The purpose of this article is to acquaint security analysts and portfolio managers with some of the investment aspects of land. The concept of “pre-developed” land is presented and compared to growth stocks. Leverage and tax shelter features are discussed and qualitatively contrasted with common stock investment. The authors emphasize, with illustrations, that the investor may favorably affect the resale price and holding period of land investment by “land planning”. The challenging point is made that activity generated by competition may increase land values while it tends to decrease corporate stock values.