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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: kodiak_bull who wrote (12966)	3/23/2002 3:07:42 PM
From: kollmhn	Respond to of 23153

Well, your story is as good as any. Yet, I must ask you this: if you were to do the research (I haven't) and plotted a few benchmarks of HB performance, over time, (ROEs, EPS etc.)I wonder if we would see a cumulative performance that is better than what normal historic stock multiples would indicate? Somehow I suspect (but, I haven't looked) that if identical cumulative performance could be achieved with less intrayear volatility, that multiples might be higher on average......ergo, "normal" changes to "new normal". So, if they change they way they get it done (industry consolidation reduces volatility, IMO, by banking land, and undertaking larger projects which enables better control of supply and competition)then perhaps the perception changes permanently, as well. It's all just rampant hypothecation on my part but, things do change.