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  "docSlug": "11e962264b36",
  "documentTitle": "Carvana Co. (CVNA)",
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  "presentationDate": "2019-03-01 00:00:00",
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  "notes": "This is a classic activist short thesis slide, focusing on 'villain' identification and governance red flags.",
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      "text": "Spruce Point is wary of companies which grant board seats to well-known and well-connected politicians with limited or no experience in the company's industry (e.g. Theranos, Kior, Waste Management and WorldCom).",
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      "text": "Questionable Uneconomical Financing Provided By Shrouded Financial Backers",
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      "text": "Returns On Loan Sales Make Little Sense Given Credit Risk Distribution Of Borrowers... Mystery Buyers Supporting Irrational Returns On Subprime Auto Loan Sales...",
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      "text": "Unfit Management Misrepresenting Its Biographies, Questionable Director And Auditor Independence, And Share Structure Favoring Insiders",
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      "kind": "title",
      "text": "Spruce Point Agrees With The Short Side Consensus, But Sees Even More To The Story",
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