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Strategies & Market Trends : The Residential Real Estate Crash Index
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From: James Hutton9/22/2008 1:23:12 PM
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Just an example of SEC/Cox idiocy in action: I tried to short shares of PICO this AM (I referred to this company in a prior post). I had shorted them in the mid-40s and covered last week. They are the largest landholder in Nevada, hold significant water assets in Nevada and other western states, and have recently bought up some California real estate for a new subsidiary. They also have a small insurance company in runoff that generates all of their revenue, but as far as book value goes, it's a very small part of the company. I couldn't get shares and looked at the 799 list. There it is. So the government is protecting overvalued real estate speculators. Great.
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