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The 3 filters that flagged $CVNA, $APP, $W, and $ROKU in the year before each lost 80%+:
Top quintile organic asset growth (ex-acquisitions)
Top quintile external financing as % of prior-period assets
Top quintile EV/Sales
The basket of 30 similar names rebalanced annually lagged SPY by 3.4 pp annualized over 9 years.
Even through a favorable period for aggressive corporate investing too.
May 11
at
4:00 PM