God‘s ways have been described as mysterious. Humanity has free will. People and organizations reveal themselves in surprising and sometimes unexpected ways. Warren Buffett paradoxically said, ‘you can’t make a good deal with a bad person.’ Some hail Buffett for being a great investor. Successful as measured solely by stated net worth? Yes. But could Buffett and his firm have earned and more for himself and investors without hurting tens of millions of people in the process? Hold that thought, because it isn’t just Buffett and claims of integrity that are the first “top of mind” thoughts that are on the line. It’s also Gary Shiffman at Sun Communities (SUI) that will also be among those in MHVille probed in this article. Shiffman is Chairman, Chief Executive Officer, and President at Sun, and per that firm he “has been a director and an executive officer since our inception in 1993.” GuruFocus said the “estimated net worth of Gary A Shiffman is at least $164 Million dollars as of 2024-05-10.” Not bad. But again, according to some of his own remarks and the takeaways from those of an industry and Manufactured Housing Institute (MHI) colleagues, could Shiffman led Sun be doing far better than it has? The answer may well be an emphatic yes.

Someone can do or say certain things seemingly well yet may nevertheless have failed to do things properly. They may even have done things in apparently wrong by traditional moral, legal, ethical, financial, and so on measures. So, who would sell out their own mother?

Part I

1) Beyond the dollars and cents, properly understood, the ends does not justify the means. In Shiffman’s case, there is a man who purportedly ‘sold out his own mother’ according to the evidence supported allegation of insurance fraud by a man who says he was his former colleague. Sun has been hit by cases from state attorney generals. Given the evidence of purported fraud, the actions of attorney generals, and based on what the Landy’s have revealed, are we in MHVille supposed to simply supposed to believe Shiffman-led Sun Communities (SUI) who apparently assigned SVP Nate Philippsen to address a matter just because Philippsen says so? Just based on what is known, should thinking professionals’ hand over our trust to a man who contradicted himself within the same day, when those distinctive and in some ways contradictory emailed remarks were mere hours apart from each other?

2) Buffett and his methods have been exposed:

• by Michael Lebowitz,
• by Robin Harding,
• by The Nation,
• Austin Frerick and the Seattle Times,
• John Oliver’s satirical viral video slam in “Mobile Homes,”
• by (surprise!) Kevin Clayton with Berkshire Hathaway (BRK) owned Clayton Homes,
• and not to forget Tim Williams at Berkshire owned 21st Mortgage Corporation, plus others.

3) We at MHProNews are reporting, doing the fact-based analysis, and reminding readers of the inconvenient realities revealed by research reported by Lebowitz, Harding, and numbers of others. Why is it that most others in MHVille trade media don’t report on items that are evidenced based and supported from a range of seemingly credible sources?

4) The Pine Haven Controversy

MHProNews does not claim to know all of the specifics of the ownership of the Pine Haven community in Delaware. There are apparently reasons why Sun has decided to use over 1000 LLCs to mask transactions and ownership. What we reported was nevertheless factually accurate in as much as MHProNews accurately cited sources and gave Shiffman an opportunity to respond well before publishing.

5) Sun’s denial made by SVP Philippsen after the fact may be true in some sense. But as our report with update revealed yesterday, something can be technically true but can still be misleading.

6) Buffett’s arguably evil genius is that he can say something seemingly wise and technically true, but then he can go and demonstrate the opposite behavior! Providing such insights are the favor Michael Lebowitz, Robin Harding, and others have done for America and the world! Harding specifically exposed Buffett not as a hero of capitalism, but rather as a destroyer of free market capitalism, not its exemplar or savior.

Here is how left-leaning Bing’s AI powered Copilot answered this inquiry. Note that one of the linked results is the Nation’s special report that used the Clayton Homes example.

Who has accused Warren Buffett of being not a savior of capitalism but rather a destroy of free markets while cloaking himself in a veneer of wisdom and philanthropy? What examples can be given of that contention? Link results.

