Thoughts on auto auctions and horse manure

We recently presented our investment thesis on KAR Auction Services (KAR) at ValueX Vail.  Aside from a “leisurely hike” up the mountain at 10K feet after starving myself for three weeks, and a torturous spin class with our new Chief of Staff, this is always my favorite trip of the year.  Click on the image below to learn more about Frankenstein, review statistics on horse manure and the transition from junk to gold.