Land development is the alteration of landscape in any number of ways such as:
53-590: Amfac, Inc. , formerly known as American Factors and originally H. Hackfeld & Co. , was a land development company in Hawaii. Founded in 1898 as a retail and sugar business, it was considered one of the so-called Big Five companies in the Territory of Hawaii . At its peak, it owned 60,000 acres (24,000 ha) of land, and was a dominant sugar company in Hawaii, as well as the founder of one of its best known department store chains, Liberty House . It ended with
106-506: A vegetation carpet to building land may result in a rise in economic growth and rising land prices , the irreversibility of lost flora and fauna because of habitat destruction , the loss of ecosystem services and resulting decline in environmental value is only considered a priori in environmental full-cost accounting . Conversion to building land is as a rule associated with road building , which in itself already brings topsoil abrasion, soil compaction and modification of
159-483: A P/E higher than others in its industry. According to Investopedia author Troy Segal and U.S. Department of State Fulbright fintech research awardee Julius Mansa, growth investing is best suited for investors who prefer relatively shorter investment horizons, higher risks, and are not seeking immediate cash flow through dividends. Some investors attribute the introduction of the growth investing strategy to investment banker Thomas Rowe Price Jr., who tested and popularized
212-400: A broader viewpoint, an investment can be defined as "to tailor the pattern of expenditure and receipt of resources to optimise the desirable patterns of these flows". When expenditures and receipts are defined in terms of money, then the net monetary receipt in a time period is termed cash flow , while money received in a series of several time periods is termed cash flow stream. In finance ,
265-400: A greater level of uncertainty. Industry to industry volatility is more or less of a risk depending. In biotechnology , for example, investors look for big profits on companies that have small market capitalizations but can be worth hundreds of millions quite quickly. The risk is high because approximately 90% of biotechnology products researched do not make it to market due to regulations and
318-510: A low-risk investment is made, the return is also generally low. Similarly, high risk comes with a chance of high losses. Investors, particularly novices, are often advised to diversify their portfolio . Diversification has the statistical effect of reducing overall risk. In modern economies, traditional investments include: Alternative investments include: An investor may bear a risk of loss of some or all of their capital invested. Investment differs from arbitrage , in which profit
371-416: A month for the next 3 years, regardless of the share price of their preferred stock(s), mutual funds , or exchange-traded funds . Many investors believe that dollar-cost averaging helps minimize short-term volatility by spreading risk out across time intervals and avoiding market timing. Research also shows that DCA can help reduce the total average cost per share in an investment because the method enables
424-468: A number of individual end investors into funds such as investment trusts , unit trusts , and SICAVs to make large-scale investments. Each individual investor holds an indirect or direct claim on the assets purchased, subject to charges levied by the intermediary, which may be large and varied. Approaches to investment sometimes referred to in marketing of collective investments include dollar cost averaging and market timing . Free cash flow measures
477-612: A partner in 1881. In 1898, the Hackfeld and Isenberg family interests in Hawaii were officially reorganized as H. Hackfeld & Co. During World War I , H. Hackfeld & Co. was seized by the U.S. government Alien Property Custodian . It was later sold to a consortium of Hawaii businessmen in 1918, who changed the name to "American Factors". In 1966, the name was further shortened to "Amfac". Henry Alexander Walker became president in 1933. The family estate in Nuʻuanu Valley , known as
530-480: A previously settled portion of the profit, though the agent was not liable for any losses. Many will notice that the qirad is similar to the institution of the commenda later used in western Europe, though whether the qirad transformed into the commenda or the two institutions evolved independently cannot be stated with certainty. In the early 1900s, purchasers of stocks, bonds, and other securities were described in media, academia, and commerce as speculators. Since
583-406: A problem for forests and agriculture, the expansion of structures prevents natural resources from producing in their environment. In order to prevent the loss of wildlife the forests must maintain a stable climate and the land must remain unaffected by development. Furthermore, forests can be sustained by different forest management techniques such as reforestation and preservation. Reforestation
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#1732786591745636-456: A residual development appraisal or residual valuation. The residual appraisal calculates the sale value of the end product (the gross development value or GDV) and hypothetically deducts costs, including planning and construction costs, finance costs and developer's profit. The "residue", or leftover proportion, represents the land value. Therefore, in maximising the GDV (that which one could build on
689-406: A result of the process; "land conversion" tries to focus on the general physical and biological aspects of the land use change . "Land improvement" in the economic sense can often lead to land degradation from the ecological perspective. Land development and the change in land value does not usually take into account changes in the ecology of the developed area. While conversion of (rural) land with
