This isn’t so much a negative judgment on Tejon Ranch (TRC) as it is on the state where all its real estate is located: California.
 The state’s politics are completely dysfunctional. Its tax system is broken. It’s vaunted quality of life—that once included such things as the best state university system in the country with a quality at many campuses that equaled much more expensive private universities—is decaying. The value of real estate depends on the quality of the public infrastructure and California’s crisis makes the land that Tejon Ranch owns less desirable.
As of January 5, 2010 I’m selling Tejon Ranch out of my long-term Jubak Picks 50 portfolio.
