Berkshire’s Form 3 of 21 September hides how its Lennar stake was built: 65% of the Class A it has added since June was bought before any form reported a trade. Anyone reading the Forms 4 as the whole campaign is working from the smaller half. After my August look at its shrinking cash, I rebuilt the campaign from its June 13G, the Form 3, which lands less than one share past the 10% line, and both Forms 4.
The claim: The 10% filing marks the point at which Berkshire’s Lennar buying became visible, well after it began, and this quarter’s buying is four times last quarter’s.
The stake: A fund that follows Berkshire into Lennar at Monday’s $82.03 close pays more than Berkshire paid on any day in the filed tape, and less than its average since April 2025.
The catalyst: Berkshire’s Schedule 13G amendment, due 7 October 2026 under Rule 13d-2(c), covers a holding above 10% at the end of September. Its 13F for 30 September is due 16 November 2026.
Wrong if: Berkshire’s 13G amendment, due 7 October 2026, or failing that its 13F for 30 September, due 16 November 2026, reports fewer than 25,160,137 Lennar Class A shares.
The full piece rebuilds the campaign from the June 13G, the Form 3 and both Forms 4, prices the filed and unfiled cost, and names the position: Berkshire Is Betting on Lennar Up to $82 Before Its 13F Shows the Buying.
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Cover photo: Mark Hirschey · CC BY-SA 2.0 · cropped · via https://commons.wikimedia.org/wiki/File%3AWarren%20Buffett%20KU%20Visit.jpg