Word: muhlenkamp
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...MUHLENKAMP: Yes. We have learned that the economy won't shut down...
...MUHLENKAMP: We know some people who regret buying tech stocks. We don't know anybody who regrets putting money in their home. If mortgage rates got to 7%, it would make a dent. But rates now are at 5.5% or so, and long-term studies show that this is a normal mortgage rate. We don't expect housing starts to keep growing. But the publicly traded builders are taking market share from the neighborhood man with a hammer. That has become their edge, and these are companies that sell for nine times earnings...
...MUHLENKAMP: We own American Woodmark. It makes replacement kitchens sold through Home Depot and Lowe's. We own Whirlpool. It has washing machines priced three times what a standard washing machine is, and they are selling fast. There's a big difference in margins at the top end. This past recession Harley-Davidson sales didn't fall off, and Winnebago came through in great shape. We own both of those stocks...
...MUHLENKAMP: Just about all of them: Centex, Meritage, NVR, Lennar. If I had to pick today, it would be Centex and Meritage. In the past 10 years, market share of the 10 largest builders has gone from 10% to 20%. I don't see anything to keep it from going to 40%, which means they have another decade...
...MUHLENKAMP: Natural gas. We own Patterson-UTI Energy and Nabors, which own drilling rigs. We are using more gas than we are drilling. We know where to find gas. It's just a matter of drilling...