Industry & Services >> Sector Roundtables >> September 20, 2004


CARL E. REICHARDT is Director and Senior Research Analyst at Wachovia Securities, which he joined in May 2003. He covers the homebuilding and building products industries and has extensive experience in the building industry. From 2000 to 2003, Mr. Reichardt was Principal and Equity Resarch Analyst at Banc of America Securities in San Francisco. From 1997 to 2000 he served as co-Founder and co-CEO of Stampede Ventures LLC, a retailer and consulting company serving the manufactured housing industry. From 1993 to1997 he was an Equity Research Analyst for Montgomery Securities in San Francisco. From 1988 to 1991, Mr. Reichardt was employed by the Fieldstone Company, a large private homebuilder based in Newport Beach, California. He received his BA in English (with honors) from Georgetown University and an MBA from the Graduate School of Business at Stanford University. Profile
ARTHUR ODUMA is a Stock Analyst covering real estate investment trusts (REITs) and homebuilders. Before joining Morningstar in June 2003, he worked for six years as an architect and CAD consultant. Mr. Oduma holds an MBA from the University of Notre Dame and a Bachelor's degree in Architecture from the University of Nairobi. Profile
TWST: Arthur, what has gone on in the homebuilding stocks from a market

perspective so far this year?

Mr. Oduma: I think this year they haven't done as well as expected,

mainly because of