Lennar 获得伯克希尔的长期支持——持股 2900 万股、占比 12.2%，10 个月内增至四倍——尽管做空报告尚未得到证实，伯克希尔仍在下跌期间买入。但最高占交付量 12% 的激励措施正在挤压利润率，关联方需求方面的说法值得关注。
逐段跳播
又买入了750万股Lennar，使其持股达到2900万股，价值24.5亿美元。
An additional 7.5 million shares of Lennar were purchased, bringing his stake to 29 million shares worth $2.45 billion.
Lennar收盘上涨8.6%。
Lennar closed up 8.6%.
我已经谈过Lennar公司了。8.69%。
I have already spoken about Lenar Company. 8.69%.
伯克希尔持有Lennar 12%的股份。他们继续做他们该做的事。超过10%的门槛才让这件事变得可见。超过这个限制，他们必须在两个工作日内报告每一笔买入，而不是每季度报告一次，这就是为什么我们现在能实时看到这笔买入。
Berkshire owns 12% of Lennar. They continue to do what they need to do. Exceeding the 10% threshold is what makes this visible. Beyond that limit, they have to report every purchase within two business days instead of once every quarter, which is why we can see the purchase in real time now.
2900万股，占公司12.2%。今天价值24.5亿美元。第二大贡献者。哇。这使他们成为内部人，因为他们超过了10%的门槛。
29 million shares, or 12.2% of the company. Worth 2.45 billion today. Second largest contributor. wow. This makes them insiders because they exceeded the 10% threshold.
伯克希尔在10个月内将Lennar的持股增至四倍。有事情正在发生。你觉得他们是在退出这笔交易吗？记住，他不会做短线股票。这是长期的事。他长期看好这只股票。持股从700万股到1000万股，到1300万股，再到2900万股。
Berkshire quadrupled its stake in Lennar in 10 months. Something is happening. Do you think they are backing out of the deal? Remember that he does not enter into a short-term stock.
It's a long-term endeavor. He likes the stock in the long run. It has gone from 7 to 10 to 13 to 29 million shares.
他们在今天的下跌中买入。该股收盘价高于他们支付的每一个价格。他们能够支付的每一个价格，现在都低于股价。
They bought during today's dip. The stock closed above every price they paid. Every price they were able to pay, they are now above.
Lennar用最高达交付量12%的激励来买销量。他们在降价以维持机器运转，这给利润率带来压力，在这种情况下没人想当房地产开发商。
Ah, Linar buys sales volume with incentives of up to 12% of deliveries. They are lowering the price to keep the machine turning, and that puts pressure on the margin, and no one wants to be a real estate developer in this situation.
一名做空者在买入操作进行到一半时攻击了Lennar。所以一边是巴菲特在买，另一边有人说，我要做空。10月2日，Hunter Brook发布了一份关于Lennar和Melrose的报告。
Melrose是Lennar在2025年分拆出来的一家土地公司。当天它下跌了2.9%，并继续下跌。
A short seller attacked "Lenar" in the middle of the buying operations. So you have Buffett buying, and someone saying, "I'm going to short sell." On October 2nd, Hunter Brook published a report on Lennar and Melrose.
It is a land company that Lenar spun off in 2025. It fell 2.9% that day and continued to decline.
其说法是，Melrose在大约一个月内从Lennar购买了700多套住房。希望我念对了。至少在51个县和15个州。
The claim is that Melrose bought more than 700 homes from Lennar in about a month. I hope I pronounce that correctly. Ah, in at least 51 counties and 15 states.
为什么这可能重要？一家购买住房的关联公司会让对外宣称的需求显得比实际需求更强。他们持有Melrose约43%的投票权，还有其他诸如此类的东西。那么为什么这重要？你必须意识到，他们总是操纵事情让一切看起来很好，你不会希望拥有这家公司的人是这样。你希望一切清晰透明，我们看看事情会如何发展。
Why might that be important? A related company that buys homes makes the advertised demand appear stronger than the actual demand. They own about 43% of the voting rights in Melrose and other such nonsense .
Ah, so why is this important? You have to realize that they always manipulate things to make everything look good, and you don't want that to be the company that owns it. You want everything to be clear and transparent, and we'll see how things develop.
Hunterbrook披露，报告发布时它同时在做空Lennar和Melrose。这些说法尚未被证实。尽管如此，伯克希尔仍继续直接买入。所以，再说一次，那是她说的，那是Hunter Brook说的。
Hunterbrook revealed that it was short selling both Lennar and Melrose when the report was published. The claims have not been proven true. Berkshire continued to buy directly despite that .
So, once again, that's what she said, that's what Hunter Brook said.
报告指出，如果一家关联公司在购买住房，对外宣称的需求就会显得比实际需求更强。Lennar的CEO持有Melrose约43%的投票权，而上季度Lennar占Melrose收入的72%。所以，这件事值得跟进。
The report states that if a related company is buying homes, the advertised demand appears stronger than the actual demand. The CEO of Lennar owns approximately 43% of Melrose's voting power, and Lennar accounted for 72% of Melrose's revenue in the last quarter. So, this is something worth following up on.
Lennar、《纽约时报》和梅西百货。
Lennar, the New York Times, and Macy's.