NVR/short
Homebuilders all pretending to be asset-light NVR while really committed to land pools; the post-COVID inventory hangover squeezes them
We had a a really strong view on home builders from last year that uh there were two things going on.
Peak+1.2%
XHB/short
Third Point is short homebuilders on a dual thesis: the sector is structurally impaired by hidden land-pool liabilities dressed up as asset-light options, and post-COVID cost inflation has outrun what buyers can afford at current mortgage rates. Loeb explicitly confirms the position is live.
We had a a really strong view on home builders from last year that uh there were two things going on.
Peak+0.9%
NVDA/long
Treated as a safe short by long-short pods forced to hedge, but undervalued on next 2-3yr earnings
I think we'll look back at some point in time and say that was a foolish way to think about Nvidia given its dominant position and its valuation relative to everyone else.
Peak+0.3%