CPRT - Copart Inc.

Global online vehicle auction duopoly with no debt, strong cash flow. Stock dropped from $65 to $30; forward P/E is 17, with returning CEO as catalyst. He sees it as undervalued and compelling, but personally avoids due to lack of conviction in US insurance dynamics; recommends it to US investors.

Akre's newer position with high conviction (not trimmed despite redemptions). Leader in salvage vehicle auctions.

Copart has a duopoly, no debt, strong buybacks, and a returning superstar CEO. Valuation is low (PE <20), but he lacks conviction due to his own circle of competence issues.

Listed among 15 stocks approaching intrinsic value (6-9% return range). Paul will give deeper look if prices fall further in a correction.

Akre added a little to Copart. Stock is down but cheap and doing buybacks.

Acre Capital doubled their position in Copart. Management announced a $500M buyback program - their first buybacks in 6-7 years - signaling they believe the stock is cheap. Host notes the management has a strong track record of timing buybacks well. Stock has fallen from $60 to $30, forward P/E cut from 40 to 20.