We think CPRT is solid. It is significantly larger, and as noted has been a good performer. We cannot direct answers personally, but we would be comfortable with a bigger position in CPRT over BYD. CPRT is expensive at 40X earnings, but has shown reasons for its premium. BYD earnings missed estimates on both sales and earnings, and earnings fell year over year. Same store sales declined 2.8%. It added nine locations. While optics look bad, BYD is actually performing better than the industry, which has experienced declines close to 10%. It plans to double EBITDA in four years and has implemented cost savings efforts. The stock has a great longer term history (up 3,500% in 20 years) and we think some exposure can still make sense. But we would be comfortable flipping weightings here 2% CPRT and 1% BYD.
5i Research Answer: