August 22, 2013 Comments

On Wednesday the S&P 500 was down 0.6% and Toronto was down 0.8%

Market declines are not all bad news since they provide a chance to buy good companies at more reasonable prices. CN and Costco come to mind.

Toll Brothers released good earnings on Wednesday morning but the stock was about unchanged on the day. With its high P/E this stock was already pricing in good earnings growth. The company has been able raise house prices substantially this year and expresses confidence that sales growth will continue for perhaps several years.

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