Jessie Casson/DigitalVision via Getty Images Introduction Shares of NVR, Inc. (NYSE:NVR) have been on a role lately, rising 29% year to date and 24% since my initial coverage back in March 2024. At the time, my investment thesis was built around the fact that the company had an asset-light operating model through strategic purchasing of finished building lots which gives the company flexibility, reduces risk, and boosts return on capital. For those reasons, I felt comfortable underwriting a premium valuatio ...