{"id":17002,"date":"2019-01-31T13:04:40","date_gmt":"2019-01-31T19:04:40","guid":{"rendered":"http:\/\/mhmarketingsalesmanagement.com\/blogs\/tonykovach\/?p=15379"},"modified":"2019-07-29T18:33:26","modified_gmt":"2019-07-29T23:33:26","slug":"warren-buffetts-moat-understanding-manufactured-housing-requires-grasping-strategic-economic-moats","status":"publish","type":"post","link":"https:\/\/www.manufacturedhomepronews.com\/masthead\/warren-buffetts-moat-understanding-manufactured-housing-requires-grasping-strategic-economic-moats\/","title":{"rendered":"Warren Buffett\u2019s Moat, Understanding Manufactured Housing Requires Grasping Strategic  Economic Moats"},"content":{"rendered":"<p><b><br \/>\n<img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-16941 size-full\" src=\"https:\/\/manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/WarrenBuffettsMoatClaytonHomesBerkshireHathaway21stMortgageUnderstandingManufacturedHOmesRequiresGraspingStretegicEconomicMoatsMHProNews.jpg\" alt=\"WarrenBuffettsMoatClaytonHomesBerkshireHathaway21stMortgageUnderstandingManufacturedHOmesRequiresGraspingStretegicEconomicMoatsMHProNews\" width=\"600\" height=\"315\" srcset=\"https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/WarrenBuffettsMoatClaytonHomesBerkshireHathaway21stMortgageUnderstandingManufacturedHOmesRequiresGraspingStretegicEconomicMoatsMHProNews.jpg 600w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/WarrenBuffettsMoatClaytonHomesBerkshireHathaway21stMortgageUnderstandingManufacturedHOmesRequiresGraspingStretegicEconomicMoatsMHProNews-150x79.jpg 150w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/WarrenBuffettsMoatClaytonHomesBerkshireHathaway21stMortgageUnderstandingManufacturedHOmesRequiresGraspingStretegicEconomicMoatsMHProNews-575x302.jpg 575w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/b><\/p>\n<p>When someone is introduced to manufactured homes and their tremendous value, they are often shocked. \u2018<span style=\"color: #993300;\"><strong>How is this much home for such a modest price possible<\/strong><\/span>?\u2019<\/p><div id=\"manuf-53504041\" class=\"manuf-content manuf-entity-placement\"><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3870480136270376\" crossorigin=\"anonymous\"><\/script><ins class=\"adsbygoogle\" style=\"display:block;\" data-ad-client=\"ca-pub-3870480136270376\" \ndata-ad-slot=\"\" \ndata-ad-format=\"auto\"><\/ins>\n<script> \n(adsbygoogle = window.adsbygoogle || []).push({}); \n<\/script>\n<\/div>\n<p>A key part of the answer mirrors any product produced in a production center.\u00a0 Cars built in a driveway would cost far more than a car built in production center. A house built in the weather costs far more, and would take longer, than one built indoors.<\/p>\n<p>After the blinders disappear, a common reaction is this question. \u2018<span style=\"color: #993300;\"><strong>Why aren\u2019t more manufactured homes being sold<\/strong><\/span>?\u2019<\/p>\n<p>&nbsp;<\/p>\n<p><iframe src=\"https:\/\/player.vimeo.com\/video\/186312362\" width=\"576\" height=\"324\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><span class=\"mce_SELRES_start\" style=\"width: 0px; line-height: 0; overflow: hidden; display: inline-block;\" data-mce-type=\"bookmark\">\ufeff<\/span><\/iframe><\/p>\n<p>That valid question is akin to the question the Urban Institute asked last year.<\/p>\n<figure id=\"attachment_16940\" aria-describedby=\"caption-attachment-16940\" style=\"width: 606px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-16940 size-full\" src=\"https:\/\/manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/UrbanWireHousingandHousingFinanceManufacturedHomesCouldEaseAffordableHousingCrisisSoWhyAreSoFewBeingMadeMHProNews.tif\" alt=\"\" width=\"606\" height=\"400\" \/><figcaption id=\"caption-attachment-16940\" class=\"wp-caption-text\"><em><a href=\"https:\/\/www.urban.org\/urban-wire\/manufactured-homes-could-ease-affordable-housing-crisis-so-why-are-so-few-being-made\" target=\"_blank\" rel=\"noopener