Warren Buffett, despite his revered status among investors, has faced several controversies over the years. While he is widely respected for his investment acumen, some critics have raised concerns about certain aspects of his actions and business practices. Let’s delve into some of these controversies:

1. Goldman Sachs Investment during the 2008 Financial Crisis:
   • During the 2008 financial crisis, Warren Buffett’s investment in Goldman Sachs drew criticism. He supported the investment bank and its management, even when they were widely unpopular at the time¹.
   • Some questioned whether Buffett’s public support was appropriate, given the circumstances.
2. Blue Chip Stamps and Wesco Financial Corporation:
   • In the 1970s, Buffett’s company Blue Chip Stamps acquired Wesco Financial Corporation. The Securities and Exchange Commission (SEC) investigated this deal and obtained a consent decree that required a $115,000 payout to compensate Wesco shareholders for damages caused by the maneuver¹.
   • This controversy raised questions about Buffett’s investment practices and ethics.
3. Buffalo Evening News Acquisition:
   • In 1977, Buffett acquired the Buffalo Evening News through Blue Chip Stamps. Antitrust charges were filed against him, but he prevailed in the legal proceedings¹.
   • Some observers saw this as an attempt by a rival newspaper to eliminate competition.
4. Berkshire Hathaway’s Board of Directors:
   • Buffett has long been criticized for having a board of directors that is perceived as too friendly to his interests and not sufficiently independent¹.
   • Critics argue that a more independent board would provide better oversight.
5. Monopoly Power and Unfair Advantages:
   • Investigative reports have highlighted how some companies in Buffett’s portfolio have exploited monopoly power, evaded taxes, and abused customers².
   • While not directly accusing Buffett, these reports shed light on the practices of companies associated with him.
6. Potential Violation of Ethics Policies:
   • An investigation suggested that Buffett may have violated Berkshire Hathaway’s own ethics policies by trading shares of companies that the company later bought or sold³.
   • This raised questions about consistency and adherence to ethical standards.

In summary, while Warren Buffett is celebrated for his investment success, these controversies demonstrate that even the Oracle of Omaha is not immune to criticism. His actions have been scrutinized, and opinions about his impact on capitalism and free markets vary. It’s essential to recognize both his achievements and the challenges he has faced throughout his career¹²³

More recent examples are linked below.

7) There are dark forces that have steadily, sometimes in fits and starts, swept away much of the illusion of what America is supposed to be. Those who have used manipulation of free markets deploy paltering, half-truths, and sometimes wise expressions in misleading ways with finesse. But what they cannot successfully do is keep everyone on their team on the same page all the time. For example. It’s not that Abraham Lincoln was perfect, he wasn’t. But he did much good at great cost. Lincoln said some wise things based on faith, reason, and at least the appearance of morality during a dark time in our national history.

8) Lincoln observed that no man can be a successful liar because sooner or later they trip themselves up.

9) To extend Lincoln’s point, he could have also said that the circle of a liar’s henchmen may expose a con man and his confidence job. In remarks similar to those of Lincoln’s, GoodReads credits Mark Twain with observing that: “If you tell the truth, you don’t have to remember anything.” Parade cited Twain saying: “Do the right thing. It will gratify some people and astonish the rest.”

10) Deceptive behavior has consequences.

While every typical human since Adam and Eve has erred and done so repeatedly, some errors are not deceptive or manipulative. Even tragic mistakes can be unintentional, as some auto or other accidents attest. But if someone is doing business with a problematic man and his business, well, Buffett’s quotable quip has a point.

13) There is a web of deceptive behavior that has operated for far too long in the manufactured housing professional. But to be fair, it isn’t just our industry that is plagued by evidence of paltering, manipulation, what the Capital Research Center has called “Deception and Misdirection” or the like.

14) The likes of Buffett-led Berkshire’s brands in manufactured housing have left in its wake a path of destruction as visible to trained eyes as a tornado that cuts through Moore OK, Joplin MO, or other tragedies be they in conventional housing, commercial construction, old mobile homes, or newer manufactured homes.

14) What Kevin Clayton said to Congress was largely supported by the facts and evidence that he cited.

