Topic

housing

A collection of 4 issues

A Lender Built to Return 750% on Invested Capital

The U.S. housing market faces the prospect of a decade-long supply crunch. Today, we’ll introduce our next play on America's housing shortage, and one of the most capital efficient business models we've come across.

The One Industry with a Hidden “Rate Hike Upside”

The large amount of refinancing and purchase activity that took place during the COVID boom means existing homeowners are unlikely to add supply to the market. Interest rate hikes slowed down one part of the housing market, but they’re creating a tailwind for another…

The “Paint-By-Numbers” 15% Compounder

When a company has a dominant brand with pricing power, robust profit margins, and high capital efficiency, the returns can be enormous. Today, we’ll introduce a company that checks all these boxes and has used every downturn to acquire weaker competitors and take market share.

Housing Is On Its Knees And Corporate America Isn't Far Behind

Homebuilders have reported fewer new construction starts every month since March. That’s the longest stretch of declines since the housing crisis of 2007. And homebuyers have even begun walking away from their deposits – cancellations are above 15% for the second consecutive month.