In short: Berkshire "opened a small DHI position" in its first net-buying quarter in 14 — a starter stake rather than a build, but the second homebuilder in the same quarter's filing (with LEN) and a third if the $6.8B Taylor Morrison acquisition is counted.
In short: Named illustratively (not a stance call) as one of the "leading homebuilders like D.R. Horton and Lennar" whose profit margins have been slashed by one-third to one-half by the buyer subsidies builders are using to move product as new- and existing-home prices converge. A margin case study for the affordability thesis, not a rated pick.
D.R. Horton is the largest US homebuilder. Haymaker isn't rating the stock here — he uses it (with Lennar) to make a point: because homes have gotten so unaffordable, builders are effectively paying to close sales (buying down mortgage rates, throwing in incentives), and that has cut their profit per home by roughly a third to a half. Interestingly, he notes the homebuilder stocks/ETF have held near record highs anyway, so the market isn't yet pricing that margin squeeze as a problem.
In short: Bill — owned. With Lennar, "the Costco and Walmart of home building" — together ~40% of US homebuilding revenue. Horton is the lowest-cost new home in 36 states; a land-light (opex, not capex) model with a spectacular balance sheet, so the next good cycle "cuts a fat hog." Most under-built US housing ever + record 20–40-year-olds.
D.R. Horton and Lennar are, in Smead's words, "the Costco and Walmart of home building" — together about 40% of US homebuilding revenue, with Horton offering the lowest-cost new home across 36 states. The US is the most under-built for housing in memory, with a record number of 20-to-40-year-olds coming into their buying years. Crucially, the big builders now use a "land-light" model (they option land rather than owning it), so they carry less capital and stronger balance sheets — letting them survive downturns that crush smaller builders and "cut a fat hog" when the cycle turns.
42:47So any particular home builder? — Well, Horton and Lenar are the Costco and Walmart of the home building business. They are too expensive. They're for No, no, no, no, no, no, no, no, no. You're you're you're jumping ahead. Uh uh th those two companies are 40% of the home building revenue in the United States of America. Okay.
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