MDC Holdings Inc. (MDC)
Loading...
Symbols:
MDC Forum Topics
- All Comments on MDC
- General Discussion on MDC
- GM Best Stock Today - Fast Money Recap (9/2/08) [view article]
- Homebuilder Bankruptcies: Who Might Be Next? [view article]
- 15 Value Hedge Funds - Portfolio Update [view article]
- Looking For Action? S&P 1500 Most Volatile Stocks [view article]
- Liquidity Key To Picking Homebuilder Stocks - Citi [view article]
- Homebuilders: Lennar Tries Commissions, Smart Cars [Housing Tracker] [view article]
- About That Homebuilder Rally... [Housing Tracker] [view article]
- Barron's: Public, Not Private Homebuilders Will Prevail [Housing Tracker] [view article]
- Homebuilder Legal Issues [Housing Tracker] [view article]
- Interesting Homebuilder Trends In The Slump [Housing Tracker] [view article]
- Homebuilder Troubles, Large and Small [Housing Tracker] [view article]
- Homebuilder Earnings Reports and Other Struggles - Housing Tracker [view article]
loading ...Recent MDC Articles
- Homebuilder Execs and Analysts Indicate Rally Is Over [Housing Tracker]
- The Market Is Weak - Fast Money Recap (9/8/08)
- GM Best Stock Today - Fast Money Recap (9/2/08)
- The Silent Boom in Homebuilding Stocks
- Homebuilder News [Housing Tracker]
- 15 Value Hedge Funds - Portfolio Update
- Looking For Action? S&P 1500 Most Volatile Stocks
- Liquidity Key To Picking Homebuilder Stocks - Citi
- Homebuilders: Lennar Tries Commissions, Smart Cars [Housing Tracker]
- WCI Fails [Housing Tracker]
- Full List of Articles »
Trading Center
Hedge Fund Jobs
Job Seekers: Search jobs by category, get job alerts by email or live feed, apply online See full list of jobs »
Employers: See all recruitment options, get applications online or by email Post a job »
GM Best Stock Today - Fast Money Recap (9/2/08) [view article]
when it comes to $ there is no emotion,patriotism or ethics.that has to be pretty clear by now i would think. ReplyGM Best Stock Today - Fast Money Recap (9/2/08) [view article]
Why would anyone sell GM short or any large corporation short? That's a dangerous move plus I have always felt you have to be a little sick to want or to gamble on hugh American companies such as GM to go bankrupt.Daniel Kowkabany Reply
Homebuilder Bankruptcies: Who Might Be Next? [view article]
I would'nt touch any of these homebuilder stocks with a 50 foot pole!! Only a sucker would buy them. A fool and his money are soon parted! Reply15 Value Hedge Funds - Portfolio Update [view article]
Do some managers consistently buy shares for more than they are worth? If so, do they make money in the long term? Reply15 Value Hedge Funds - Portfolio Update [view article]
valueinvestor123 & Jake2 - please visit my blog and read a few posts before making such statements.Fox - I simply picked 10 funds that have historically been considered value investors - and I define that as buying something for less than it is worth.
User 164258 - you are correct and the glitch is fixed on my blog. . .
