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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (10987)	7/23/2000 12:03:02 AM
From: James Clarke	Read Replies (1) of 78523

I'm with Mike on the homebuilders. Either there is something about the accounting I don't understand, or the balance sheets and cash flows in the industry are systematically horrendous, even in good times. They look cheap, but that doesn't mean they are cheap. I don't own them and I've never owned them, though I look at them every so often just wondering if I'm missing something when I see a $6 stock earn $1.50 in a quarter. There are some diamonds in the rough here. One is Crossmann (CROS), though they have faltered and I want to see them get battletested through a downturn and see how they do. And Toll seems to have something special. Other than that, I pass. Clayton and the manufactured homebuilding industry has completely different economics, probably because they don't have to inventory land or build on spec.

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