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  "documentTitle": "D.R. Horton and Invitation Homes (DHI/INVH)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Jonathan Litt",
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  "presentationDate": "2020-05-19 00:00:00",
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  "notes": "Includes stock price charts for DHI and INVH showing recovery from March 2020 lows.",
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      "text": "Shares of DHI and INVH appear to be compelling opportunities today, each down more than 20% from their highs earlier this year despite encouraging real-time data points and secular demand drivers strengthened as a result of the pandemic.",
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      "text": "DHI: Well Poisoned to Benefit from Tailwinds",
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      "text": "INVH: Strong Execution with Best in Class Platform",
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      "text": "stock price: 20%+",
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      "kind": "paragraph",
      "text": "Invitation Homes – INVH is the largest single-family rental landlord in the country owning 80,000 homes. The stock has declined 26% from its peak earlier this year, yet the company’s year-to-date operating results highlighted the stability of the business.",
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      "text": "Shares of DHI and INVH appear to be compelling opportunities today, each down more than 20% from their highs earlier this year despite encouraging real-time data points and secular demand drivers strengthened as a result of the pandemic.",
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      "text": "D. R. Horton – DHI is the country’s largest homebuilder with concentration on first time homebuyers. The stock has declined by 24% from its high earlier this year despite its business likely to be a beneficiary of the move to single-family homes.",
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      "text": "The V-shaped recovery in home-buying demand is powered by record-low mortgage rates and the loosening of stay-at-home orders in some states — Adam Wiener, Chief Economist at Redfin",
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      "text": "Source: Bloomberg; Pricing as of May 15, 2020",
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      "text": "Single-Family for Rent and Homebuilders Offer Attractive Entry Point",
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