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  "documentTitle": "Carvana Co. (CVNA)",
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  "presentationDate": "2019-03-01 00:00:00",
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      "text": "At best, Carvana (CVNA or “the Company”) is a used car dealership masquerading as a high-growth tech business. At worst, it’s an uneconomical subprime auto loan originator being supported by an unknown party willing to purchase subprime auto loans at vastly off-market rates.",
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      "text": "Carvana Is An Auto Dealer, Not An Asset-Light Tech Company: Management Is Forecasting Pie-In-The-Sky Margins And Market Share Gains On Unrealistic Scalability Assumptions While Accelerating Cash Burn To The Tune Of ~$350M/Yr",
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      "text": "Unseasoned Management And Questionable Governance: CEO’s Father Convicted Of Felony Bank Fraud, A Woefully-Inexperienced C-Suite, A Treasurer Who Filed For Bankruptcy, And A Largely Non-Independent Board Of Directors",
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      "text": "Growing Dependence On Debt Financing As A CCC+ Junk-Rated Borrower: Financing Needs Could Wipe Out The Company If The Credit Cycle Turns And Equity Investors Balk At Backstopping The Cash Bleed",
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      "text": "Dubious And Unsustainable Sources Of Gross Profit Per Unit (GPU): Questionable Refinancing Agreements, Aggressive GAP Insurance Sales, And Warranties Which May Violate Consumer Protection Laws Expose Carvana To Loan Put-Back Risk",
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      "kind": "list",
      "text": "Non-Transparent Subprime Auto Loan Financing On Non-Economic Terms: Purchases Of Subprime Auto Receivables At Grossly Off-Market Terms Necessary To Keep Carvana Afloat?",
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      "text": "Absurd Valuation: An Overextended, Heavily-Indebted Used Car Dealer / Subprime Loan Originator Valued Like A High-Growth Tech Company, Largely By Mis-Assigned Tech Analysts. Shares Worth $9.60 - $16.00 In The Intermediate Term",
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      "text": "share price: $9.60 - $16.00",
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      "text": "At best, Carvana (CVNA or “the Company”) is a used car dealership masquerading as a high-growth tech business. At worst, it’s an uneconomical subprime auto loan originator being supported by an unknown party willing to purchase subprime auto loans at vastly off-market rates.",
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      "text": "Spruce Point Sees At Least 50%-70% Downside Risk In Carvana (NYSE: CVNA): $9.60 - $16.00 Per Share. In A Deeper Bear-Case Scenario, CVNA Is A Zero.",
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