Vince, what's your view on $CVNA at the present (Aug 2023)? You called the short correctly last year but any updated view here given the turnaround seems to be working (at least that's what the market believes)?
I'll be honest: haven't looked closely enough at recent results to really take a side. The debt exchange offer was kind of weird - offering debt with modestly longer maturities but payment-in-kind debt certainly doesn't seem bullish.
But this definitely isn't one I'd want to short here. A big point we made 16 months ago or whenever that was holds now: you're probably better off trying to short after the stock turns south, rather than trying to time the peak precisely (though I wager some who shorted a week ago thought that's exactly what they were doing - none of this is easy!)
Vince, what's your view on $CVNA at the present (Aug 2023)? You called the short correctly last year but any updated view here given the turnaround seems to be working (at least that's what the market believes)?
I'll be honest: haven't looked closely enough at recent results to really take a side. The debt exchange offer was kind of weird - offering debt with modestly longer maturities but payment-in-kind debt certainly doesn't seem bullish.
But this definitely isn't one I'd want to short here. A big point we made 16 months ago or whenever that was holds now: you're probably better off trying to short after the stock turns south, rather than trying to time the peak precisely (though I wager some who shorted a week ago thought that's exactly what they were doing - none of this is easy!)