{"podcast":{"title":"The Investor's Podcast (We Study Billionaires)  - The Investor’s Podcast Network","slug":"the-investor-s-podcast-we-study-billionaires-the-investor-s-podcast-network-793331","podcast_index_feed_id":793331,"rss_url":"https://feeds.megaphone.fm/PPLLC8974708240","website_url":"https://www.theinvestorspodcast.com","image_url":"https://megaphone.imgix.net/podcasts/b2b12274-75fe-11ee-ae2d-1760f2a748b1/image/9e29d14a398eee5388bd2827faf66f93.jpg?ixlib=rails-4.3.1&max-w=3000&max-h=3000&fit=crop&auto=format,compress","author":"Stig Brodersen","episode_count":1186,"summary":"Hosted by Stig Brodersen, William Green, Shawn O'Malley, Daniel Mahncke, and Kyle Grieve, The Investor’s Podcast has proudly reached nearly 200 million downloads, as the world's largest stock-investing focused podcast. On the show, we study a range of businesses and their investment prospects, from Spotify to Amazon, serial acquirers like Constellation Software, deep value plays, and more, using lessons from some of the world's most famous investors, like Warren Buffett, Charlie Munger, and Howard Marks. Leverage the lessons we learned from studying, and talking to, the world's best investors, and apply them in your own investing journey, while following along with our company case studies. For more insights on how to value companies and build a stock portfolio, you can also sign up for our free weekly newsletter. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm","last_synced_at":null,"page_url":"https://stenobird.com/podcast/the-investor-s-podcast-we-study-billionaires-the-investor-s-podcast-network-793331"},"episode":{"title":"TIP818: NVR (NVR): What's Next for One of History's Greatest Compounders? w/ Kyle Grieve & Shawn O'Malley","slug":"tip818-nvr-nvr-what-s-next-for-one-of-history-s-greatest-compounders-w-kyle-grieve-shawn-o-malley","published_at":"2026-05-28T00:00:00+00:00","page_url":"https://stenobird.com/podcast/the-investor-s-podcast-we-study-billionaires-the-investor-s-podcast-network-793331/tip818-nvr-nvr-what-s-next-for-one-of-history-s-greatest-compounders-w-kyle-grieve-shawn-o-malley","show_page_url":"https://stenobird.com/podcast/the-investor-s-podcast-we-study-billionaires-the-investor-s-podcast-network-793331","url":"https://www.podtrac.com/pts/redirect.mp3/pdst.fm/e/traffic.megaphone.fm/PPLLC9674972392.mp3","audio_url":"https://www.podtrac.com/pts/redirect.mp3/pdst.fm/e/traffic.megaphone.fm/PPLLC9674972392.mp3","summary":"In today's episode, 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. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:01:30) How NVR became a legendary share cannibal in homebuilding (00:05:05) The LPA model and how NVR de-risks traditional homebuilding (00:10:16) Why homebuilders love leverage while NVR maintains a fortress balance sheet (00:15:34) How the mortgage banking segment generates high margins (00:21:41) The history of its margin rise and stabilization (00:27:49) How counter-positioning creates competitive advantages (00:52:58) How management is aligned through ROIC incentives and deep insider ownership (01:06:15) About the cyclicality trap, homebuilders must deal with (01:18:45) The three distinct valuation scenarios and what they reveal (01:14:06) Intrinsic value of NVR (01:26:15) Whether Kyle and Shawn will add NVR to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Track ⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠. Read Norbert Lou’s initial ⁠NVR writeup from 100⁠. Joel Greenblatt’s ⁠NVR case study⁠. Follow Kyle on ⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠. Follow Shawn on ⁠⁠…","meta_description":"In today's episode, Kyle Grieve and Shawn O’Malley analyze NVR, Inc., a homebuilder that has achieved incredible returns through disciplined capital alloc…","key_points":[],"chapters":[],"topics":[],"duration_seconds":5168,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/the-investor-s-podcast-we-study-billionaires-the-investor-s-podcast-network-793331/episodes/tip818-nvr-nvr-what-s-next-for-one-of-history-s-greatest-compounders-w-kyle-grieve-shawn-o-malley/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/the-investor-s-podcast-we-study-billionaires-the-investor-s-podcast-network-793331/tip818-nvr-nvr-what-s-next-for-one-of-history-s-greatest-compounders-w-kyle-grieve-shawn-o-malley.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}