Subject: Re: Housebuilders
The risk of typos with that post was alway dangerously high. As I was approaching the end of it, a friend was waiting outside to go for a walk and I said I'll be there in two minutes.

You have reminded me of something crucial. Berkeley Group has very low debt. Extremely important in a cyclical business. The conventional thinking with highly cyclical businesses is that you don't want a lot of debt. And they are hard to make money with because you have to buy at the right price and sell at the right price. But with a good operator like Berkeley Group maybe my approach will be to trade around a core position.

Certainly hard to predict housing in the U.K. or US over the next few years.