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  "documentTitle": "Carvana Co. (CVNA)",
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  "authorName": "Kerrisdale Capital",
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  "presentationDate": "2023-06-15 00:00:00",
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  "notes": "Includes a quote from a former executive and a quote from Carvana's CEO to support the bearish thesis.",
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      "text": "Carvana equity is worth $0.",
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      "text": "equity value: $0",
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      "text": "Given little separates Carvana from industry peers in terms of future growth rate... we believe Carvana should be valued on the same basis as other auto retailers... Carvana equity is worth $0.",
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      "text": "The most unfortunate aspect of Carvana's current predicament... is none of it had to happen... The fundamental reason to not own shares is that Carvana cannot exist, let alone thrive, in its current form.",
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      "kind": "quote",
      "text": "Two dynamics around Carvana which are less understood...one is, you have to think of them as just a dealership...98% of what they do is dealership stuff...The other dynamic is they're a subprime dealership...",
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      "text": "And I think, we want to be careful to not be overconfident in our precise reads of what's going on... your certainty around assessing exactly what's happening should just be a little lower than it otherwise would be.",
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      "text": "\"Two dynamics around Carvana which are less understood...one is, you have to think of them as just a dealership. Can they grow? Yeah, if they want to grow responsibly they have to grow like a dealership...they confused people for a while by [talking about their tech and website] but 98% of what they do is dealership stuff so don't get confused. The other dynamic is they're a subprime dealership...by serving that audience, it's actually a much more volatile boom/bust cycle than the rest of the car market.\" — Former Carvana senior executive; \"And I think, we want to be careful to not be overconfident in our precise reads of what's going on, because I do think the environment is incredibly unique and therefore, like your certainty around assessing exactly what's happening should just be a little lower than it otherwise would be.\" — Ernest Garcia III, CEO Carvana at Wells Fargo TMT Virtual Summit, December 1, 2021",
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