15) It is what Clayton didn’t tell Congress that could qualify his remarks as paltering. Paltering is one of several apparently deceptive methods that have been used with respect to manufactured housing, as well as in other parts of American business, society, and politics.  That is why as left-leaning Wikipedia has put it, the oath taken before giving testimony is routinely framed as follows:  “I swear that the evidence that I shall give shall be the truth, the whole truth, and nothing but the truth, so help me God.”

Leaving out or shading the testimony by misleading or omitted information can take something that appears to be true and turn it into something deceptive. This has become a serious enough issue where Harvard and others have researched and reported on the phenomena.

16) That noted, back to Clayton’s remarks. What is missing from Clayton’s remarks is what Buffett acolyte Bud Labitan said about Buffett-Munger-Berkshire Hathaway and their moat methods, specifically citing Clayton Homes and their related lending in a chapter of his book.

As if by magic, much of the lending that was long available to manufactured housing for decades vaporized in the 21st century. Is it any wonder that sales dropped sharply? Credit, after all, is the lifeblood of housing sales, as then Harvard Joint Center on Housing Studies fellow Eric Belsky said.

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16) There are examples of public officials who seemingly do the right things on several occasions. But what is necessary is for women and men of good will to stand up, pull back the curtain of corruption that ought to clearly separate the good from the problematic.

17) Buffett ally Bill Gates needs to be routinely added to discussions involving manufactured housing. So too should remarks made by the late Sam Zell.

18) Manufactured housing crashed after Buffett pulled Berkshire investments in Fannie Made and Freddie Mac. Manufactured home lending melted.  Kevin Clayton said so. It is the rest of the story that Clayton and others have all too often ignored.

19) Since Buffett’s moves, manufactured housing has never recovered. Coincidence? This despite the fact that Clayton bragged in a pro-Buffett, pro-Berkshire video interview that Buffett said he could get whatever he needed. The implication is that Clayton, Buffett, and others who follow this business philosophy like the status quo.

20) There is no need to recreate the wheel. Ample information on Shiffman and Sun are found linked below.

21) There is ample evidence of purported collusion between several manufactured home community operators, including, but not limited to Sun Communities, linked below.

22) From the article with transcript linked below.

“Politicians“ “Rich Want More Power“ Warren Buffett – “Bad Guys Win“ – Buffett-Charlie Munger Interview Transcript – “Regulators Aren’t“ Regulating – Clayton Homes, Praising Chinese Communists, More Shock Insights – Analysis; plus, Manufactured Home Stocks Update

“We learned a long time ago that you can’t make a good deal with a bad person. Just forget it. Now, if you think you can draw up a contract that, that is going to work against a bad person, they’re gonna win. They probably enjoy litigation.”

“The bad guys win. They know more games. They may lose eventually. But it’s no way to spend your life.”

Was that a coy admission? Was that a double mean from Buffett and Munger that was a way of saying, don’t mess with us, you may eventually win, but your life will be lived in courtrooms for a long time?

But think about the implications of their own advice. How many are doing business with firms in MHVille that have ‘bad people’ at the helm, or whose business practices are clearly problematic?

23) This writer for MHProNews and our parent company don’t claim to be a prosecuting attorney, nor a plaintiff’s attorney, nor an attorney of any kind.  But someone doesn’t have to be an attorney or legal scholar to see what other attorneys, researchers, and legal sources have said about what is going wrong in manufactured housing or other aspects of American society.

24) Much of it comes down to the notion of oligopoly style monopolization. If it were just Clayton, or just Equity LifeStyle Properties (ELS) and Sun Communities (SUI) perhaps the pattern would be more self-evident. But perhaps because it is oligopoly style monopolization, it is not as obvious to an outsider looking in at a glance. It takes time and evidence to see the facts, sometimes, even for industry insiders.

25) Several of our reports anticipated by months or years what began to emerge on the community sector side as claims of antitrust violating practices in manufactured housing. It is apparent, or should be, that there is much more work to be done. Isn’t it reasonable to believe that the production, retail, and finance side of the picture in manufactured housing could be next?