742-477: A satisfactory overall price for all [their] holdings." Micro-investing is a type of investment strategy that is designed to make investing regular, accessible and affordable, especially for those who may not have a lot of money to invest or who are new to investing. Investments are often made indirectly through intermediary financial institutions. These intermediaries include pension funds , banks , and insurance companies. They may pool money received from
795-514: A short-term uptrend, and they usually sell them once this momentum starts to decrease. Stocks or securities purchased for momentum investing are often characterized by demonstrating consistently high returns for the past three to twelve months. However, in a bear market , momentum investing also involves short-selling securities of stocks that are experiencing a downward trend, because it is believed that these stocks will continue to decrease in value. Essentially, momentum investing generally relies on
848-463: A value investor uses analysis of the financial reports of the issuer to evaluate the security. Value investors employ accounting ratios, such as earnings per share and sales growth, to identify securities trading at prices below their worth. Warren Buffett and Benjamin Graham are notable examples of value investors. Graham and Dodd's seminal work, Security Analysis , was written in the wake of
901-478: Is a reactive approach designed to replant trees that were previously logged within the forest boundary in attempts to re-stabilize this ecosystem. Preservation on the other hand is a proactive idea that promotes the concept of leaving the forest as is, without using this area for its ecosystem goods and services. Both of these methods to mitigate deforestation are being used throughout the world. The U.S. Forest Service predicts that urban and developing terrain in
954-471: Is a substantial consideration for land development projects. On the local level an environmental impact report (EIR) may be necessary. In the United States, federally funded projects typically require preparation of an environmental impact statement (EIS). The concerns of private citizens or political action committees (PACs) can influence the scope, or even cancel, a project based on concerns like
1007-408: Is also sometimes advertised as land improvement or land amelioration . It refers to investment making land more usable by humans. For accounting purposes it refers to any variety of projects that increase the value of the process . Most are depreciable, but some land improvements are not able to be depreciated because a useful life cannot be determined. Home building and containment are two of
1060-432: Is because plantations of other trees as a means for water conservation and protection against wind erosion ( shelterbelts ), as a rule, lack the biodiversity of the lost forest, especially when realized as monocultures . These deforestation consequences may have lasting effects on the environment including soil stabilization and erosion control measures that may not be as effective in preserving topsoil as
1113-407: Is generated without investing capital or bearing risk. Savings bear the (normally remote) risk that the financial provider may default. Foreign currency savings also bear foreign exchange risk : if the currency of a savings account differs from the account holder's home currency, then there is the risk that the exchange rate between the two currencies will move unfavourably so that the value of
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#17327865917451166-399: Is lost to concrete and asphalt surfaces, complementary interspersed garden and park areas notwithstanding. New creation of farmland (or 'agricultural land conversion') will rely on the conversion and development of previous forests , savannas or grassland . Recreation of farmland from wasteland , deserts or previous impervious surfaces is considerably less frequent because of
1219-546: Is reasonable for a telecommunications stock to show a P/E in the low teens, in the case of hi-tech stock, a P/E in the 40s range is not unusual. When making comparisons, the P/E ratio can give you a refined view of a particular stock valuation. For investors paying for each dollar of a company's earnings, the P/E ratio is a significant indicator, but the price-to-book ratio (P/B) is also a reliable indication of how much investors are willing to spend on each dollar of company assets. In
1272-475: Is the single greatest cause of extinction of terrestrial species . An example of land conversion being a chief cause of the critically endangered status of a carnivore is the reduction in habitat for the African wild dog , Lycaon pictus . Deforestation is also the reason for loss of a natural habitat , with large numbers of trees being cut down for residential and commercial use. Urban growth has become
1325-482: The H. Alexander Walker Residence , was developed into a showcase orchid garden. From 1968 to 1972, under president Henry Alexander Walker Jr., Amfac acquired 42 companies. These included the Fred Harvey Company , which had grown to fame operating Harvey House restaurants along railroad lines starting in 1876. Gulf+Western Industries owned a 25% stake in the company, which was sold in 1983. As of
1378-525: The Kekaha Sugar Mill and Lihue Plantation closed in 2000. West Maui Land acquired the former Pioneer Mill fields above Launiupoko Beach Park. Steve Case acquired the Lihue plantation in 2001. Amfac Hawaii went into Chapter 11 bankruptcy in 2002. Amfac Parks & Resorts was retained by JMB and was renamed Xanterra Parks & Resorts . Amfac Hawaii was reorganized as Kaanapali Land, LLC and
1431-503: The Wall Street Crash of 1929 . The price to earnings ratio (P/E), or earnings multiple, is a particularly significant and recognized fundamental ratio, with a function of dividing the share price of the stock, by its earnings per share. This will provide the value representing the sum investors are prepared to expend for each dollar of company earnings. This ratio is an important aspect, due to its capacity as measurement for
