Laying the Foundation

Been thinking a lot about the homebuilder NVR lately but realized most of my thoughts are not original. It is down about 26% (using Aug 8th 2018 close price) from its all time high. No extra points for originality in the investing game. I am not so arrogant as to believe I can generate every single idea from scratch in my mind. It does not necessarily matter as long as credit is given where due. See here for my summary notes. I “laid the foundation” to this “home” with the following help:

-Norbert Lou’s original 2001 thesis on VIC. This is right up the alley of “simple but not easy part” investing. Less than 1000 words but almost all of it still holds almost 20 years later and it has quietly been a 19 bagger.

-Norbert again, his 2011 interview with Santangel’s review where he discusses NVR in further detail. Not sure if Santangel uploaded that document, anyway have a look while it is still up. Such a great publication, wish they had more stuff out there.

-Hardcorevalue’s NVR/housing thread on twitter. One of my favourite accounts.

-Another Fintwit favourite, Bluegrass Capital linked to Broad Run’s Q2 2017 letter here which was very helpful in getting a deeper understanding of NVR.

Importantly though, I still did my own work to verify the facts and run the thesis through my mental filters.

Thoughts welcome and as always, not investment advice.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s