26) Regrettably, justice in America for those with higher profiles can be slow and it can become political. Until such a time as the heat on politicos and public officials hits a point where enough souls are willing to dig into the evidence, the battles may be waged by private attorneys or the occasional public official or department willing to expose some of the apparent corruption. Until the day when corruption is more vigoriously tackled and rooted out, be warned. You can’t make a good deal with a bad person, organization, or corporation.

Economist E. J. Antoni-Green Housing Mandates Add Tens of Thousands to Costs Paid by Renters-Other Taxpayers While Taking 90 Years to Achieve Breakeven – Facts-MHVille Analysis; plus MHMarkets

27) Surf the site or follow the cross links to learn still more.

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Part II – Our Daily Business News on MHProNews stock market recap which features our business-daily at-a-glance update of over 2 dozen manufactured housing industry stocks.

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Headlines from right-of-center Newsmax – 5.10.2024

• Trump Warns: Biden Will Bring ‘1929 Number’ to Economy
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• 1,533 Israeli Citizens, Soldiers Have Fallen Since Oct. 7 Attacks
• Dem Mega Donor Rips Biden Blocking Israel Weapons
• Eurovision Draws Street Protests Calling for Israel’s Ejection
• UK’s Cameron: UK Won’t Halt Arms Sales Over Rafah
• Newsmax TV
• Mike Huckabee: Biden Stabbed Bibi in Back
• AGs: Title IX Changes ‘Illegal’
• Zach Nunn: Biden Betrays Israel | video
• D’Esposito: 4th District Columbia Students Will Get a Graduation | video
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• Newsfront
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Notice: MHProNews invites the firms named in these reports to respond to any concerns about possibly inaccurate information via email that identifies the concern and offers evidence that sheds a different light on the topic discussed. That said, until 5.9.2024, neither MHI nor most MHI publicly traded ‘insider brands’ have done so. They’ve been repeatedly invited to do so, including but not limited to an outreach on Dec 7, 2o23 and Feb 25, 2024.

APO = Apolo Global Management – bought Inspire Communities

BAM = Brookfield Asset Management – owns and invests in manufactured home communities (MHCs).

BLK = BlackRock – conglomerate has investments in firms and operations involved in manufactured housing.

BRK-A = Berkshire Hathaway – includes outright ownership of Clayton Homes, 21st Mortgage Corp, Vanderbilt Mortgage and Finance, other manufactured home industry linked firms (MHC brokerage, suppliers, etc.).

BX = Blackstone – Blackstone Group LP has made its first big bet on manufactured housing by buying a portfolio of communities sold by Tricon Capital Group Inc.

CDPYF = Canadian Apartment Properties Real Estate Investment Trust – also has manufactured home communities (MHCs).

CIGI = Colliers International Group Inc. – The Manufactured Housing and RV Group “We Assist Owners and Investors with Disposition, Acquisition, and Financing for Manufactured Housing Communities and RV Parks.”

CG = The Carlyle Group – has manufactured home communities investments.

CSGP = CoStar Group – is commercial real estate’s leading provider of information, analytics and online marketplaces. They acquired listing service Homes.com.

CVCO = Cavco Industries – manufactured home and other factory-built housing production, retail, finance, insurance.

ECNCF = ECN Capital Group – includes manufactured home lender Triad Financial Services.

ELS = Equity LifeStyle Properties – includes land lease manufactured home communities (MHCs), but also RV and marine slips holdings. Also has captive manufactured home retail operations, and parent to Datacomp/MHVillage.

FGF = FG Financial Group – FG Communities “Owns and Operates Growing Portfolio of Manufactured Housing Communities.” KEY = KeyCorp – manufactured home community financing and manufactured home single-family mortgage financing.

KMMPF = Killam Apartment REITs- (includes manufactured home communities (MHCs).

LCII = LCI Industries – components for the manufactured home industry and others (RVs, housing, etc.).

LEGH = Legacy Housing – produces manufactured homes, tiny houses, retail, and captive finance operations.

LPX = Louisiana Pacific Corporation – components for the manufactured home industry and others (housing, etc.).

MHC-UN.TO = Flagship Communities Real Estate Investment Trust (REIT).

MHPC = Manufactured Housing Properties – land lease manufactured home communities (MHCs).

