaSalle Incorporated (JLL) at 143.31. I will sell it in 4 to 6 weeks at 165.43. Here’s why I like JLL.
First of all, I love the chart:
This stock is up 46% in the last year and its PE is only 19 - but it’s what lies ahead that is far more exciting. Remember, for good or bad, the wealthiest 1 percent of Americans control 36 percent of the total wealth of the country -- more than a third. Even more incredible is that the richest 10 percent of Americans control 75 percent of the wealth, leaving only 25 percent to the other 90 percent of Americans. Now, I’m not here to comment on this fact given that it’s true, but moreover, how do I make money knowing this?
The stupidest thing that anyone can do is get rich twice. Once people are wealthy, they want to preserve their capital. How do they do this? They invest in safe, fixed income securities. Well, in this day of quantitative easing 1, 2 and 3, interest income is essentially a thing of the past. Money is free, and you can’t make money lending it to anyone. So you have to find other ways to make money.
If you build it, they will come. The HUGE winner in all of this has been the commercial real estate business. With the economy chugging along, real estate values have been appreciating. For those well capitalized and with good credit, it costs next to nothing to borrow more money. Credit has certainly loosened up – FOR THOSE WHO DON’T NEED IT! With this free money, people have been investing like crazy in commercial real estate.
JLL is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $53.0 billion of real estate assets under management. In 2014, for the seventh year in a row, Jones Lang LaSalle was named one of the ‘World’s Most Ethical Companies’ by the Ethisphere Institute, an international organization that promotes best practices in business ethics, corporate and anti-corruption.The Company’s real estate services include agency leasing, capital markets, tenant representation, real estate investment banking / merchant banking, property management, corporate finance, facilities management / outsourcing, hotel advisory, project and development management / construction, energy and sustainability services, valuations, value recovery and receivership services, consulting and
Jones Lang LaSalle was formed by the merger of Jones Lang Wootton, a British firm with origins dating back to 1783, and LaSalle Partners, an American company formed from a predecessor launched in 1968.
Jones Lang Wootton opened its first US office in New York in 1975. In 1997, the initial public offering was completed by LaSalle Partners for the company's common stock in the market.
JLW and LaSalle Partners formed Jones Lang LaSalle in 1999, which was the largest international merger in the real estate industry at the time. Company size has increased in recent years through a combination of organic growth and mergers and acquisitions.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. Occupancy costs in prime office markets worldwide are expected to accelerate into the end of the year due to strong demand and tight supply.
Now in its fifth year of recovery after the global recession cut down revenue and profit growth, JLL has been gaining market share from smaller rivals around the world. Revenue has grown 16% on a compounded annual rate since 2010. The industry is still highly fragmented, and JLL has gotten as much growth as it wants from roll ups – with no end in sight. JLL offers one stop shopping for commercial real estate investors, so their business model makes sense for those who’d rather avoid the headache of having to turn to multiple service providers.
JLL provides professional real estate services and investment management to clients seeking to own, occupy and invest in real estate, whether they're leasing offices, buying buildings or investing in real estate funds.
The stock has plenty of upside left, given the improving operating fundamentals, opportunistic acquisitions and a long-term expected growth rate of 14%.
JLL reported encouraging adjusted earnings of $2.31 per share for third-quarter 2014. Results comfortably exceeded ANAL-ysts estimate of $1.78 by nearly 30%, coming well above the year-ago quarter figure of $1.49. The company has also announced a 9% hike in its semi-annual dividend rate.
Consolidated fee revenue increased 19% from the prior-year quarter to $1.2 billion, driven by growth in Real estate and LaSalle Investment Management’s advisory and incentive fees.
ANAL-ysts now have the estimate for 2014 at $7.94 per share while that for 2015 is $8.79 per share. I’ll get to this comedy later on in the broadcast. Some of the most recent quarter’s earnings highlights are:
· Strong fee revenue growth across all service lines and geographic segments
· Outstanding results for LaSalle Investment Management contributed to significant margin expansion
· Continued strategic investment in technology
· Healthy pipelines entering the seasonally strong fourth quarter
"We completed a record third quarter with broad-based growth in all service lines and superior results from LaSalle Investment Management," said Colin Dyer, President and CEO of JLL. "Market conditions and sentiment remain strong in real estate markets around the world, and the healthy pipelines across our business signal continued growth into 2015," Dyer added.
Fee revenue for the quarter was $521 million, an increase of 16 percent from 2013. Fee revenue growth was driven by Capital Markets & Hotels, up 55 percent, and Leasing, up 10 percent, compared with the third quarter of last year.
JLL’s recently stated full year projections for global investment sales and leasing activity. They expect total investment sales market volumes to reach $700 billion this year, 15-20% above 2013. They see volumes increasing significantly in the Americas. Looking ahead to next year, they expect to continue high level of global demand for direct real estate investment. Projecting further transactional volume growth of 10-15% globally with a further 5% growth in capital values in the year with Tokyo, Beijing, Sydney and U.S. gateway markets showing the strongest capital appreciation. In 2015 they project gross leasing volumes to improve steadily by 5% as sustained world economic growth driving increased business head count and capital spend.
What makes them so good? They are a growth oriented, globally integrated firm. They believe in operational excellence and employ the productivity tools and broad research capability to get to that end. They have the financial strength to outmuscle the competition, including an investment grade balance sheet and strong cash flows. They believe in long term value creation and are a disciplined acquirer to continue down that path. Their 10 year compound annual growth rate is 16%. In the last 10 years they have quadrupled their fee revenue and their market cap has gone from $685 million to over $6 billion.
This year they have raised over $7.3 billion in capital, and are itching to put it to work. They raised $5.1 billion in the 3rd quarter alone. This is the LAUNCHING year for JLL. They are going to see EXPLOSIVE growth in the short run. The market is BOILING with opportunity.
As always, this all boils down to earnings. Having said that, I have no idea what TV station these ANAL-ysts are watching. Commercial real estate is going nuts and $$$MR. MARKET$$$ sees JLL’s 2014 earnings coming in at $8.83/share and 2015 ringing the bell at $10.73/share. At these earnings, and a PE multiple of 19, we should see the stock price go to 19 x $10.73 = $203.87. This is well past my stock target.
So I’m jumping into JLL and I’ll be able to buy myself a building with the profits I make on this no brainer pick.
I am HUGE!
$$$MR. MARKET$$$
14.51(10.01%) 
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