$CVNA is up by 722% since the company was experiencing bankruptcy fears

The Kobeissi Letter

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Current state of the stock market: Carvana stock, $CVNA, is now up 722% since the company was feared to be going bankrupt 1 year ago. The company holds $6.3 billion of debt and trades with a 110x P/E ratio. Meanwhile, default rates on car loans are at 2008 levels and used car…