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

To: Area51 who wrote (36250)	12/20/2009 12:06:03 AM
From: Paul Senior	Read Replies (2) \| Respond to of 78753

Still looking to buy a USA homebuilder, Area51. I'm out of AVTR with a small loss (Oct sale). Depending on how somebody looks at the Ben Graham net-nets, this one may or may not qualify: From Yahoo I get $220M in cash/cash equiv., 24M in acct. rec., and inventory of $287M vs total lia. of $156M, all on 11.35M shares outstanding. (531-156) = 375. $375/11.35 = $33. 2/3 of that is $22. Vs. stock price of $15+. I don't like the inventory amounts, the fact the company is or has been losing $M, and that they are in two small areas (part of Florida, and at a place near Tucson).

To: Area51 who wrote (36250)	12/22/2009 11:14:23 AM
From: Paul Senior	Read Replies (1) \| Respond to of 78753

Decided to chase homebuilder MDC for a few toe-in-water shares. If stock falls on no adverse news, I'll begin accumulating. S&P says: "Our risk assessment reflects our view of MDC's exposure to continued asset impairment and land writeoffs due to very weak market conditions, partly offset by our view of its strong balance sheet, with ample cash of $1.6 billion and access to credit facilities to meet its working capital, capital spending, and debt obligations." finance.yahoo.com