2024-04-17 03:10:00 ET
Summary
- One stock in particular that continues to baffle me is Builders FirstSource, which has run from $110 to $208 and back down to $184 since the end of October 2023.
- The company’s revenues and profits benefited from rampant lumber price inflation between early 2020 and early 2022. But that ship has sailed.
- Over the past several years, management has used aggressive, debt-financed roll-up acquisitions along with highly aggressive merger GAAP accounting to project a high-growth business model.
The analysis and recommendation below is from the March 31st issue of my short seller's newsletter....
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Builders FirstSource Is A Great Short