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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (8234)9/14/1999 9:31:00 PM
From: John Stichnoth  Read Replies (1) of 78826
 
Comment on builders--A couple of reasons they don't "get much respect" are (1) their accounting is suspect, sometimes. As a former commercial banker, I can remember the problems in some balance sheets and income statements we received. Sometimes a little over-creative. Unfortunately, there seems to be a fair amount of room for that in the building process. (2) exposure to both the economic cycle and interest rates. They can get a double-whammy hit with a big rise in rates with inflation and economic retrenchment.

By the way, Paul, I think I was the one who warned you off ALL some time ago. Unfortunately I still have it! I've got to learn when to sell. :o(.

Best,
JS
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