Hello everyone. The Federal Reserve and Drone Powell, they made their big decision today. The US economy is booming.We got data on why buying all-time high stock prices may actually be a good idea. And Netflix's Ryan Sorant, he unpacks what's happening with home affordability in America. We're live today from the desk of Anthony Pompiano.Before we get into today's episode, I need your help. My goal is to get to 1 million subscribers on YouTube. That's a big, hairy, audacious goal, but with your help, I'm go ...

High home prices and interest rates have contributed to a relatively stuck market that's on pace for the slowest pace of existing home sales growth in a quarter century. So, what's it going to take to unstick it and bring in new buyers. Let's talk to Meredith Whitney about that.Meredith Whitney, Advisory Group CEO. Meredith, it's good to see you. I I mean, these numbers are pretty astonishing in terms of the ages, right.If you take home home buyers overall, not just first time, the age is 59. Um, >> 50% fro ...

RT Blake Neff (@BlakeSNeff)The American right has been trained to oppose any and all taxes, but this is a terrible idea.We must have taxes, and the distorting effects of property tax are far less than alternatives like income tax. Right now, America is crumbling apart because young people can’t afford homes while all wealth is accumulating to the old. Removing property taxes means higher taxes on working young people and higher home prices to the advantage of retirees, who are already America’s richest coho ...

(0:00) Michael Burry's big short against AI (12:00) Why Palantir is so richly valued vs other tech companies (20:07) Home affordability crisis: Mortgage innovation, building, top priorities to win mid-terms (36:18) H-1B debate flares up again after Trump's comments on Fox News (42:37) Science Corner: Solar storms, coronal mass ejection, risks (51:14) Rich Americans fleeing "the great confiscation" Join us at the All-In Holiday Spectacular!: https://allin.com/events Follow the besties: https://x.com/chamath ...

From the Desk of Anthony Pompliano0:00 Home Affordability Is Impacting Everything6:30 Warren Buffett Shares His Final Notes8:32 Milton Friedman’s Recipe For Economic Policy SuccessEnjoy! https://t.co/ex3Sqc9EZ4 ...

Housing Market & Affordability - The average age of a first-time home buyer is a record high of 40 years old [1] - A proposed 50-year fixed-rate mortgage could lower monthly payments by approximately $200, but could result in paying as much as double in interest [1][3] - With a 6% interest rate on a $400,000 home, using a 50-year mortgage instead of a 30-year mortgage could result in paying $320,000 more over the life of the mortgage [3][4] - The core issue is a housing supply problem, with not enough homes for the number of people who want to buy them [4] - Tariffs are making home building more expensive, exacerbating the affordability issue [2][6] Economic Proposals & Fiscal Policy - A proposal to give Americans $2,000 checks, funded by tariff revenue, is being considered [7] - $2,000 checks for every American would cost approximately $600 billion [9] - Tariff revenue is also supposed to be used to pay down debt and bail out farmers, creating a conflict in resource allocation [10] - The Supreme Court might strike down the tariffs, potentially requiring most of the tariff revenue to be refunded [11] - The administration is accused of quietly providing tax relief to private equity firms, crypto companies, foreign real estate investors, insurance providers, and multinational corporations [15] Voter Sentiment & Economic Discontent - Voters are deeply unhappy about the state of the economy [17] - People are frustrated about costs being higher today than they were 5 years ago, even if they are making more money [20] - Tariffs are considered a tax on the American people [21]

You don’t need socialism to solve home affordability.You just need to build more housing.It really is that simple. ...

Big miss on pending home sales this morning. 0% growth in September vs 1.2% expected.Home affordability is at an all-time low as both prices and mortgage rates remain stubbornly high.Mortgage rates have come down from 8%+ to 6.3% nationwide—that still doesn't cut it. https://t.co/eeZreFyRHlzerohedge (@zerohedge):Pending Home Sales 0.0%, Exp. 1.2%, Last 4.2% ...

