Letters by company
Carvana CO.
3 letters discussing CVNA. Everything written about it on this site is on its ticker page.
- Giverny Capital Annual Letter to our Partners 2025 Giverny Capital sold Carmax after deteriorating sales and profits, and exited Fiserv after its CEO departure, weaker guidance and balance-sheet concerns. It retained Constellation Software, arguing that its deeply embedded vertical-market software and decentralized operating model can adapt to AI disruption. The firm cautioned that AI infrastructure spending may produce poor early-investor economics despite its technological value. 2025 +2.7% CNSWF $47BCNI $77BFISV $28BFIVE $13B
- Patient Capital Management 2Q25 Portfolio Activity and Attribution Patient Opportunity Equity added UnitedHealth, Noble, Tempus AI, Clear Secure and Costco puts after the market sell-off, while selling Carvana, New Fortress Energy and Nvidia call-spread exposure. The strategy argues that offshore drilling, healthcare AI, crypto infrastructure and select turnarounds offer idiosyncratic opportunity, while Costco's valuation leaves it vulnerable to reassessment. 2Q25 +15.3% BABA $290BCOIN $45BCOST $431BKOS $1.8B
- Greenhaven Road Capital Q1 2020 Greenhaven Road Capital retained SharpSpring, Digital Turbine and PAR Technology despite pandemic-driven pressure, arguing that their balance sheets, management teams and competitive positions could strengthen through the disruption. The portfolio added smaller positions in Uber, Roku, Pinterest and Carvana while emphasizing liquidity, durable business models and selective opportunities created by market panic. Q1 — APPS $1.3BCSSE delistedKKR $96BKLR delisted