noreferrer\"> https:\/\/www.urban.org\/urban-wire\/manufactured-homes-could-ease-affordable-housing-crisis-so-why-are-so-few-being-made<\/a> The report is a mix of useful and questionable insights. It is referenced as an example of the Moat at work. It is also arguably a &#8216;reply&#8217; to our pressure on MHI and Berkshire brands in manufactured housing. <\/em><\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<p>But the Urban Institute didn\u2019t disclose possible conflicts of interest &#8211; including, but not limited to &#8211; Warren Buffett being a lifetime trustee of their nonprofit. Does that insight help explain why that Urban Institute article that had 4 co-authors was crafted as it was? Or why the respected Urban Institute researchers fail to mention the behind-the-scenes input by Chairman Buffett\u2019s Berkshire Hathaway owned Clayton Homes in that nonprofit\u2019s January 2018 report on manufactured homes?<\/p>\n<p>The answer to so many of the riddles about manufactured homes lies in the proper understanding of Buffett\u2019s vision about strategic economic Moats. Understand this, and the key that unlocks the door to understanding begins to open.<\/p>\n<p><strong>Buffett\u2019s Vision of \u201cThe Moat\u201d<\/strong><\/p>\n<p>Buffett\u2019s moat concept goes well beyond Berkshire. Its arguably influencing much of America\u2019s economic, political, educational, or even social and moral life.<\/p>\n<p>Almost everything can be weaponized to work for the advancement of &#8220;<span style=\"color: #993300;\"><strong>the Moat<\/strong><\/span>.&#8221;<\/p>\n<p>A moat in<strong> BuffettWorld<\/strong> is a slow motion tool to conquer \u2013 build a monopoly \u2013 in any given industry. The meme below wasn\u2019t made by us, but the quote serves to make a useful point, from Buffett\u2019s viewpoint.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-16839\" src=\"https:\/\/manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/WarrenBuffettTheMoatQuoteMemeManufacturedHousingIndustryDailyBusinessNEwsMHProNEws.jpg\" alt=\"WarrenBuffettTheMoatQuoteMemeManufacturedHousingIndustryDailyBusinessNEwsMHProNEws\" width=\"600\" height=\"401\" srcset=\"https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/WarrenBuffettTheMoatQuoteMemeManufacturedHousingIndustryDailyBusinessNEwsMHProNEws.jpg 600w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/WarrenBuffettTheMoatQuoteMemeManufacturedHousingIndustryDailyBusinessNEwsMHProNEws-150x100.jpg 150w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/WarrenBuffettTheMoatQuoteMemeManufacturedHousingIndustryDailyBusinessNEwsMHProNEws-575x384.jpg 575w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Understand that my writing about the moat should be understood as our editorially disagreeing with this anti-competitive approach.<\/p>\n<p>We study and report on such an issue as a necessary step to foil what is perhaps the affordable housing industry\u2019s greatest foe.\u00a0 To defeat a powerful opponent, one must thoroughly understand what one is battling.<\/p>\n<p>You may be the best builder of manufactured housing in America. You might be the best provider of financial services, or be good at retail sales, or whatever else. &#8220;<span style=\"color: #993300;\"><strong>The Moat<\/strong><\/span>&#8221; is at quietly work against your interests, period &#8212; unless you are allied with it. If you are allied with &#8220;<span style=\"color: #993300;\"><strong>the Moat<\/strong><\/span>,&#8221; it\u2019s not fast wealth, it\u2019s slow wealth that grows your market share.<\/p>\n<p>The whole-time people working to broaden and deepen the Berkshire Moat in Manufactured Housing are smiling and praising you, they simultaneously be can be working to undermine you.\u00a0This I know, because it happened to our business interests, and we&#8217;ve had others explain their experiences.\u00a0 I\u2019ve said <em>mea culpa<\/em> before and am confessing anew my prior naiveite.