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  "documentTitle": "Credit Acceptance Corporation (CACC)",
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      "text": "The regulatory overhang that suppressed CACC's multiple for three years was permanently removed on February 13, 2026. A cannibal capital allocator with 61% float reduction is now operating in the most favorable regulatory environment in a decade, led by a technology executive who is building an AI-driven lending platform. All of this trades at a 30% discount to where history says it belongs.",
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      "text": "Meta (Facebook) built a surveillance advertising empire... Phillip Morris sells a product that kills... DraftKings spent billions... Credit Acceptance lends money... Somehow the subprime lender is the one with the ethics asterisk.",
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      "text": "We are not here to tell you CACC is a charity... CACC generates enormous cash. It does not hide it, does not dress it up, and does not apologize for it. Judge the ethics however you like. The cash flow is real.",
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      "text": "INVESTMENT THESIS",
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