Carvana - Deep Dive & Addressing Hindenburg's Short Claims
Summary
* We initiate our coverage on Carvana, diving into the long-term thesis while also addressing the concerns highlighted by the recent report published by Hindenburg.
* Carvana's differentiation is that it has successfully blended the online marketplace with physical inventory management. Evidently this is really hard to do.
* If Carvana can move through its shaky auto loan situation, which we believe is more likely than not, the company will be in a strong position going forward.
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