\u00a0 The school of hard knocks is what aroused my yen to grasp what is happening to manufactured housing, and that forced me to learn more.<\/p>\n<p>To spare reader\u2019s redundancy and to keep <strong>\u2018the powers that be<\/strong>\u2019 attorneys from rattling sabers (again), what\u2019s described herein are allegations.\u00a0 The evidence in support of these contentions are found <a href=\"https:\/\/www.urban.org\/urban-wire\/manufactured-homes-could-ease-affordable-housing-crisis-so-why-are-so-few-being-made\" target=\"_blank\" rel=\"noopener noreferrer\">from articles linked from this post<\/a>.<\/p>\n<p>Moat-builders want whatever is yours at a discount. That\u2019s a key to Buffett\u2019s notion of \u201c<span style=\"color: #993300;\"><strong><em>value investing<\/em><\/strong><\/span>.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p><strong>A Decade Ago<\/strong><\/p>\n<p>It was about 10 years ago that an article for the now defunct <em>Manufactured Home Merchandiser Magazine<\/em> your<em> Masthead <\/em>writer penned explained why Warren Buffett and Sam Zell where two reasons why the manufactured housing industry would survive its worst downturn ever.<\/p>\n<p>As a brief segue, Zell and his operations are a separate question worthy of study, but this column is focused on Buffett and his moat principles.<\/p>\n<p>In hindsight, that <em>Merchandiser<\/em> article had correct and missed points.\u00a0 Buffett didn\u2019t want to save manufactured housing.\u00a0 Rather, he arguably set out to conquer manufactured housing.\u00a0 The <em>modus operandi<\/em> for that conquest was the moat.\u00a0 He bought at an industry low point.<\/p>\n<p>Then, the industry went still lower.<\/p>\n<p>While the industry shrank, Buffett\u2019s Berkshire brands share of manufactured housing grew.\u00a0 Coincidence?\u00a0 Hardly.<\/p>\n<p>I\u2019ve had a book, \u201c<strong>Quotes from the Chairman<\/strong>\u201d \u2013 Buffett &#8211; on my shelf years before that <em>Merchandiser <\/em>column. Even as a mild-Buffett watcher, I frankly didn\u2019t understand the moat until the last 24 months.<\/p>\n<p>Even during the last 2 years, my understanding of the Machiavellian brilliance of the moat has grown in stages.\u00a0 It may be that no one outside of the Knoxville metro better understands the Moat than your <em>Masthead <\/em>writer does.<\/p>\n<p>I\u2019ve personally invited the following to publicly discuss or debate the issues and concerns that relate to manufactured housing that we\u2019ve raised. Those invitations to provide live or written comments have included, but not been limited to:<\/p>\n<ul>\n<li><strong>Kevin Clayton<\/strong>, President and CEO of Clayton Homes \u2013 a Berkshire Hathaway brand.<\/li>\n<li><strong>Tim Williams,<\/strong> President and CEO of 21<sup>st<\/sup> Mortgage Corp \u2013 another Berkshire Hathaway company that finances manufactured housing for independents. Williams is the former Manufactured Housing Institute (MHI) Chairman.<\/li>\n<li><strong>Tom Hodges,<\/strong> JD, Clayton\u2019s attorney and who sits on the MHI Executive Committee,<\/li>\n<li><strong>Joe Stegmayer, <\/strong>former Clayton unit president, who went to what became Cavco Industries, and is the current MHI Chairman.<\/li>\n<li><strong>Nathan Smith,<\/strong> SSK Communities partner, Democratic player, a former MHI Chairman and the current MHI PAC Chair, and thick with Berkshire brands.<\/li>\n<li><strong>Richard \u2018Dick\u2019 Jennison,<\/strong> MHI President and CEO.<\/li>\n<li><strong>Lesli Gooch,<\/strong> Ph.D, MHI EVP and chief lobbyist.<\/li>\n<li><strong>Richard \u2018Rick\u2019 Robison,<\/strong> author, attorney and MHI\u2019s general counsel.<\/li>\n<\/ul>\n<p>Note many of the above \u2013 including Kevin\u2019s father, Jim Clayton &#8211; at various times praised our pro-industry, pro-growth, pro-consumer work publicly. That was true up to about 2 years ago, when we apparently began asking \u2013 from their point-of-view &#8211; the \u2018wrong questions.