Letters by company

Carmax INC

1 letter discussing KMX. 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