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TIVP073: NVR (NVR): WHAT’S NEXT FOR ONE OF HISTORY’S GREATEST COMPOUNDERS?
W/ KYLE GRIEVE & SHAWN O’MALLEY
TIVP073: NVR (NVR): WHAT’S NEXT FOR ONE OF HISTORY’S GREATEST COMPOUNDERS? W/ KYLE GRIEVE & SHAWN O’MALLEY
31 May 2026
Kyle Grieve and Shawn O’Malley analyze NVR, Inc., a homebuilder that has achieved incredible returns through disciplined capital allocation and aggressive share buybacks. They’ll explore NVR’s differentiated business model, which helps minimize capital intensity and risk, and examine how this strategy has enabled superior returns on capital. They’ll navigate how to think of NVR through cycles and whether it’s a business that is simple to understand.
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IN THIS EPISODE, YOU’LL LEARN:
- How NVR became a legendary share cannibal in homebuilding
- Why homebuilders love leverage while NVR maintains a fortress balance sheet
- The LPA model and how NVR de-risks traditional homebuilding
- The history of its margin rise and stabilization
- How the mortgage banking segment generates high margins
- How management is aligned through ROIC incentives and deep insider ownership
- About the cyclicality trap, homebuilders must deal with
- How counter-positioning creates competitive advantages
- The three distinct valuation scenarios and what they reveal
- And so much more!
For the full show notes, go to this page.
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- Read Norbert Lou’s initial NVR writeup from 100.
- Joel Greenblatt’s NVR case study.
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