Ernie Garcia - Leading Through Crisis - [Invest Like the Best, EP.396]
Episode publishedPodcast: Invest Like the Best with Patr...Invest Like the Best with Patrick O'Shaughnessy
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I'm excited to announce something new from Colossus, the first issue of Colossus Review, a quarterly print publication with accompanying digital and audio content. The review will be our deepest explorations of people, firms, and ideas in business and investing. We're only printing 1,000 copies of this first issue and have already sold most of them. In the first issue, we profile and interview Graham Duncan, share research on investing in space, map the technology frontier, and a lot more. You can learn more at joincolossus.com/review or by clicking the link in the show notes. Two fun facts ab
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Patrick O'Shaughnessy is the CEO of Sum. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of positive sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc.
My guest today is Ernie Garcia the third. Ernie is the co founder and CEO of Carvana. Ernie joined me on this show in 2021. And despite all that the business has gone through since that conversation, you'll hear how he has the exact same demeanor and crystal clear vision for the business and its operations today. Carvana is one of the most remarkable business turnaround stories in recent history, and Ernie gives us a raw and candid explanation of navigating through a 99% stock price decline and ultimately emerging stronger on the other side. I don't know many leaders who could survive this. He
That's basically the correct reduction of our story, and maybe the podcast is over. It's
great to see you again. I am so excited to have this conversation. I really do think that Carvana and your story the last 3 years has been one of the most interesting business and market stories that I've ever seen. In this case, I'm really lucky because I know a lot of your large investors. I know the story quite well, and I'm really excited to pick it apart. And I think because it has just been such an insane turnaround from what the moment in time was, I'm sure, a very scary or stressful point in the company's history. I'd love you to just tell us bring us back to whatever you think of as t
Sure. I'm gonna take a step and a half back just to set context, and then let's get to those moments. I think we started in 2013 and we were a startup out of Phoenix that couldn't raise venture capital money. And I think we really had to scrap and claw to get a little bit of momentum. And we went public in 2017. We were the worst IPO of 2017, I believe. We went out at $15. We were down to 8 in a couple weeks. And I think that's important because basically for a large part of Carvana's life, I think that we were fighting to get by. We were never blessed. We were never a company that was viewed
I have a big overarching question about those 20 punches, which is just the literal th
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