Tuesday, August 30, 2005

If This Is The Peak, Who's Buying?

Robert Toll, the chairman of Pennsylvania-based luxury-home builder Toll Brothers Inc., told investors last week that he was dumbfounded by the press about a housing bubble. "It's amazing to me that we're doing the business that we're doing, which is tremendous, in the face of this bad press," he said. "So who are all these people that are buying at the absolute peak, according to the newspaper?" A column by Derek DeCloet in Canada's Globe and Mail, seeks an answer to that question:
Only one thing was missing from his cheery forecast: his wallet. For a guy who sees nothing but roses in the future, Mr. Toll has a strange way of showing it -- in late July, he dumped about $57-million (U.S.) in shares.
Find the entire column at this link.

— The Boy in the Big Housing Bubble