House Builder Execs Head for Exits
Snip...
"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.
Not that this makes him unusual, in his company or his industry. Insiders at several U.S. home-building companies, including Toll, have been selling stock at a pace not seen in two decades, according to Merrill Lynch strategist Richard Bernstein. Dwight Schar, chairman of home-builder NVR, might be the champion. He has sold more than $250-million worth of stock in the past two years (even as the firm has spent millions to buy back its own shares). Sure, he's 63 and on his way out. But as Alan Abelson, the famed Barron's columnist, would say: There are many reasons to sell a stock, and believing it's about to go up usually is not one of them."
Full article...
"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.
Not that this makes him unusual, in his company or his industry. Insiders at several U.S. home-building companies, including Toll, have been selling stock at a pace not seen in two decades, according to Merrill Lynch strategist Richard Bernstein. Dwight Schar, chairman of home-builder NVR, might be the champion. He has sold more than $250-million worth of stock in the past two years (even as the firm has spent millions to buy back its own shares). Sure, he's 63 and on his way out. But as Alan Abelson, the famed Barron's columnist, would say: There are many reasons to sell a stock, and believing it's about to go up usually is not one of them."
Full article...
posted by Little_Silvered at 6:41 AM
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