While housing may indeed recover at some point in the next 24 months, NEW houses are not any part of the solution. In addition, land and unfinished buildings may not be worth the value assumed on the balance sheet. The kicker, financing is increasingly tough for all companies, but should be especially tough for those in the building industry. Not sure how any entity related to construction will be able to obtain cheap-enough credit to take advantage of any near-term opportunities? If Sirius can trade to pennies based on financing fears, not sure why it's much different for other high-risk industries? This is probably bad timing, as markets seem every poised for a bounce. But over long term, should be ok.
$15.06 (11/12/08)
