Lennar: Why a 19%-a-Year Investor Made It His Big Bet
Deep Values: Value Investing Deep Dives · Nov 5, 2026 · 17:32
Deep Values: Value Investing Deep Dives
Deep Values: Value Investing Deep Dives · Nov 5, 2026 · 17:32
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Edgar Wachenheim compounded about 19% a year for nearly three decades, and his Q3 2026 13F lists Lennar first. We unpack the margin-of-safety math behind the position and why a homebuilder fits a rule built to avoid permanent loss.
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Chapters
(0:00) Q3 2026 Portfolio Deconstruction
(0:39) Greenhaven Founding and Philosophy
(3:16) Limits of the 13F Lens
(6:17) Top Holdings Ledger
(7:01) Post-Mortem Lessons for Investors
(7:45) Stress Testing Lennar
(12:59) 10-Year 13F Clone Track Record
(14:23) Post-Mortem Lessons for Investors
(16:27) Intelligent Value Investor Toolkit
(17:06) Get the apps
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Deep Value Intelligence audits the numbers behind the headlines with a Graham-Dodd / Buffett lens: valuation discipline, cash generation, balance-sheet safety and return on capital. Don't guess. Calculate.
Episodes: Deep Values: Value Investing Deep Dives
