Business News Update

Vitamin V

The Prez vetoed that pork spending bill on health, labor and education programs.

The bill was passed last week along party lines, with media/Democrats voting in favor of more spending and Republicans voting nay.

There are not sufficient votes for an override.

Here’s a link to the text of the Prez’s veto message.

For obvious reasons the media’s reporting of this item was so agenda-driven as to be absurd.

Business Politics

USA Today surveyed 154 CEOs of U.S. companies — i.e., successful and pragmatic people in leadership positions — and asked them to state their presidential preferences.

The results:

59% – Republicans
41% – media/Democrats

Holly{dead}wood

Liberal Hollywood’s latest effort to project its collective mental disorders under the guise of a feature film predictably went over like a lead balloon.

The anti-American and anti-Bush polemic “Lions for Lambs” not only bombed at the box office it fell significantly short even of the muted expectations of its ashen-faced distributors. Tom Cruise’s agent isn’t getting very much sleep these days.

Beazer

Despite a big bounce on Tuesday Beazer Homes has fallen 77% this calendar year.

The company’s price-to-book ratio is 0.3. Meaning that if you bought the stock on Tuesday you paid only 30 cents for every dollar of net assets. If the price of the stock jumped 150% from here it *still* would be trading at a discount to book value.

Since reaching a peak in Jan. 2006 the company’s share price has fallen a grand total of 86% (split adjusted). Beazer is one of the best-run homebuilders in the entire country; with one of the strongest balance sheets in that sector. The company’s dividend yield is 3.8%.

So, therefore:

1. Read “The Intelligent Investor,” by Ben Graham.
2. Read “Wall Street on Sale,” by Timothy Vick.
3. Read “Security Analysis,” by Ben Graham.
4. Be guided accordingly.

Hollow Trees Falling in Vacant Forests

CBS News’ unionized writers are poised to declare a strike. Here’s a link to a decent enough article from the AP business wire.

Talk about being hoisted upon one’s own petard, eh?

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WER GR8