Toll Brothers is updated and rated Strong Buy. As we expected, earnings are up very sharply in 2016. The price to book value ratio at 1.22 is very attractive for a company with that has a long history of profitability (albeit it did lose money during the financial crisis years). The P/E of 12.2 is attractive considering that earnings are expected to rise 15 to 25% in the next year and housing construction remains well below historical levels in the U.S. This company represents about 11% of my portfolio but nevertheless I would consider adding to that at the recent price. Canadian investors may wish to consider that there is currency risk unless they are investing dollars that have been more or less permanently moved into U.S. funds and which might eventually be spent in the U.S. in which case the currency risk is more apparent than real.