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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: LLCF who wrote (29170)3/23/2005 1:15:01 AM
From: John Vosilla  Read Replies (1) of 110194
 
I read today that public homebuilder NVR was below a buck in January 1992. Today it is $800. To believe builders have tangible assets that will cash flow and take them through the next downturn is very naive thinking. Most of them have negative free cash flow even during the best of times. Builders build until they go bankrupt I was once told and I lived through the days after they went under picking up incredible bargains that were common for the 1992-1997 time period.
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