\u2019\u00a0 Once we asked the wrong questions, we became persona non-grata to be driven out of business. That\u2019s simultaneously when they stopped directly replying to <em>MHProNews<\/em> or <em>MHLivingNews.<\/em><\/p>\n<p>But they can be understood as replying to us via surrogates, attorneys, and other tactics that are meant to shake us off the trail we\u2019ve embarked upon.<\/p>\n<p>Buffett\u2019s Berkshire owns some 31 newspapers.\u00a0 Why don\u2019t those papers cover manufactured housing better, more objectively, more favorably, or more often? Why don\u2019t those BH Media Group papers set the record straight on manufactured housing? \u00a0Buffett understands synergy.\u00a0 It seems like common sense, doesn\u2019t it?<\/p>\n<p>Only the correct understanding of \u201c<strong><span style=\"color: #993300;\">the Moat<\/span><\/strong>\u201d explains riddles like the one about BH Media.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-16917\" src=\"https:\/\/manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/ExistingHomeSales2018ReportJan22-2019YChartsNARMastheadDailyBusinessNewsMHProNews.jpg\" alt=\"ExistingHomeSales2018ReportJan22-2019YChartsNARMastheadDailyBusinessNewsMHProNews\" width=\"606\" height=\"357\" srcset=\"https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/ExistingHomeSales2018ReportJan22-2019YChartsNARMastheadDailyBusinessNewsMHProNews.jpg 606w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/ExistingHomeSales2018ReportJan22-2019YChartsNARMastheadDailyBusinessNewsMHProNews-150x88.jpg 150w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/ExistingHomeSales2018ReportJan22-2019YChartsNARMastheadDailyBusinessNewsMHProNews-575x339.jpg 575w\" sizes=\"(max-width: 606px) 100vw, 606px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Housing sales are a trillion dollar plus a year industry. More specifically, existing home sales for 2018 will be about 4.99 million units, with an average price of $293,500.00 per housing unit, per <em>Y Data<\/em>, which cites the National Association of Realtors&#x2122; (NAR).<\/p>\n<p>That would be equal to about $1,464,565,000,000, or $1.465 trillion.<\/p>\n<p>New conventional housing single family home sales, per the National Association of Home Builders (NAHB), are at the seasonally adjusted annual rate (SAAR) of 629,000 units at about $318,000 average sales price. That\u2019s about $200,022,000,000 or 200 billion a year.<\/p>\n<p>So total existing and new single-family housing sales are an estimated $1,664,587,000,000, for some 5.629 million units in 2018, per the sources cited.<\/p>\n<p>Contrast that with manufactured homes at an average sales price of $78,900, per Census Bureau data reported in December 2018, for the period of July 2018.\u00a0 Manufactured home sales are projected to finish the year at about 100,000 (+\/-) new single and multi-sectional units for the year.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-16931\" src=\"https:\/\/manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/ManufacturedHousingTrillionDollarIndustry.jpg\" alt=\"ManufacturedHousingTrillionDollarIndustry\" width=\"614\" height=\"972\" srcset=\"https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/ManufacturedHousingTrillionDollarIndustry.jpg 614w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/ManufacturedHousingTrillionDollarIndustry-95x150.jpg 95w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/ManufacturedHousingTrillionDollarIndustry-272x430.jpg 272w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/ManufacturedHousingTrillionDollarIndustry-485x768.jpg 485w\" sizes=\"(max-width: 614px) 100vw, 614px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>How can the industry be doing so poorly?\u00a0 Consider what Harvard\u2019s Eric Belksy said circa 2002, when he projected that manufactured homes would become the dominate force in conventional housing.