I was wrong about Carvana, and after another 150% gain, I still believe its 70x forward P/E is deceptive. Here's the data that shows why Carvana is a tech platform. Forget gross profit per unit; one ...

It’s a shame accounting standards setters don’t respect the way knowledge of fixed costs, variable costs, and operating leverage can help investors, so we’re left on our own here. This framework ...