Letters

Once a week, a letter: what the ledger gained, what it lost, and what we learned by sitting still. Long-time readers of a certain Omaha correspondence will recognize the format — and the affection behind it.

• The Thermometer Says Wait, and Mostly It Is Right
  Sep 1, 2026

  This week's letter reads a market whose median owner yield trails the 10-year Treasury, and asks what falling prices actually measure.

• Measuring Position While the Median Trails the Bond
  Aug 31, 2026

  This week: the owner-earnings median versus the 10-year Treasury, quiet drift in NVR, sharp moves in ANET and FFIV, and why patience still pays its wage.

• Two Ways to Build a House, and Two Prices Not Yet Worth Paying
  Aug 25, 2026

  DHI and NVR examined side by side, the weekly screen stays quiet, and the thermometer barely moves.

• The House That Owns No Land, and the Building That Gets Rented Twice
  Aug 17, 2026

  Issue 20: NVR's land options, McGrath's rental assets, a week of zero churn in the screen, and a market still above our lines.