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-14411\" src=\"https:\/\/manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2018\/01\/EricBelksyManufacturedHousingIndustryManufacuredHomeManufacturedHousingInstituteResearchDataAffordbleHousingMHProNewsDailyBuisnessNews575.jpg\" alt=\"EricBelksyManufacturedHousingIndustryManufacuredHomeManufacturedHousingInstituteResearchDataAffordbleHousingMHProNewsDailyBuisnessNews575\" width=\"575\" height=\"254\" \/><\/p>\n<p>Why was Belksy\u2019s forecast wrong about the second quote?\u00a0 Arguably because of the first quote.\u00a0 He made his points prior to Buffett entering the manufactured home industry, and prior to Buffett applying &#8220;the moat&#8221; &#8211; including a manipulation of the credit markets &#8211; as it applies to manufactured housing.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>MHI \u2013 The Moat Building Tool of BuffettVille<\/strong><\/p>\n<p>In a softball video interview with Kevin Clayton, posted at this <strong><a href=\"https:\/\/www.manufacturedhomelivingnews.com\/bridging-gap-affordable-housing-solution-yields-higher-pay-more-wealth-but-corrupt-rigged-billionaires-moat-is-barrier\/\">link here<\/a>, <\/strong>Clayton briefly explains the benefits that come from working with nonprofits and foundations. To understand the Moat, never forget that passing throw-away line.<\/p>\n<p>The Manufactured Housing Institute \u2013 stunningly \u2013 can\u2019t even create an accurate GDP figure on new manufactured home sales.\u00a0 We\u2019ve brought it to their attention, along with other factual errors they\u2019ve published over the years.\u00a0 Some of those corrections have been requested several times.\u00a0 How can NAHB, NAR, or other industry trade groups create correct data, while MHI produces \u2013 at best &#8211; hit and miss data?<\/p>\n<p>Why would Clayton and the Berkshire brands tolerate data errors published by their Arlington, VA based trade group?<\/p>\n<p>Answer.\u00a0 Fact errors can be useful for \u201cthe Moat.\u201d<\/p>\n<p>The logic is simple, once understood.\u00a0 Buffett isn\u2019t looking to have more competitors in manufactured housing.\u00a0 Incorrect information is just one more \u201cshark in the water\u201d of the moat.<\/p>\n<p>Heavy regulations?\u00a0 No problem, for Buffett\u2019s moat. \u00a0That\u2019s a barrier for entry, or a barrier for staying in the business.<\/p>\n<p>Bad media? No problem, not for widening and deepening Buffett\u2019s moat. \u00a0That too is a barrier for entry, or a barrier to remain in the business.<\/p>\n<p>Keep in mind what Kevin Clayton said about Warren Buffett. He preaches the Moat, and being a tough competitor.\u00a0 Most of the rest is up to the business leader, supported by Berkshire\u2019s billions. In that previously<strong><a href=\"https:\/\/www.manufacturedhomelivingnews.com\/bridging-gap-affordable-housing-solution-yields-higher-pay-more-wealth-but-corrupt-rigged-billionaires-moat-is-barrier\/\">linked video, Kevin Clayton<\/a><\/strong>said that even if he lost money for 5 years on Clayton Homes &#8211; but widened the Moat &#8211; that would be okay with<strong> \u201c<\/strong><span style=\"color: #993300;\"><strong>Warren<\/strong><\/span><strong>.\u201d<\/strong><\/p>\n<p><span style=\"color: #993300;\">Clayton has made money, not lost it.\u00a0 But what makes Kevin\u2019s comments interesting is that they\u2019ve kept some unprofitable locations open for some time, finally closing about 100 of them.\u00a0 How many previously successful independents were put out of business, because of anti-competition strategies like these?<\/span><\/p>\n<p><span style=\"color: #993300;\">But the biggest hit \u2013 the proverbial smoking gun &#8211; is how <\/span><strong><a href=\"https:\/\/www.manufacturedhomelivingnews.com\/bridging-gap-affordable-housing-solution-yields-higher-pay-more-wealth-but-corrupt-rigged-billionaires-moat-is-barrier\/\">Berkshire owned 21<sup>st<\/sup> Mortgage Corp<\/a><\/strong>manipulated the truth to cut off lending to numerous independents. The Berkshire brands in MHVille continue to use MHI &#8211; and their own influence &#8211; to misdirect the Duty to Serve manufactured housing mandated by the Housing and Economic Recovery Act (HERA) of 2008.