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  "documentTitle": "Carvana Co. (CVNA)",
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  "notes": "Includes a quote from a former Director of Operations to support the thesis that rapid growth requires sacrificing unit economics.",
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      "text": "Carvana can grow modestly in line with the industry while preserving unit economics, or aggressively ramp unit growth and destroy its recent profitability achievements. It cannot do both.",
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      "text": "unit growth CAGR: 18%",
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      "text": "used vehicles are the most supply-constrained segment of an overall used vehicle market which continues to feel supply constraints stemming from lower new-vehicle sales in 2021 and 2022.",
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      "kind": "paragraph",
      "text": "Below we walk though an analysis of what we believe are a host of unrealistic long-term growth assumptions that one must make to justify the current stock price.",
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      "text": "I think that if Carvana has the ability to control the volume at which they're ramping, they're much more likely to succeed than if they are putting themselves in a position where they want to ramp to the volume that the market requires...",
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      "text": "I think that if Carvana has the ability to control the volume at which they're ramping, they're much more likely to succeed than if they are putting themselves in a position where they want to ramp to the volume that the market requires or the market wants...if [Carvana] can take their time and grow as they please based on the systems they have in place, there will be challenges, but it's doable. If they have to ramp beyond what they're comfortable with, the only levers you can pull is to spend money. — Former Director of Operations",
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      "kind": "title",
      "text": "What’s Priced in at $70?",
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