Carvana Co.
CVNA
position
short
Gavin Baker, Atreides Management
Thesis
Carvana was trading at about 53x EV/EBITDA, a significant premium to its peers, and there were undisclosed SEC investigations that the market was unaware of. This created an asymmetrical risk to the downside, leading to a belief that the stock was misunderstood and overvalued.
Did it work?
inconclusive
confidence: low
Without specific price performance data or a defined time frame since the pitch, it's difficult to assess whether the thesis has played out. The mention of undisclosed SEC investigations could indicate potential risks, but without further developments or price movements, the outcome remains uncertain.
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