1484-624: The Wall Street crash of 1929 , and particularly by the 1950s, the term "investment" had come to denote the more conservative end of the securities spectrum, while " speculation " was applied by financial brokers and their advertising agencies to higher risk securities much in vogue at that time. Since the last half of the 20th century, the terms "speculation" and "speculator" have specifically referred to higher risk ventures. A value investor buys assets that they believe to be undervalued (and sells overvalued ones). To identify undervalued securities,
1537-473: The 1970s, Amfac ran a variety of hospitality, retail, financial and other businesses in California , among other states. California was its second state after Hawaii. It operated: In 1987, Ronald Sloan was removed as chief executive and president and was replaced by Richard Griffith (Henry Walker Jr. was still chairman of the board). The company announced it was selling its non-Hawaii business units. Amfac
1590-424: The U.S. will expand by 41 percent in the year 2060. These conditions cause displacement for the wildlife and limited resources for the environment to maintain a sustainable balance. Investment Investment is traditionally defined as the "commitment of resources to achieve later benefits". If an investment involves money, then it can be defined as a "commitment of money to receive more money later". From
1643-495: The bankruptcy closed in 2005. Some of the former plantation land uphill from the resort has been subdivided into a development called Kāʻanapali Coffee Farms. Land development Land development has a history dating to Neolithic times around 8,000 BC. From the dawn of civilization, the process of land development has elaborated the progress of improvements on a piece of land based on codes and regulations, particularly housing complexes. In an economic context, land development
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1696-411: The cash a company generates which is available to its debt and equity investors, after allowing for reinvestment in working capital and capital expenditure . High and rising free cash flow, therefore, tend to make a company more attractive to investors. The debt-to-equity ratio is an indicator of capital structure . A high proportion of debt , reflected in a high debt-to-equity ratio, tends to make
1749-423: The comparison of valuations of various companies. A stock with a lower P/E ratio will cost less per share than one with a higher P/E, taking into account the same level of financial performance; therefore, it essentially means a low P/E is the preferred option. An instance in which the price to earnings ratio has a lesser significance is when companies in different industries are compared. For example, although it
1802-548: The completion of a bankruptcy proceeding in 2005, with a small successor company, Kaanapali Land, LLC ( OTC Pink : KANP ), owning 5,000 acres (2,000 ha) of land in Kaanapali on the island of Maui . In 1849, German immigrant Heinrich Hackfeld formed a dry goods store called Hackfeld's Dry Goods in Honolulu . Hackfeld later became the business agent for Kōloa Plantation on the island of Kauaʻi . Paul Isenberg became
1855-404: The complex demands within pharmacology as the average prescription drug takes 10 years and US$ 2.5 billion worth of capital. In the medieval Islamic world , the qirad was a major financial instrument. This was an arrangement between one or more investors and an agent where the investors entrusted capital to an agent who then traded with it in hopes of making a profit. Both parties then received
1908-475: The degraded or missing fertile soil in the latter. Starting from forests, land is made arable by assarting or slash-and-burn . Agricultural development furthermore includes: Because the newly created farmland is more prone to erosion than soil stabilized by tree roots , such a conversion may mean irreversible crossing of an ecological threshold . The resulting deforestation is also not easily compensated for by reforestation or afforestation . This
1961-426: The development process itself under the microscope, identifying where enhancements and improvements can be introduced. These improvements aim to align with best design practice, political sensitivities, and the inevitable social requirements of a project, with the overarching objective of increasing land values and profit margins on behalf of the landowner or developer. Development analysis can add significantly to
2014-479: The existence and strength of trends. Dollar cost averaging (DCA), also known in the UK as pound-cost averaging, is the process of consistently investing a certain amount of money across regular increments of time, and the method can be used in conjunction with value investing, growth investing, momentum investing, or other strategies. For example, an investor who practices dollar-cost averaging could choose to invest $ 200
2067-423: The future. To identify such stocks , growth investors often evaluate measures of current stock value as well as predictions of future financial performance. Growth investors seek profits through capital appreciation – the gains earned when a stock is sold at a higher price than what it was purchased for. The price-to-earnings (P/E) multiple is also used for this type of investment; growth stock are likely to have
2120-434: The land), land value is concurrently enhanced. Land value is highly sensitive to supply and demand (for the end product), build costs, planning and affordable housing contributions, and so on. Understanding the intricacies of the development system and the effect of "value drivers" can result in massive differences in the landowner's sale value. Land development puts more emphasis on the expected economic development as
2173-779: The loss of an endangered species’ habitat. In most cases, the land development project will be allowed to proceed if mitigation requirements are met. Mitigation banking is the most prevalent example, and necessitates that the habitat will have to be replaced at a greater rate than it is removed. This increase in total area helps to establish the new ecosystem, though it will require time to reach maturity. The extent, and type of land use directly affects wildlife habitat and thereby impacts local and global biodiversity . Human alteration of landscapes from natural vegetation (e.g. wilderness ) to any other use can result in habitat loss , degradation , and fragmentation , all of which can have devastating effects on biodiversity. Land conversion
