00:00What about this Carvana story here, because I see you cover CVNA and this has got to be
00:05one of the biggest turnarounds that I've ever seen in my 25 years of professional trading.
00:11This stock went from $376 in 2021 down to like three bucks.
00:17So it looked like everybody, even the debt was trading, you know, way down, it looked
00:20like everybody thought the writing was on the wall here, this current stock's going
00:23down.
00:24Nope.
00:25Lo and behold, the turnaround story has come and it is real and the stock is now making
00:29new 52-week highs once again, back to $197.
00:34Wow, is this story real?
00:36This is the most crowded long in my space into earnings for sure.
00:42So they definitely have gotten their act together, they've made a ton of improvements with their
00:48operations and they're really the leaders when it comes to online used car retail as
00:54a couple of their competitors have gone out of business over the last year, including
00:58Vroom and Shift.
01:00So they're left standing, they've gained market share, they've fixed their operations.
01:06They've also expanded their credit box and moved to lower priced vehicles.
01:10Those two things, I don't think people fully appreciate how much they've helped sales over
01:14the course of the last year.
01:15They're going to start to annualize some of those benefits here, moving into the fourth
01:18quarter.
01:19And they also have some potential issues in terms of profitability associated with loans
01:24that they sell after they make those to retail buyers.
01:29So we see a couple of speed bumps ahead here and given such a high bar for the third quarter
01:35earnings and outlook for the balance of the year, we're not pressing long into this print.
01:40We take the other side of that trade.
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