Investors / stance tracking
What Ed Wachenheim is saying
FollowFollowingUnfollowFounder, chairman & CEO, Greenhaven Associates
3 dated public stances tracked since 2026-09-22, most recently 2026-09-22. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Ed Wachenheim's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Ed Wachenheim is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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3
tracked stances
3
themes
0
side flips
2026-09-22
last heard
Most-argued themes
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
Lennar's 2025 pricing misstep is temporary; normalized 2027 EPS of ~$19.75 at a conservative 16x multiple implies ~$315 vs. ~$127 today, underpinned by 10% annual community growth, asset-light land model, and structural U.S. housing shortage of 3–4 million…
“They made a mistake this year. It's a temporary mistake. They tried something and it didn't work.”
Ed Wachenheim: The Quiet Compounder
D.R. Horton trades at ~12x earnings vs. NVR's 16x despite being the largest, most efficient homebuilder, having transformed from a land-heavy real estate model (ROE ~10%) to an asset-light manufacturing model (ROE ~22%, 75% land optioned) that deserves parity…
“Horton and Lennar being the two largest homebuilders being superbly positioned should sell at 16 times earnings.”
Ed Wachenheim: The Quiet Compounder
GM is widely misclassified as an auto company, but body-on-frame trucks represent ~40% of units and generate ~60% of revenue and virtually 100% of profits, protected by a 25% tariff absent from foreign competitors, with ~17% margins and revenue-per-share…
“About 40% of the vehicles General Motors makes are body on-frame and they account for around 60% of the revenues and virtually 100% of the profits.”
Ed Wachenheim: The Quiet Compounder
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