I just listened to the recording of the call. It is a little under an hour long.
I don't believe there was anything negative that was said. Lots of charts were thrown up and it is difficult to summarize most of that information. Brazil was called out as a big growth area - particularly Brazilian Shopping Center Industry. Expectation is 7.8% p.a. growth there. If you add the earning power growth to it, there is a dynamic story. Due to potential tax law change impacting dividends, many companies are paying special dividends that the Alpine funds will try and take advantage of. There was no mention of Alpine itself paying any special dividend.