Subject: Re: Car Shipping Issues
Some interesting comments on KMX from the Sequoia guys:

I mean, I would maybe just put a finer point on it, which is, the cycle's not unimportant, we're watching it,
but we were aware when we made the investment that it's a cyclical business and every cycle is different. And so
we've talked about some of the factors that are driving this cycle, but really living through that is part of being
a long-term owner of this sort of business. What we are much, much, much more focused on is this omnichannel transformation.
And I'm going to be brief because it wasn't really in the question, but we believe the company is absolutely doing the
right thing. This is the direction of travel. Not everybody's going to want to buy a car online and have it delivered
to their home, but some people will. And more and more people are going to want to do some part of the purchase online,
even if they also want to come to the store to finish the purchase. So all the investments the company has been making
to be able to accommodate that, we think are worthwhile. What we frankly were surprised by is the amount of investment
that was required. And it's not to say the company isn't doing the right thing, but it was more than we expected, and
it has hit the P&L more than we would've expected. And that has bearing on the investment case. So it's something we're
watching very closely, but fingers crossed, they really are through the big ramp in the cost structure to basically
drive this transformation.

Lots of other good stuff about NFLX, GOOG, SCHW etc.: https://www.ruanecunniff.com/D...