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  • Humboldt: When Cash Is Not Always King [View article]
    KHD does get a large cash deposit on signing a contract, but not the entire amount. Hence when working down the backlog, KHD receives further payments making the process cash flow positive or neutral, not negative as your article implies.
    Aug 19 04:26 am |Rating: +3 0 |Link to Comment
  • In Public Companies, If You Don't Vote, It Still Counts [View article]
    Even with the proposed changes corporate democracy is a farce.

    I would like to always have a choice of directors to vote for, like I do in real elections. If there are, say 10 board memebers there should be a minimum of 20 applicants, and then I could vote for the board member that seemed most friendly to shareholders' interests.

    I also think that the compensation package for the CEO should, by law, have to be approved by a majority of shareholders, excluding those shares owned or controlled by the CEO.
    Jun 05 05:48 am |Rating: +3 0 |Link to Comment
  • Dangerous Optimism in Homebuilders [View article]
    MR.MARKET has been alternating between manic and depressive moods with regard to the builders. No amount of data seems to have any effect on the price. Yesterday was a manic phase. Of course there is a limit to how long the market can run on empty, but it seems that the limit is higher than I or any rational person would think.

    I am also short, and waiting for reality to bring the prices down again.
    May 02 08:17 am |Rating: 0 0 |Link to Comment
  • Homebuilding Stocks Surge Despite Plunging Sales [View article]
    Yesterday's market action was so irrational, it defies belief. On the day that several builders released abysmal quarterly results, and new home sales were reported as the worst ever, the builders rallied hugely. It may well be that builders are undervalued, though I doubt it, but if indeed they are, why did they rally yesterday in the face of so much bad news?

    It is said that homo sapiens is a rational animal. After yesterday, I wonder if that hypothesis can be considered valid.
    Apr 25 03:33 am |Rating: 0 0 |Link to Comment
  • What Is Correct Way to Value Homebuilders? [View article]
    To value hombuilders on the basis of 2001 profitability or 2001 returns on investment makes sense. However, most builders are much bigger now than they were in 2001 so to simply assume that eps will return to 2001 levels is naive.

    They have more capital to deploy, have larger market shares, they are not the same companies that they were in 2001
    Sep 22 02:37 am |Rating: 0 0 |Link to Comment
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