“Someday financial markets will decline...rising stock/bond markets will no longer be government policy. QE will end and money won’t be free. Corporate failure will be permitted. The economy will turn. Someday, somewhere, somehow, investors will lose money and once again come to favor capital preservation over speculation. Someday, interest rates will be higher, bond prices lower, and the prospective return from owning fixed-income instruments will again be commensurate with risk.” Seth Klarman
Tuesday, June 9, 2015
"In a 2007-esque reflection, Hovnanian's CEO appears to be admitting things are not as rosy as homebuilders have all been projecting..."
*HOVNANIAN "TOO AGGRESSIVE" IN PRODUCING HOMES ON SPEC, CEO SAYS
*HOVNANIAN CONCESSIONS ON SPEC HOMES CUT MARGINS: CEO
*HOUSING MARKET FEELS A "BIT TENTATIVE," HOVNANIAN'S SORSBY SAYS
However, the CEO added 2016 will be the breakout year... so that's nice..."