Henry Rearden: The Man Behind The Carvana (CVNA) Short

<p>Hey guys! This week we've got anonymous Twitter user Henry Rearden (<a href="" target="_blank">@Integrity4Mkts</a>) on the podcast. Henry is most-known for his viral short thesis on Carvana $CVNA. You can find his latest thoughts <a href="https://twitter.com/Integrity4mkts/status/1525546791776681986?s=20&amp;t=e-FsVMx-eb_dXTxgKTZoHg" target="_blank">here</a>.&nbsp;</p> <p>However, this podcast goes beyond Henry's short CVNA thesis. We uncover an intelligent investor from humble beginnings. Someone on the hunt for mispriced securities with limited downside, wherever that takes him. Throughout the podcast we discuss the following topics:&nbsp;</p> <ul> <li>Where to find ideas</li> <li>How to construct an investment thesis</li> <li>The dangers of overconfidence</li> <li>How Henry found the CVNA short thesis</li> <li>The power (and danger) of taking highly concentrated bets</li> <li>Focus on how much you can lose, not how much you can make</li> </ul> <p>And more!</p> <p>If you want to learn more about Henry, follow him on Twitter. Thanks again to Henry for offering an hour of his time.&nbsp;</p> <p>Finally, a big thanks to the following sponsors for making the podcast a reality.</p> <p><strong>Mitimco</strong></p> <p>This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created&nbsp;<a href="https://emergingmanagers.org/" rel="ugc noopener noreferrer" target="_blank">emergingmanagers.org</a>, a website for emerging manager stockpickers.</p> <p>For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers a