Acting on panic never helps investors, but it's still a good idea to play devil's advocate with investments. Consider wallboard maker USG (NYSE: USG). Though the housing sector is showing renewed promise, you'll find more than a few of the 1,921 Motley Fool CAPS members weighing in on the company offering reasons to be bearish.

Here at The Motley Fool, we like to consider both the good and bad sides of an investment, so in this article, I'm highlighting three of the main bearish arguments on USG today. Be sure to read the bullish side as well, and then weigh in with your own comments below or rate USG in CAPS.                                               

1. Slow, uncertain recovery
Despite positive signs in the housing and construction markets, USG expects 2010 to be another difficult year and sees a long way back to healthy levels of demand. Despite some signs of improvement and rosy outlooks from major customer Home Depot (NYSE: HD) and home improvement peer Lowe's (NYSE: LOW), some CAPS members aren't convinced that a full recovery is imminent.                                   

2. Weak housing market
Despite an uptick in housing that has lifted sales for building materials suppliers like Louisiana-Pacific (NYSE: LPX), some analysts and CAPS members are expecting the recent uptick in home construction to fade now that the homebuyer tax credit has ended. Analyst Stifel Nicolaus expects homebuilders such as PulteGroup (NYSE: PHM), KB Home (NYSE: KBH), and Lennar (NYSE: LEN) to be in for slow to no growth, which will trickle down and lead to a slow recovery for USG.    

3. Lack of earnings
With residential and nonresidential construction markets still well below historical norms, USG has been swimming in red ink on its income statement for several quarters now. With a lot of risk remaining in its markets, some CAPS members remain wary that USG and other companies tied to the construction sector can generate significant profits in the foreseeable future.

To see details of what CAPS members are saying now about USG, just click on over to Motley Fool CAPS and have a look. Or add your own thoughts directly to this story in the comments box below.

Motley Fool Inside Value is where we find companies poised for a turnaround after taking it on the chin. USG is one of our recommendations. To find out the others, take a free 30-day trial today.

Fool contributor Dave Mock doesn't need any good reasons to play hooky from time to time. He owns no shares of companies mentioned here. Home Depot and Lowe's are Inside Value picks. The Fool's disclosure policy is hoping to win a trip to space someday.