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Description:
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Andrew Wagner, CIO of Wagner Road Capital Management, discusses his thesis on Copart (CPRT).
My Copart (CPRT) notes; https://twitter.com/YetAnotherValue/status/1514627334464323589?s=20&t=yjNrQXKvqPrQdJZ_Z00Tdw
Andrew's post on Copart: https://www.wagnerroadcm.com/blog/2022/4/8/what-i-like-about-copart-and-how-i-found-it
Andrew's Book: The Economics of Online Games: https://amzn.to/3KNkAPn
Chapters
0:00 Intro
2:05 How Andrew found CPRT
5:30 What is the market missing in CPRT?
9:20 What does CPRT do?
11:00 What is CPRT's moat?
13:25 Does CPRT's network advantages give them an edge in expansion?
15:00 Bear case #1: Valuation
16:30 Bear case #2: COVID earnings boost
18:50 Bear case #3: Why isn't CPRT buying back shares?
23:30 Why is CPRT so much better than IAA?
25:30 CPRT's management
27:45 CPRT's land ownership
33:15 CPRT's international operations
35:20 Does CPRT's moat travel internationally?
38:55 Ancillary services opportunity
43:15 CPRT's long term tailwinds from "totaled" cars
47:00 Do EVs change CPRT's economics?
49:30 Car ownership trends and CPRT |
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