NVR Inc. (NVR)
from The Complete Investor, recommended at $903 in Investment Digest issue 729, dated October 24, 2012.
We’re selling three picks whose performance hangs more on macro considerations than on hard metrics like free cash flow. ... NVR, whose business model makes it a standout among housing stocks, was the toughest sale. But the past decade has shown the housing industry is both exceptionally cyclical and highly dependent on government policies. We prefer focusing on companies whose fate is determined by management, not Washington policymakers. Sell NVR.
Stephen Leeb, PhD., The Complete Investor, www.completeinvestor.com, 866-833-2070, November 2013