Andrew Wagner, CIO of Wagner Road Capital Management, discusses his thesis on Copart (CPRT).My Copart (CPRT) notes; https://twitter.com/YetAnotherValue/status/1514627334464323589?s=20&t=yjNrQXKvqPrQdJZ_Z00TdwAndrew's post on Copart: https://www.wagnerroadcm.com/blog/2022/4/8/what-i-like-about-copart-and-how-i-found-itAndrew's Book: The Economics of Online Games: https://amzn.to/3KNkAPnChapters0:00 Intro2:05 How Andrew found CPRT5:30 What is the market missing in CPRT?9:20 What does CPRT do?11:00 What is CPRT's moat?13:25 Does CPRT's network advantages give them an edge in expansion?15:00 Bear case #1: Valuation16:30 Bear case #2: COVID earnings boost18:50 Bear case #3: Why isn't CPRT buying back shares?23:30 Why is CPRT so much better than IAA?25:30 CPRT's management27:45 CPRT's land ownership33:15 CPRT's international operations35:20 Does CPRT's moat travel internationally?38:55 Ancillary services opportunity43:15 CPRT's long term tailwinds from "totaled" cars47:00 Do EVs change CPRT's economics?49:30 Car ownership trends and CPRT