Lennar: Why a 19%-a-Year Investor Made It His Big Bet

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.

• Free DeepValues app, intrinsic value and margin of safety for any stock

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• Is the market overvalued? Buffett Indicator & Bubble Watch

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Android (Bubble Watch): https://play.google.com/store/apps/details?id=com.luluventures.bubblewatch.android&referrer=utm_source%3Dspotify%26utm_medium%3Ddescription%26utm_campaign%3Dinvestor

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

DeepValues toolkit

• Run the numbers on any stock yourself, free: https://app.deepvalues.ai/?ref=podcast&src=edgar_wachenheim_s_big_bet_on_lennar-en

• Free Margin of Safety Weekly, every Saturday (guru moves, market temperature, the week's research; no account needed): https://app.deepvalues.ai/letter?src=spotify&ref=edgar_wachenheim_s_big_bet_on_lennar

• Open-source research on 300+ companies: https://research.deepvalues.ai/?utm_source=spotify&utm_medium=description&utm_campaign=investor&utm_content=edgar_wachenheim_s_big_bet_on_lennar

• Deep Value Intelligence, the multi-agent AI analyst: https://deepvalues.ai/?utm_source=spotify&utm_medium=description&utm_campaign=investor&utm_content=edgar_wachenheim_s_big_bet_on_lennar

• Developer API and MCP server for your AI agents: https://app.deepvalues.ai/developers?utm_source=spotify&utm_medium=description&utm_campaign=investor&utm_content=edgar_wachenheim_s_big_bet_on_lennar

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.