<\/p>\n<p>Some of what\u2019s described herein might be entirely legal.<\/p>\n<p>But when collusion exists between units of Buffett\u2019s brands &#8211; that he himself says are operated as independent businesses &#8211; that points to a legitimate antitrust action, based on my lay reading of the law.\u00a0 Others who are attorneys that have looked at this, and they\u2019ve said they get the logic too.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Despite 3rd Party Praise, to Understand How Poorly Manufactured Homes Are Doing, Consider This Comparison<\/strong><\/p>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-16930\" src=\"https:\/\/manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/ManufacturedHousingSHipmentsBloombergQuintFactoryBuiltRebuidRecoveryMashteadLATonyKovachMHproNEws-756x768-423x430.jpg\" alt=\"ManufacturedHousingSHipmentsBloombergQuintFactoryBuiltRebuidRecoveryMashteadLATonyKovachMHproNEws-756x768\" width=\"600\" height=\"610\" srcset=\"https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/ManufacturedHousingSHipmentsBloombergQuintFactoryBuiltRebuidRecoveryMashteadLATonyKovachMHproNEws-756x768-423x430.jpg 423w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/ManufacturedHousingSHipmentsBloombergQuintFactoryBuiltRebuidRecoveryMashteadLATonyKovachMHproNEws-756x768-148x150.jpg 148w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/ManufacturedHousingSHipmentsBloombergQuintFactoryBuiltRebuidRecoveryMashteadLATonyKovachMHproNEws-756x768.jpg 756w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\u00a0<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-16207\" src=\"https:\/\/manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/01\/ScholasticCororatonFigure1MobileManufacturedHomeSalesSHipmentsVsExistingingNewHouseSalesManufacturedHousingiinudstryDataMHProNews-575x232.jpg\" alt=\"ScholasticCororatonFigure1MobileManufacturedHomeSalesSHipmentsVsExistingingNewHouseSalesManufacturedHousingiinudstryDataMHProNews\" width=\"575\" height=\"232\" srcset=\"https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/01\/ScholasticCororatonFigure1MobileManufacturedHomeSalesSHipmentsVsExistingingNewHouseSalesManufacturedHousingiinudstryDataMHProNews-575x232.jpg 575w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/01\/ScholasticCororatonFigure1MobileManufacturedHomeSalesSHipmentsVsExistingingNewHouseSalesManufacturedHousingiinudstryDataMHProNews-150x60.jpg 150w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/01\/ScholasticCororatonFigure1MobileManufacturedHomeSalesSHipmentsVsExistingingNewHouseSalesManufacturedHousingiinudstryDataMHProNews-768x310.jpg 768w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/01\/ScholasticCororatonFigure1MobileManufacturedHomeSalesSHipmentsVsExistingingNewHouseSalesManufacturedHousingiinudstryDataMHProNews.jpg 861w\" sizes=\"(max-width: 575px) 100vw, 575px\" \/><\/p>\n<p>&nbsp;<\/p>\n<figure id=\"attachment_16927\" aria-describedby=\"caption-attachment-16927\" style=\"width: 458px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-16927 size-medium\" src=\"https:\/\/manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/ManufacturedHomeMHShipments1990-2017MastheadManufacturedHousingMHProNews600-458x430.jpg\" alt=\"ManufacturedHomeMHShipments1990-2017MastheadManufacturedHousingMHProNews600\" width=\"458\" height=\"430\" srcset=\"https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/ManufacturedHomeMHShipments1990-2017MastheadManufacturedHousingMHProNews600-458x430.jpg 458w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/ManufacturedHomeMHShipments1990-2017MastheadManufacturedHousingMHProNews600-150x141.jpg 150w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/04\/ManufacturedHomeMHShipments1990-2017MastheadManufacturedHousingMHProNews600.jpg 