From Baron Funds' first quarter letter: CBRE Group, Inc. ("CB Richard Ellis") (NYSE:CBG
), the global leading commercial real estate firm, has continued to benefit from a rebound in its leasing, investment sales, property management, and investment management businesses. We believe, with the recovery in the commercial real estate market, the company may double its earnings in the next four to five years. Management has set 2012 earnings guidance of at least $1.20 per share, which we believe could grow to $2.40 per share by 2016. Applying a 15 times multiple to $2.40 per share in earnings would result in approximately 100% upside from today's share price.