So, housing has to bottom some time. Toll Brothers results were released yesterday and it was a mixed bag and Robert Toll himself had some interesting thoughts
Toll’s Results:
Toll Interview:
Part 1
Part 2
Now, let’s put Toll aside and look at housing in general. There are pockets in hard hit places that seem to be thawing:
Sears Holdings (SHLD) Eddie Lampert recently bought shares in Centex (CTX) and KB Homes (KBH)(Bill Miller also owns shares). Chris Davis and Ron Baron recently bought Toll Brothers (TOL) and Richard Snow recently bought Hovnanian (HOV) shares.
All these are value investors and all are dipping their toes in the home builders. The position are all new ans small. Perhaps they are adding to them currently, this quarters reports will tell.
That being said, the fact the they are entering tells us something. I am looking at the sector and will report mote later.
Disclosure (“none” means no position):None
