NVR is probably the best in class homebuilder out there.
In Dec. 2003 in an expanding market they reported $49.00/share earnings and commanded a share price just a shade under $500.00. After reporting $49.00/share earnings the share price dropped to $450.00.
Today in a declining market, they reported quarterly earnings of $7.42. Lets just ignore the cancelations and lower starts and imagine they maintain earnings of $7.42 for the remaining 4 quarters of the year. Basically guessing they will earn $30.00/share this year.
So in 2003 $49.00/share was worth $450.00. In 2008 $30.00/share is worth $650.00.
SRS fell $5.00 today, but I'm keeping my shares.