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GLG News by Homebuilding Joint Venture Experts

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Richard BalandFebruary 6, 2008
Walk in Clinic business may not be as easy as it appears.
Analysis of: Operator of Walk-In Clinics Shuts 23 Located in Wal-Mart Stores | www.nytimes.com
Author: Richard Baland, Partner, B2B CFO
Yes, WalMart has a large pool of patients. And there are competitive advantages with regard to the convenience of a pharmacy and over the counter remedies. However, having patients is only one piece of the puzzle. The business of medicine is more complex than merely having patients or customers.
Paul BurnsFebruary 4, 2008
The Mall is in free-fall
Analysis of: Birth, Death and Shopping | www.economist.com
Author: Paul Burns, Owner, City Investments
 The modern mall is a creature that is usually now 35 or so years old.  The birth and evolution of the industry is chronicled in the featured article.  Originally some 1600 strong, the breed now numbers say 1100 and will diminish further as the next era evolves.
Paul BurnsFebruary 4, 2008
The U.S. needs the basic housing product it last built n the 1940's
Analysis of: Home Affordability | www.marketwatch.com
Author: Paul Burns, Owner, City Investments
The featured commentary notes that even as home prices across the nation implode, affordability ratios are not moving in favor of the consumer.  Wages are lagging the increase in household budget items such as utility costs, food, transportation, gasoline and heating oil, communications services...
Paul BurnsJanuary 28, 2008
What's happening on the border?
Analysis of: Tijuana Mayhem | www.signonsandiego.com
Author: Paul Burns, Owner, City Investments
At the same time the subject article was running, the New York Times and Los Angeles Times printed articles about the Federales pursuing the gangs on Tijuana’s streets and the mayor taking gunfire at home. This vast country of say 50+ million is looking more and more like its third world cousins...
Paul BurnsJanuary 22, 2008
Contrasting housing markets
Analysis of: New housing outlook: 5 years to recover | www.azcentral.com
Author: Paul Burns, Owner, City Investments
Finally we have the first forecast of a housing recovery that seems believable. The five year forecast for Phoenix appeals to my sense of reality and I agree. I also agree that we will forget the current pain and euphoria will reign again.
January 14, 2008
What is the 2008 outlook for homebuilding?
Analysis of: Analyzing Homebuilder Risks | seekingalpha.com
Author: David Keller, Former Chief Financial Officer, Technical Olympic USA Inc.
What will happen in 2008 for the homebuilding industry? Will cash be generated? Will there be failures? Will there be profits?
Paul BurnsJanuary 14, 2008
How do you like the residential real estate market now?
Analysis of: Bank of America Eats Countrywide For Long Term Gains | www.therealestatebloggers.com
Author: Paul Burns, Owner, City Investments
No matter the price or terms of the B of A-Countrywide transaction, you’ve now got a combo that dominates the market in a way that looks like GM/Ford/Chrysler in the auto industry. In a business that was traditionally fragmented, twenty years of Wall Street activity in the era of the PC has rolled...
Paul BurnsJanuary 7, 2008
We need working cities to be competitive in ths world
Analysis of: In Major Projects, Agreeing Not To Disagree | www.nytimes.com
Author: Paul Burns, Owner, City Investments
Every city has this problem. The public sector has little capability to meet the needs for streets, sewers, water systems, power grids and the other backbone items required to open for business every day. What’s fundable is patchwork and it appears we’re patching the patches too often now.
December 31, 2007
Income tax update for homebuilders
Analysis of: INCOME TAX UPDATE FOR HOMEBUILDERS | online.wsj.com
Author: David Keller, Former Chief Financial Officer, Technical Olympic USA Inc.
What are the econonmic and cash impacts from a tax standpoint of large impairment losses recorded by homebuilders?  How/when can cash be recovered from these losses?
December 31, 2007
Homebuilding Gross Margins May Not Be What They Seem
Analysis of: Homebuilding Gross Margins May not Be What They Seem | online.wsj.com
Author: David Keller, Former Chief Financial Officer, Technical Olympic USA Inc.
Some reported gross margins from home sales may appear to be higher than they really are.  Investors should be alert for situations where reported gross margins are inflated by prior inventory writedowns.

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