Also, real estate company JLL (NYSE:JLL) declined –10.89% on disappointing earnings. In early November the company reported quarterly earnings of $1.42, significantly below consensus of $2.00. Revenues were strong, but the impact of an acquisition, higher technology spending, a decline in incentive fees, and a significant write-down of receivables all hurt the bottom line. We think the quarter featured a rare confluence of one-time factors. To our minds, the long-term value of one of the top two global real estate players remains stable.
From John Rogers (Trades, Portfolio)' Ariel Fund fourth quarter 2016 commentary.
