Wednesday, June 3, 2009

The "Housing Rebound" As Traded By An Insider

Money talks, and earnings call transcripts walk. At least that is the case for homebuilder Toll Brothers, whose chairman Bob decided to provide some optimism during his Q1 2009 earnings call and then proceeded to dump stock not once, not twice, but seven times in a span of one month.
We have to take advantage of opportunities we believe will arise from the current downturn. We’re beginning to see some properties come to market at reasonable prices. We have not bought any yet, but we are getting closer. Ironically now is a very good time to buy a home with the decline in home prices and historically low mortgage rates, home price affordability is at an all time high according to the National Association of Realtors.
Ironically, it is an even better opportunity it seems to buy other property with proceeds from selling your own stock in the most insane short covering rally ever, eh Bob? One has to hand it to him though, he can sure see the forest for the green shoots.

Just in case it is not obvious, the red arrows indicate where Bob decided to call it a day...over and over...

PS: Bob Toll about to appear on CNBC... Wonder if he is asked about his insider sales.

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