MMI = Marcus and Millichap – commercial real estate brokerage services that include land lease manufactured home communities (MHCs).

NOBH = Nobility Homes – produces and offers captive retail, financing, and insurance services for HUD Code manufactured homes and modular homes.

PATK = Patrick Industries – components for the manufactured home industry and others (RVs, housing, etc.).

SKY = Skyline Champion – produces and offers captive retail, financing, and insurance for HUD Code manufactured homes and modular homes.

SUI = Sun Communities – includes land lease manufactured home communities (MHCs), but also RV and marine slips holdings. Also has captive manufactured home retail operations.

UMH = UMH Properties – includes land lease manufactured home communities and captive manufactured home retail, leasing, and financing operations.

UFPI = UFP Industries – components for the manufactured home industry and others (housing, etc.).

• • • NOTE 1: Chart above of manufactured housing connected equities includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry finance lender.
    • NOTE 2: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
    • NOTE 3: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of the stock from the days when it was a publicly traded firm.  Thus, there is still periodic activity on DVLY.
    • Note 4: some recent or related reports to the REITs, stocks, and other equities named above follow in the reports linked below.
    • Note 5: Gifts of Sight and Insights, What’s in Store for 2024? Including 2023 Year End Reflections, manufactured homes, manufactured housing, mobile homes, MHVille, USA Snapshots, Manufactured housing industry year in review 2023.

 

2023 …Berkshire Hathaway is the parent company to Clayton Homes, 21^st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.

 

 

2022 was a tough year for many stocks. Unfortunately, that pattern held true for manufactured home industry (MHVille) connected stocks too. See the facts, linked above.

====================================

Disclosure. MHProNews holds no positions in the stocks in this report.

· For expert manufactured housing business development or other manufactured housing professional services, click here.
· To sign up in seconds for our industry leading emailed headline news updates, click here.

• Note 1: MHVille means manufactured housing industry, MHVille also means artificially smaller manufactured housing (MH) industry,
• Note 2: Manufactured housing, building, factories, retail, dealers, manufactured home, communities, passive mobile home park investing, suppliers, brokers, finance, financial services, macro-markets, manufactured housing stocks, Manufactured Home Communities Real Estate Investment Trusts, MHC REITs.
• Note 3:
  

  APO, Apollo Global Management, BAM, Brookfield Asset Management, BLK, BlackRock, BRK-A, Berkshire Hathaway, BX, Blackstone, CDPYF, Canadian Apartment Properties Real Estate Investment Trust, CIGI, Colliers International Group Inc, CG, The Carlyle Group, CSGP, CoStar Group, CVCO, Cavco Industries, ECNCF, ECN Capital Group, ELS, Equity LifeStyle Properties, FGF, FG Financial Group, FG Communities,  KEY, KeyCorp, KMMPF, Killam Apartment REITs, LCII, LCI Industries, LEGH, Legacy Housing, LPX, Louisiana Pacific Corporation, MHC-UN.TO, Flagship Communities Real Estate Investment Trust (REIT), MHPC, Manufactured Housing Properties, MMI, Marcus and Millichap, NOBH, Nobility Homes, PATK, Patrick Industries, SKY, Skyline Champion, SUI, Sun Communities, UMH, UMH Properties, UFPI, UFP Industries.

That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports linked herein. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)

By L.A. “Tony” Kovach – for MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards, honors and numerous public recognitions for his achievements in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. Kovach is a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHLivingNews.com and MHProNews. MHProNews is ranked as the runaway most read trade media in modern manufactured housing history. Manufactured Home Pro News (MHProNews) is the documented #1 largest and most read source for manufactured housing industry News Tips and Views Pros Can Use, per Webalizer 2.23 and known data. MHProNews gets millions of visits a year and has significantly more pageviews per visit than CNN or Fox per SimilarWeb’s stats for those two sites (but those sites get more much more total traffic). Statistics Data Infographics Research Facts Evidence and manufactured housing industry expert analysis make us the runaway most read in MHVille trade media. This article reflects the LLC’s and/or the writer’s editorial views and may or may not reflect the views of sponsors or supporters.