Seeking Alpha

"Buy land. They ain't making any more of the stuff." -Will Rogers

This principle remains true, still today, even after the real estate bubble implosion from no less than half a decade ago. One of the best pure plays on land in California is little known and little appreciated, Tejon Ranch Company (TRC), which is one of the largest private landowners in the state. This Cali real estate owner, developer and farmer trades with a market cap of just over $700 million and has zero analystsfollowing the stock. Given the non-existent analyst coverage, and its unique (and somewhat difficult to understand) business model Tejon's shares have not done much over the past few years, trading in...

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