In short: News mention ("Stocks I'm Watching"): cut its full-year home delivery target citing interest-rate pressure and worsening housing conditions as Q3 revenue and profit fell; shares fell premarket.
In short: The single earnings print he will read this week, as a housing gauge rather than a position. "The only thing that I'm going to be reading next week on the earnings front is Lennar, because I want to see how their sales are doing with higher mortgage rates." The setup from his calendar: housing starts at 1.3M "still relatively low because of mortgage rates being at 7%," a bounce only because July fell 12%, and "building permits are down from 1.43 million to 1.40 million. So the following month, you're probably going to see housing data fall back down again." (The report's calendar flags the focus: cancellation rates, mortgage-rate buydowns and gross margins.)
Full passage: premium transcript (PDF).
In short: Berkshire "added to DAL and LEN" and opened a small DHI position — a deliberate, multi-name homebuilder tilt in the same quarter it turned net buyer, and consistent with its $6.8B purchase of homebuilder Taylor Morrison reported alongside the Q2 results.
In short: Named illustratively alongside D.R. Horton as a "leading homebuilder" whose margins have been cut one-third to one-half by the subsidies used to move product. A passing example in the housing-affordability argument, not a rated call.
Lennar is another of the largest US homebuilders, named alongside D.R. Horton purely as an example of the same margin squeeze — the discounts and rate buy-downs needed to move houses in a market where a typical home costs about five times a typical family's income have chopped builder margins by one-third to one-half. Not a stance on Lennar's shares.
In short: Referenced as the homebuilder that spun off Millrose Properties (MRP) last year. No stance.
In short: Bill — owned. The other half of the homebuilder duopoly; sat through the last year's correction because the US is the most under-built ever. Land-light balance sheet takes the pain the smaller builders can't; wins big 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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