Great commentary on the current subprime auto market among other things by @Citrini7. Notably, as people lose jobs amidst labor market softening (first 2 negative prints already in the bag), the subprime auto market will continue to bleed as NINJA (no job, no income) loans from @Carvana increasingly result in default & delinquency. ie: "in Carvana’s subprime ABS series from mid-2023 have been accumulating losses at twice the rating agencies’ expectations and three times faster than 2020 vintages" -Citrini Credit to @Citrini7's amazing Oct research memo. Worth the sub every day of the week.(CryptoCondom)