Reply
15 Value Hedge Funds - Portfolio Update [view article]
I guess I am dumb like you. I think seeing what some pretty bright people are buying and selling is a pretty good place to get ideas to do my own research. It also provides a good benchmark to compare to my own portfolio.You should do some further research on whether Buffett sold COP. I saw another post that he, in fact, got an expemption from the SEC to not report is position in that stock. Therefore, it simply droppped from the list and not sold. Given that COP is pretty cheap compared to the rest and that he and Gates were up in Canada looking at oil sands, it seems unlikely that he just punched out of this position in one quarter Reply
15 Value Hedge Funds - Portfolio Update [view article]
I don't see much "value" in this kind of blanket value listing. Would prefer something more akin to e-valu-ating individual stocks, industries, etc., rather than, "Wither the hedge herd, mate?". Reply15 Value Hedge Funds - Portfolio Update [view article]
I would like to know how you define "value" in the context that you are using it. I see one of the funds you mention has a position in First Solar. ReplyLooking For Action? S&P 1500 Most Volatile Stocks [view article]
Intersting, I enjoyed reading your article.Dan Kowkabany Reply
15 Value Hedge Funds - Portfolio Update [view article]
Meb is a pretty bright guy and synthesis of other concepts can be very useful. ReplyLiquidity Key To Picking Homebuilder Stocks - Citi [view article]
Surprised NVR wasn't mentioned. Probably the soundest of the homebuilders... ReplyLiquidity Key To Picking Homebuilder Stocks - Citi [view article]
Consolidation? Are you kidding? None of these guys are going to waste cash buying a competitor with a deteriorating balance sheet. ReplyLiquidity Key To Picking Homebuilder Stocks - Citi [view article]
I am accumulating home builders not because I expect them to make profit in the short-term. I am hoping for comdolidation. It is very difficult to determine who will acquire who. ReplyHomebuilders: Lennar Tries Commissions, Smart Cars [Housing Tracker] [view article]
Why don't Lennar (and the rest of the homebuilders) try something that might work--- lowering prices? ReplyHomebuilder Bankruptcies: Who Might Be Next? [view article]
I joined NVR after the IPO, shortly after they (NVHomes at the time) launched the acquisition of Ryan. So, I was not involved in what was being said at that time. However, using options instead of buying land was a core feature of NVR prior to the troubles in the late 1980s and, of course, subsequent to them coming out of Chapter 11 -- and it is still apparently a core operating premise. So what happend? Basically two things, in my opinion -- others may disagree with justification but this is the way i saw it. First of all, when NVHomes went after Ryan Homes in a classic minnow swallowing the whale case history it was a small company with a small administrative staff -- bright, adept, entrepreneurial, but not with the Wall Street "creds" that the executive staff of Ryan had. When the two companies began to merge there was the traditional issue of how the administrative staff would be re-established, and no position was more debated than the role of CFO. The CFO of Ryan became the CFO of the new NVRyan (later renamed NVR). He brought the creds we needed to get the right banking relationships and do two major bond deals and an equity deal that was necessary to close the acquisition and then operate the new company. The former CFO of NVHomes needed a significant job, so in the process he became head of a new entity that was called NVR Development, which would invest in land -- the idea was that they would use off balance sheet non-recourse loans. Speaking very personally, I believe that if there was never the issue of creating a job for the "second" CFO, there never would have been NVR Development and thus there never would have been land acquisitions. But there was a second reason as well -- land positions that the company bought at the operating level were escalating in value so high and so fast that the margins increased on home sales, boosting the results and hence the bonuses for the operating entities. It really wasnt a problem when the market was super hot at the end of the '80s -- you'd use your operating LOC to buy a land position and you'd sell it shortly thereafter in the form of a house sale. These were land positions not acquired at the corporate level or even at NVR Development, but at a limited number of homebuilding operations, using short term operating lines of credit from the banks. I guess the moral of the story is that you can use short term borrowings to buy long term assets as long as you can flip those assets (land positions) quickly. But those assets weren't turned around quickly or even at all when the market quickly went to ruin. And that gave rise to problems with the banks -- but that policy produced great margins while the system worked. By the way, that was not Dwight's policy but it was done by homebuilding operating execs and squeeked through corporate controls, which i think became an easier task when the results were so positive. Also, the first person I saw call the real estate crash of the late 1980s was Dwight Schar himself -- he was presceint then and i think he remains a brilliant businessman -- take a look at the record he has produced over the past almost two decades since coming out of Chapter 11 for each of his constituents: shareholders, employees, customers, suppliers, and the communities where they do business and where NVR and its operations are major contributors to charitable and related efforts.As to Dwight's large position in the company subsequent to the emergence from Chapter 11: I do not believe you are right -- i do not think he had a very large position at that time, at least compared to his enormous position prior to the debt-for-equity cram down. There was a reverse split after the debt-for-equity swap and that caused bondholders to become the major equity holders. But as the equity began to recover, the company started buying back its own stock (something it has done for years). The former bondholders, largely vulture investors who bought the bonds at dramatically depressed prices, were thrilled with the ability to sell back their equity to the company in big orderly blocks. And, in the process, it was an anti-dilutive event for all shareholders, including Dwight. Hope that helps. I haven't been involved with NVR for over 15 years or so, so these are memories that may be somewhat faded and inaccurate. But that is how i would answer your questions -- and I think these are fairly accurate. Reply