Alex Barron and Rogers Healy react to Toll Brothers (TOL) earnings. Rogers is “unsurprised” by the results, saying “they’re playing the margin game and getting squeezed.” He notes that their average price point is almost a million dollars, and that top-end real estate tends to get hit first when the sector sours. Alex thinks December demand is turning positive and the outlook for 2026 is “not too bad,” arguing that we are at the end of the “margin compression cycle.”