Henry Reardon - Asymmetric Contrarian
The Business Brew
Carvana
Corvata was always a negative economic business model. They were losing money on every car and growing, and growing their infrastructure to try to achieve the operating leverage they said or promised would always be there. So as the company was growing, it was consuming more and more cash and unprofitable. When the COVID kind of happened and capital markets shut down, this would have gone to zero. And I think in the wake of that, we had one of the biggest speculative manias in modern financial history. We're now in the process of normalizing and realizing that 17 trillion of negative yielding debt was probably not a sustainable thing.
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