Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (6191)	5/12/2004 2:35:24 PM
From: Elroy Jetson	Read Replies (1) \| Respond to of 116555

In reading the reply from Splotto I am quite startled by how little he knows. Message 20120281 His claim that Home Builders own very little land makes it obvious that he has not read the Balance Sheet and Footnotes of any of these companies. He has even gone so far as to say that the small company he works for, Heritage Building Group, is an exception to this rule because they sell land to NVR, a company considerably larger in size than his own employer. Since I worked in senior management for Pardee their $5.5 Billion Balance Sheet is a good example. Nearly $5.3 Billion of these assets are undeveloped land. Unlike other builders, Pardee does not hold any mortgages because all builder extended financing are either held by Weyerhauser Mortgage or syndicated out by Weyerhauser Mortgage. Assets Centex $12 billion Pardee Homes $5.5 billion Assets Ryland Group $1.7 billion Assets NVR Inc $1.4 billion Assets When he looks at the list of assets at each of these home builders, or other home builders, what does he imagine these billions of dollars of assets consist of? Lots of expensive desks and office furniture? Even a company like Centex, which has a very high ratio of employees as their roster includes the construction workers, has $11 Billion in Assets and $13,161 employees or $836,000 in assets per employee.