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2226-555: The method in 1950 by introducing his mutual fund , the T. Rowe Price Growth Stock Fund. Price asserted that investors could reap high returns by "investing in companies that are well-managed in fertile fields." A new form of investing that seems to have caught the attention of investors is Venture Capital. Venture Capital is independently managed dedicated pools of capital that focus on equity or equity-linked investments in privately held, high growth companies. Momentum investors generally seek to buy stocks that are currently experiencing
2279-456: The most common and the oldest types of development. In an urban context, land development furthermore includes: A landowner or developer of a project of any size, will often want to maximise profits , minimise risk , and control cash flow . This "profitable energy" means identifying and developing the best scheme for the local marketplace, whilst satisfying the local planning process. Development analysis puts development prospects and
2332-498: The previous intact vegetation . Massive land conversion without proper consideration of ecological and geological consequences may lead to disastrous results , such as: While deleterious effects can be particularly visible when land is developed for industrial or mining usage, agro-industrial and settlement use can also have a massive and sometimes irreversible impact on the affected ecosystem. Examples of land restoration / land rehabilitation counted as land development in
2385-524: The principle that a consistently up-trending stock will continue to grow, while a consistently down-trending stock will continue to fall. Economists and financial analysts have not reached a consensus on the effectiveness of using the momentum investing strategy. Rather than evaluating a company's operational performance, momentum investors instead utilize trend lines, moving averages, and the Average Directional Index (ADX) to determine
2438-546: The process of the P/B ratio, the share price of a stock is divided by its net assets; any intangibles, such as goodwill, are not taken into account. It is a crucial factor of the price-to-book ratio, due to it indicating the actual payment for tangible assets and not the more difficult valuation of intangibles. Accordingly, the P/B could be considered a comparatively conservative metric. Growth investors seek investments they believe are likely to have higher earnings or greater value in
2491-471: The purchase of more shares when their price is lower, and less shares when the price is higher. However, dollar-cost averaging is also generally characterized by more brokerage fees, which could decrease an investor's overall returns. The term "dollar-cost averaging" is believed to have first been coined in 1949 by economist and author Benjamin Graham in his book, The Intelligent Investor . Graham asserted that investors that use DCA are "likely to end up with
2544-515: The purpose of investing is to generate a return on the invested asset . The return may consist of a capital gain (profit) or loss, realised if the investment is sold, unrealised capital appreciation (or depreciation) if yet unsold. It may also consist of periodic income such as dividends , interest , or rental income. The return may also include currency gains or losses due to changes in foreign currency exchange rates . Investors generally expect higher returns from riskier investments. When
2597-421: The savings account decreases, measured in the account holder's home currency. Even investing in tangible assets like property has its risk. And similar to most risks, property buyers can seek to mitigate any potential risk by taking out mortgage and by borrowing at a lower loan to security ratio. In contrast with savings, investments tend to carry more risk, in the form of both a wider variety of risk factors and
2650-549: The soil's chemical composition through soil stabilization , creation of impervious surfaces and, subsequently, (polluted) surface runoff water. Construction activity often effectively seals off a larger part of the soil from rainfall and the nutrient cycle , so that the soil below buildings and roads is effectively "consumed" and made infertile . With the notable exception of attempts at rooftop gardening and hanging gardens in green buildings (possibly as constituents of green urbanism ), vegetative cover of higher plants
2703-447: The strict sense are still rare. However, renaturation , reforestation , stream restoration may all contribute to a healthier environment and quality of life, especially in densely populated regions. The same is true for planned vegetation like parks and gardens , but restoration plays a particular role, because it reverses previous conversions to built and agricultural areas. The environmental impact of land use and development
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#17327865917452756-509: The value of land and development, and as such is a crucial tool for landowners and developers. It is an essential step in Kevin A. Lynch 's 1960 book The Image of the City , and is considered to be essential to realizing the value potential of land. The landowner can share in additional planning gain (significant value uplift) via an awareness of the land's development potential . This is done via
2809-615: Was bought by Chicago -based JMB Realty in 1988 for $ 920 million. As the sugar industry in Hawaii declined after statehood, so did the fortunes of Amfac. The company's assets were gradually sold off or closed. Oahu Sugar in Waipahu was closed in 1995. Liberty House went into bankruptcy in 1998 (it was later acquired by Federated Department Stores and now carries the Macy's brand name). The Pioneer Mill in Lahaina closed in 1999, and
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