SIF portfolio: Should I really buy another housebuilder?
The portfolio’s sale of housebuilder Redrow appears to have been well timed. This stock has fallen by 20% this year and by another 5% since I ditched it from the SIF fund and my own holdings on 25 June. Stagnating house prices and rising wage and materials costs suggest to me that margins and perhaps profits may have peaked for most housebuilders. And as John Kingham highlighted recently in his excellent UK Value Investor blog, the house price to earnings ratio is now at an all time high of 7.8 in England and Wales. Читать дальше...