655w\" sizes=\"(max-width: 458px) 100vw, 458px\" \/><figcaption id=\"caption-attachment-16927\" class=\"wp-caption-text\"><em>20 years ago, manufactured homes outsold RVs by about 3 to 2. Today, RVs outsell manufactured homes by some 5 to 1. Manufactured homes are normally purchased for full time living, many RVs are for recreational or part time living. Many RVs &#8211; which are towable as well as motorized &#8211; can be higher than a manufactured home. The cost per square foot for a manufactured home is routinely lower. When one understands the facts and the trends, a more complete picture of how manipulated the manufactured home market is comes into focus.\u00a0<\/em><\/figcaption><\/figure>\n<p><strong>To Sum Up<\/strong><\/p>\n<p>Why is manufactured housing struggling during an affordable housing crisis?<\/p>\n<p>Because the goal of &#8220;the Moat&#8221; is to squeeze businesses &#8211; with what looks to be market forces &#8211; slowly out of business. Competitors may sell out to Berkshire owned Clayton \u2013 for less than it would be worth in a normal market \u2013 or they may be forced out of business, period.<\/p>\n<p>We are not the only publisher to mention the Moat, or the monopolistic practices of Buffett\u2019s Berkshire.\u00a0 But no publication has peeled by the \u2018how it is done\u2019 \u2013 not just the outcome \u2013 as much as <em>MHLivingNews<\/em> and <em>MHProNews<\/em> has. The right Google searches will demonstrate that point.<\/p>\n<p>The Moat is the truth hiding in plain sight.<\/p>\n<p>To learn more about the Moat, see the linked related reports, further below. \u201c<span style=\"color: #993300;\"><strong>We Provide, You Decide<\/strong><\/span>.\u201d \u00a9 ## (News, commentary, and analysis.)<\/p>\n<p>(<strong>See <span style=\"color: #ff0000;\">Related Reports<\/span>, further below<\/strong>. Text\/image boxes often are hot-linked to other reports that can be access by clicking on them. Third-party images and content are provided under fair use guidelines.)<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-17019\" src=\"https:\/\/manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2019\/01\/LATonyKovachQuoteManufacturedHousingIndustryWontReachPotentialAddresscoreIssuesArtificallyholdingitback466-375x430.png\" alt=\"LATonyKovachQuoteManufacturedHousingIndustryWontReachPotentialAddresscoreIssuesArtificallyholdingitback466\" width=\"375\" height=\"430\" \/>By<a href=\"http:\/\/www.83degreesmedia.com\/features\/mhnews072115.aspx\" target=\"_blank\" rel=\"noopener noreferrer\"> L.A. &#8220;Tony&#8221; Kovach<\/a> &#8211; for <em>MHProNews<\/em>.com.<\/p>\n<p>Tony is the multiple award-winning managing member of LifeStyle Factory Homes, LLC, the parent company to <em>MHProNews,<\/em> and <a href=\"http:\/\/MHLivingNews.com\" target=\"_blank\" rel=\"noopener noreferrer\"><em>MHLivingNews.com<\/em><\/a>.<\/p>\n<p align=\"LEFT\"><span style=\"color: #000000;\"><span style=\"font-family: Tahoma,sans-serif;\"><span style=\"font-size: small;\"><span lang=\"en-US\">Office <b>863-213-4090<\/b><\/span><\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Tahoma,sans-serif;\"><span style=\"font-size: small;\"><span lang=\"en-US\"> |<\/span><\/span><\/span><\/span><span style=\"font-family: Tahoma,sans-serif;\"><span style=\"font-size: small;\"><span style=\"color: #000000;\"><span lang=\"en-US\">Connect on <\/span><\/span><span style=\"color: #000000;\"><span lang=\"en-US\"><b>LinkedIn<\/b><\/span><\/span><span style=\"color: #000000;\"><span lang=\"en-US\">:<br \/>\n<\/span><\/span><\/span><\/span><span style=\"color: #1155cc;\"><span style=\"font-family: Helvetica,sans-serif;\"><span style=\"font-size: small;\"><u><a href=\"http:\/\/www.linkedin.com\/in\/latonykovach\" target=\"_blank\" rel=\"noopener noreferrer\"><span lang=\"en-US\">http:\/\/www.linkedin.com\/in\/latonykovach<\/span><\/a><\/u><\/span><\/span><\/span><\/p>\n<p><strong><span style=\"color: #0000ff;\">Sign Up Today<\/span>!