What Would Ben Graham Do Now?: A New Value Investing Playbook for a Global Age

9. Capability Deals in Practice

When you walk along Century Avenue in Liujiazui, Shanghai’s Wall Street, it is hard not to be impressed by the level of activity. The buildings and parks are flooded with newly minted bankers, financiers, and lawyers (also “my people”). There are cranes on almost every block, and new companies are opening and closing almost every week. The chaos is thrilling.

Located halfway along Century Avenue is the newly completed 692-foot Hines building, now named the 21st Century Tower. It contains a 187-room Four Seasons Hotel, 430,556 square feet of Grade-A office space, and 65 Four Seasons private apartments. In 2009, a minority owner of the project wanted to sell his stake, and I was investigating to see if it was a possible ...