Most investors are blind.

They saw a spin-off, labeled it "BadCo," and passed.

They’re running from a perceived mess, while I’m standing in the middle of a gold mine they literally handed to me.

Millrose Properties ($MRP) is my highest conviction idea for 2026.

While the herd obsesses over "land risk," they’re missing the evolution of an industry. Millrose isn’t just a land bank; it’s the emerging toll booth for the residential market. We are watching the homebuilding industry shift from capital-heavy speculation to high-velocity, asset-light efficiency.

• The Floor: A secure 10% dividend yield at current prices. Even if the stock does nothing, you get paid to wait.

• The Disconnect: Trading at an 18% discount to book value and a 40% discount to peers, despite having 2x the growth and lower leverage.

• The Ceiling: This is the NVR playbook, institutionalized. If management executes their equity plan, we aren't looking at a "recovery"—we’re looking at a multibagger.

I don’t care about the volatility of the "dump." I care about the asymmetry of the bet. Very low risk. Explosive potential.

This is the work I do. I find the alpha in the "toxic waste" the big firms are too lazy to analyze. I’ve already mapped out the full valuation and exactly what happens when the market finally realizes $MRP has a superior business model.

You can stay with the herd, or you can join me for the outperformance.

Read the full thesis below.