<\/strong><\/p>\n<p>Click<strong> <a href=\"http:\/\/eepurl.com\/daiyGn\">here to sign up in 5 seconds for the<\/a> <span style=\"color: #ff0000;\">manufactured<\/span><\/strong><strong><span style=\"color: #ff0000;\"> home industry&#8217;s leading<\/span> &#8211; and still growing &#8211; emailed headline news updates<\/strong>.<\/p>\n<p>&nbsp;<\/p>\n<h2><\/h2>\n<h2><\/h2>\n<h2><span style=\"color: #0000ff;\"><strong>Related References<\/strong><\/span>:<\/h2>\n<h3>The text\/image boxes below are linked to other reports, which an be accessed by clicking on them.<\/h3>\n<p>https:\/\/www.manufacturedhomepronews.com\/warren-buffetts-berkshire-hathaway-clayton-homes-21st-mortgage-corp-and-their-strategic-moat-plus-manufactured-housing-equities-updates\/<\/p>\n<p>https:\/\/www.manufacturedhomepronews.com\/mhi-ceo-dick-jennisons-pledge-500000-new-manufactured-home-shipments\/<\/p>\n<p>https:\/\/www.manufacturedhomelivingnews.com\/puzzling-case-of-millie-francis-where-are-religious-liberty-fair-housing-resident-and-manufactured-home-organizational-defenders\/<\/p>\n<p>https:\/\/www.manufacturedhomelivingnews.com\/former-manufactured-housing-institute-president-manufactured-home-owners-urban-institute-and-you\/<\/p>\n<p>https:\/\/www.manufacturedhomelivingnews.com\/bridging-gap-affordable-housing-solution-yields-higher-pay-more-wealth-but-corrupt-rigged-billionaires-moat-is-barrier\/<\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"pLLwLAGLqb\"><p><a href=\"https:\/\/manufacturedhousingassociationregulatoryreform.org\/the-illusion-of-motion-versus-real-world-challenges\/\">\u201cThe Illusion of Motion Versus Real-World Challenges\u201d<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;\u201cThe Illusion of Motion Versus Real-World Challenges\u201d&#8221; &#8212; Manufactured Housing Association for Regulatory Reform\" src=\"https:\/\/manufacturedhousingassociationregulatoryreform.org\/the-illusion-of-motion-versus-real-world-challenges\/embed\/#?secret=Q7e3ht1oGL#?secret=pLLwLAGLqb\" data-secret=\"pLLwLAGLqb\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When someone is introduced to manufactured homes and their tremendous value, they are often shocked. \u2018How is this much home for such a modest price possible?\u2019 A key part of the answer mirrors any product produced in a production center.\u00a0 Cars built in a driveway would cost far more than a car built in production &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"ast-button\" href=\"https:\/\/www.manufacturedhomepronews.com\/masthead\/warren-buffetts-moat-understanding-manufactured-housing-requires-grasping-strategic-economic-moats\/\"> <span class=\"screen-reader-text\">Warren Buffett\u2019s Moat, Understanding Manufactured Housing Requires Grasping Strategic  Economic Moats<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":12,"featured_media":16941,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[5089,5079,5080,5093,5086],"tags":[5253,5254,356,5255,5246,5256,5257],"class_list":["post-17002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordable-housing","category-analysis","category-commentary","category-manufactured-housing-commentary","category-manufactured-housing-institute-mhi","tag-economic-moats","tag-grasp","tag-manufactured-housing-industry","tag-requires","tag-strategic","tag-understanding","tag-warren-buffetts-moat"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Warren Buffett\u2019s Moat, Understanding Manufactured Housing Requires Grasping Strategic Economic Moats - Masthead L. A. &#039;Tony&#039; Kovach<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.manufacturedhomepronews.com\/masthead\/warren-buffetts-moat-understanding-manufactured-housing-requires-grasping-strategic-economic-moats\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Warren Buffett\u2019s Moat, Understanding Manufactured Housing Requires Grasping Strategic Economic Moats - Masthead L. 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