Epstein Secrets

il in the October letter. The range of potential outcomes is in no small part predicated on a) consumers' willingness to buy a car from Carvana, b) Carvana's unit economics serving those consumers, and c) the potential for competition to reduce Carvana's ultimate share and margins. As to consumers' wil

g side of the balance sheet. Our long holdings total 105% of equity capital. As previously discussed, our largest position at 37% of equity remains Carvana common stock. There are a few other small items on our balance sheet but none are material. Intellectual Conservatism and Risk From the uninitiate

d by speaking with former employees, reading customer reviews, and discussing the matters with management. While nothing is certain, the quality of Carvana's offering is about as certain as things get — intellectual conservatism. On the second consideration, Carvana's unit economics serving customers,

nformation. CAS Investment Partners, LLC is soliciting no action based upon it. It is based upon information which we consider reliable, but neither CAS Investment Partners LLC nor any of its managers or employees represents that it is accurate or complete, and it should not be relied upon as such. Performance information

well as related exploration of the auto retailing, marketing and financing space, proved quite useful in aiding my understanding when I encountered Carvana. Moreover, each time we study a business we have the opportunity to learn new and interesting ways that businesses compete, win and lose. In this s

cance on the long side of the balance sheet. Our long holdings total 106% of equity capital. As a result of market price changes, our investment in Carvana common stock (NYSE: CVNA) has now appreciated to be our largest single holding at just under 29% of equity capital. Our other five holdings range in

nformation. CAS Investment Partners, LLC is soliciting no action based upon it. It is based upon information which we consider reliable, but neither CAS Investment Partners LLC nor any of its managers or employees represents that it is accurate or complete, and it should not be relied upon as such. Performance information

the long side of the balance sheet, totaling 108% of equity capital. Our largest holding, representing 25% of equity capital, is our investment in Carvana, which I discussed in detail last letter. Our other holdings range in size from 6% of equity capital to 22% of equity capital. We also have a short

artnership. CAS Investment Partners, LLC is soliciting no action based upon it. It is based upon information which we consider reliable, but neither CAS Investment Partners LLC nor any of its managers or employees represents that it is accurate or complete, and it should not be relied upon as such. Clifford Sosin • 7 EFTA