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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Craig Bartels who wrote (10989)	7/24/2000 11:05:58 PM
From: James Clarke	Read Replies (2) \| Respond to of 78525

No doubt some of these homebuilders are truly very cheap, but be careful with land valuation. Book value of these highly levered balance sheets can disappear in a hurry if they own speculative inventory of marginal land. Only an expert can do this level of analysis. I have heard from an industry insider that the three best in terms of smart land inventory management (maybe not today - this is more of a long-term management question I asked an executive a couple years ago) were Toll, Lennar and Crossmann. But that's the best information I have - no way to verify that.