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

To: Paul Senior who wrote (14074)	3/4/2002 1:53:03 PM
From: Bob Rudd	Read Replies (1) \| Respond to of 78520

FLE: Prior comments from Jim Clark implied FLE'S management has FLEAS. Manufactured housing has suffered mightily from the implosion of MH lenders Greentree and others that financed purchases. A key point of differentiation with CMH is in house financing that appears conservatively run. Evidence of the competitive advantage that superior financing access provides can be seen in the sustained performance of publicly traded conventional homebuilders who are taking share from local players because they can use access to capital markets and financing to get people financed on a more favorable basis that local builders. That said, FLE appears destined to survive this multi-year depression the industry has been in [Cash=debt] and when the turn comes, they will undoubtedly benefit. I'm gonna take a closer look may post a follow-up.