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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: energyplay who wrote (65939)7/5/2005 2:04:02 PM
From: Slagle  Read Replies (1) of 74559
 
energyplay, Re: "carpet stocks" MHK up 10% on the deal. I covered my short some time back, when the housing stocks rallied.

I'm going to see what hometown gossip I can find out on this one. The #3 carpet group is owned by some Belgians and the top management in the three biggest carpet operations all live in the same small North Georgia town. All three of these families were the owners at one time but now only the Belgian outfit is family owned, #1 and #2 are public companies but still the top management guys are the original owners. Lost of egos to get bruised there and there has been long time heavy rivalry between #2 and #3.

The MHK former ownership family, despite their fairly "losey-goosey" manufacturing operation are very civic minded and long time residents of the area, like the top guys at #1. The Belgians came there about 25 years ago and all the locals think they are nuts. In the beginning they tried to get the workers to begin the workday with singing a company song and lots of other Euro-land nonsense.

The closest thing to charity the Belgians are involved in is the millions they spend on a stable full of race horses. Like I said, the locas think they are nuts.

So now MHK goes and buys a Belgian hardsurface outfit. An outflanking move of some sort. The #3 mill has their main operations in Europe.

I still think that MHK will really be a good short at some point, as soon as the housing bubble pops or a recession starts.
Slagle
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