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  "documentTitle": "Carvana Co. (CVNA)",
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  "notes": "The table highlights the comprehensive nature of Spruce Point's research compared to other entities.",
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      "text": "Spruce Point acknowledges that Carvana has been cited as a short, mostly for the fundamental challenges facing the Company. We also acknowledge that some elements of Carvana's questionable financing have been identified by the market.",
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      "text": "Spruce Point acknowledges that Carvana has been cited as a short, mostly for the fundamental challenges facing the Company. We also acknowledge that some elements of Carvana's questionable financing have been identified by the market. However, we find new evidence that its subprime auto loan sales are highly uneconomical, yet at the same time more critical to the business' sustainability than is generally recognized. We also shine new light on the tail risks created by its heavy reliance on finance income and credit.",
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      "text": "A Well-Known Fundamental Short, But There's More To The Story",
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