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,

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

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

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

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

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

00 shares at 43.44 CVNA $47.06 -0.09 =-0.19%) 4:02 PM =18/18 Carvana Co. ( =span class="exchange">NYSE Post-Market: $52.505.44 =11.56%)4:27 PM Carvana misses by $0.03, beats on revenue Aug. 8, 2018 4:23 PM =TI About: Carvana Co. (CVNA) I By: Niloofer Shaikh, SA News =ditor Carvana (NYSE:CVNA): Q2

From: JONATHAN FARKAS Sent: Wednesday, November 7, 2018 9:30 PM To: [email protected] Carvana up 7 points after close on earnings jf Sent from my iPhone <?xml version="1.0" encoding="UTF-8"?> <!DOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//E

From: JONATHAN FARKAS Sent: Wednesday, October 17, 2018 7:06 PM To: [email protected] Checked with Cliff today he says Carvana doing very well Cliff is like you l=ng term right Sent from my iPhone=<?xml version=.0" encoding=TF-8"?> <IDOCTYPE plist PUBLIC "-//Apple//DTD PLIST

75+Lexington+Avenue+4th+Floor+New+York,+NY+10022&entry=gmail&=ource=g> Begin forwarded message: From: "Lengsfield, Anna Kel=y" < Subject: RE: CVNA Carvana - for Sout=ern Trust Company Date: September 4, 2018 at 12:29:52 PM EDT > > EFTA_R1_01833588 EFTA02623833 To: Ri=hard Kahn «mailto Cc: "Ens, A

From: Jonathan Farkas la > Sent: Monday, September 10, 2018 5:58 PM To: [email protected] Look at Carvana I need Heidi back Sent from my iPhone <?xml version="1.0" encoding="UTF-8"?> <IDOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.appl

From: Jonathan Farkas Sent: Tuesday, September 11, 2018 4:57 PM To: [email protected] Carvana new all time high I would give Cliff some clients if I were you he i= almost as smart as you jf Sent from my iPhone=<?xml version=.0" encoding=TF-8"

750 TOTAL FIXED INCOME 32,845,445 32,922,720 100% 77,275 EQUITIES Apple Inc AAPL 1217/17 404.000 71.422.020 76.739.800 66.07% 5.317.780 Carvana CVNA 9/4/18 150.000 9.341.177 8.709.000 7.50% -632.177 Apollo Global Management APO 3/31/11 263.157 4.999.983 7.434.185 6.40% 2,434.20

AM, Richard Kahn <=pan dir="ltra <mailto: > wrote: Yes very relaxing vacation. Thank =ou. I will put in stock orders this am. Regarding=150,000 Carvana purchase shall we use a limit, vwap or use trader discreti=n? Stock closed at 64.74. Please advise. Thank you. Richard Kahn HBRK Associates Inc.

ple Inc AAPL 12/7/17 364.000 62,661.318 82,1692360 69,141.800 -13,027,560 Apple Inc AAPL 10/15/18 40.000 8.760.702 7.598.000 -1.162.702 Carvana CVNA 9/4/18 150,000 9,341,177 8,863,500 8,709,000 -154,500 Apollo Global Management APO 3/31/11 263,157 4,999,983 9.0922074 7, 452, 606