Released August 5th, 2021
Ernie Garcia - Disrupting the Auto Buying Experience
Ernie Garcia is the co-founder and CEO of online used car platform, Carvana. We cover effective decision-making, what it means to be a long-term thinker, and what Ernie sees as the defining features of attractive markets.
Business Building
Public Equity
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Ram Parameswaran - Internet Scale Businesses
Ram Parameswaran is the founder of Octahedron Capital and previously a partner at Altimeter Capital. We cover the potential for internet scale business, explore the common characteristics of these businesses, and the most important qualities for 8 business models.
Modest Proposal - Better, Cheaper, Faster: Why Companies that Reduce Friction Win
The pseudonymous Modest Proposal is one of the most respected thinkers on financial Twitter. We cover the frameworks he uses to analyze today's stock market, the impacts of COVID on businesses, and break down what makes InterActiveCorp (IAC) such a unique company.
David Kim from Scuttleblurb on Carvana
An in-depth discussion of Carvana’s business fundamentals, logistics, unit economics and competitive considerations.
James Reynolds – Ecosystem Control
An insightful overview of Carvana’s ecosystem control and vertically integrated approach, with parallels to Amazon.
Clifford Sosin on the "Amazon" of Cars
An in-depth discussion on the long-term outlook, unit economics and potential disruptive risks for Carvana.
Startup Lessons from Ernie Garcia
A fascinating early presentation (2015) on Carvana’s strategy, and an argument for prioritizing customer experiences over business models.
Investment Memo
Q4 2018 Investor Letter
High level thesis discussing the attractive business characteristics of Carvana from a qualitative and quantitative lens.
Investment Memo
Investment Thesis on Carvana
Deep dive on Carvana’s business model, segments and key valuation drivers.
Working Backwards: Insights, Stories, and Secrets from Inside Amazon
An insider’s view of Amazon’s approach to culture, leadership and innovation, and how these principles are operationalized across the firm.