I have not written a focus article on LGI Homes (LGIH) for quite some time, and while there were no material changes to the thesis, we saw significant share price movements. The last time I wrote about LGI, I suggested absorption rates have peaked and that we will see slower growth in the following quarters. Absorption rates did peak in Q2 2018 and growth decelerated significantly in the following quarters. And the growth deceleration was not only driven by declining absorption rates, but also with LGI's below-average community expansion. 12 months later, the