Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: mishedlo who wrote (6134)	5/11/2004 1:55:04 PM
From: Elroy Jetson	Read Replies (1) of 116555

Compare some builders listed below. Imagine their assets fall only 50% in value in a downturn. We'll call that Downturn Equity, just in round numbers. Centex $11 billion Annual Revenues $12 billion Assets at market value $9.0 billion Debt (-$3.0) billion Downturn Equity Pardee Homes, a division of Weyerhauser (I used to work there) $ -- Revenue not publicly disclosed $5.5 billion Assets $0.0 billion Debt $2.5 billion Downturn Equity Ryland Group $3.5 billion Revenue $1.7 billion Assets $1.2 billion Debt (-$0.8) billion Downturn Equity NVR Inc $1.0 billion Revenue $1.4 billion Assets $0.9 billion Debt (-$0.2) billion Downturn Equity

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