Financial Data and Key Metrics Changes - D.R. Horton reported consolidated pre-tax income of $1.2 billion on revenues of $9.7 billion for Q4 2025, with a pre-tax profit margin of 12.4% [7] - For the full year, consolidated pre-tax income was $4.7 billion, with a pre-tax profit margin of 13.8% [7] - Net income for Q4 was $905.3 million, or $3.04 per diluted share, on consolidated revenues of $9.7 billion [9] - The average closing sales price for Q4 was $365,600, down 1% sequentially and down 3% year-over-year [9] - The company generated $3.4 billion of cash from operations in fiscal 2025, representing 10% of total revenues [19] Business Line Data and Key Metrics Changes - Home sales revenues for Q4 were $8.5 billion on 23,368 homes closed [9] - Net sales orders in Q4 increased 5% year-over-year to 20,078 homes, with order value increasing 3% to $7.3 billion [10] - The gross profit margin on home sales revenues in Q4 was 20%, down 180 basis points sequentially [11] - Rental operations generated $81 million of pre-tax income on $805 million of revenues in Q4 [16] Market Data and Key Metrics Changes - The average number of active selling communities was up 1% sequentially and up 13% from the prior year [10] - The company’s home building lot position at year-end consisted of approximately 592,000 lots, with 25% owned and 75% controlled through purchase contracts [15] - Lot costs increased by 8% year-over-year on a per square foot basis [60] Company Strategy and Development Direction - D.R. Horton remains focused on capital efficiency to generate strong operating cash flows and deliver compelling returns to shareholders [8] - The company plans to tailor product offerings and sales incentives based on demand in each market to maximize returns [8] - The strategic relationship with Forestar is vital for the company’s returns-focused business model, with Forestar reporting revenues of $671 million in Q4 [17] Management's Comments on Operating Environment and Future Outlook - Management anticipates that new home demand will continue to be impacted by affordability constraints and cautious consumer sentiment [21] - For fiscal 2026, the company expects consolidated revenues of approximately $33.5 billion to $35 billion and homes closed to be in the range of 86,000 to 88,000 [21] - Management expressed a positive outlook for the housing market over the medium to long term, despite current volatility and uncertainty in the economy [23] Other Important Information - The company repurchased 4.6 million shares for $689 million in Q4 and 30.7 million shares for $4.3 billion for the full year [19] - D.R. Horton’s fiscal year-end stockholders' equity was $24.2 billion, down 4% from a year ago, but book value per share was up 5% to $82.15 [20] Q&A Session Summary Question: How to think about the transition from 20% gross margin in Q4 to 20%-20.5% in Q1? - Management indicated that the unusual impact from litigation costs is not expected to persist into Q1, and the baseline would reflect a more normal impact from warranty and litigation going forward [27] Question: Can you discuss the starts pace and how quickly it can ramp up? - Management acknowledged that starts were intentionally lower to align inventory and indicated confidence in ramping up starts to meet demand as needed [28] Question: What is the outlook for rental operations in Q1? - Management expects rental operations to be a bit softer in Q1, with a heavier delivery expected in the back half of the year [32] Question: Can you provide insight into the Southeast market performance? - Management noted that while some areas in Florida are struggling with inventory balance, overall demand in the Southeast remains choppy [74] Question: What are the expectations for lot costs moving forward? - Management indicated that lot costs are expected to remain sticky, with an 8% year-over-year increase noted [60]

Cheryl Palmer. Cheryl, it's always good to get your check on the market with your help. Thank you so much for joining us.>> Great to see you. Thank you for having me this morning. Of course.>> Can you walk us through at least the the closure guidance. >> Yeah, I mean we did um modify our closings modestly, right. We I think consensus Carl was right around 13,000 closings for 2025 and we brought it down to the midpoint.Um the midpoint of our new guidance is is 129. So we brought it down 100 units just a poin ...