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  • They Put 80% Into One Bet. Then Crushed the Market — Twice.

They Put 80% Into One Bet. Then Crushed the Market — Twice.

... and they’re still all-in on the same stock.

April 18, 2025

TL;DR

  • General Equity Holdings quietly outperformed the S&P by miles over the last 2 years.

  • Their secret? Extreme conviction in a single stock: Carvana (CVNA).

  • 80% of their portfolio rides on it — and they’re still holding.

  • We looked at the numbers, the logic, and whether this kind of bet is genius or madness.

Imagine putting 80% of your money into one stock. Your financial advisor would call the cops. But General Equity Holdings? They did it. Twice. And crushed the market both years.

  • +203% in 2023.

  • +156% in 2024.

  • S&P who?

So who are they? What’s their deal? And why are they still all-in on a used car website?

Let’s find out.

Who Is General Equity Holdings?

Not a household name. No PR team. No CNBC clips.

Just numbers.

  • Based in the U.S., registered investment manager

  • Strategy: Ultra-concentrated, high-conviction investing

  • Public via 13F filings — so you can see their moves

  • AUM? Modest. But performance? Monster.

They’re not trying to own “a little bit of everything.” They’re trying to bet big on what they believe.

Their #1 Bet: Carvana (CVNA)

Let’s look at their portfolio as of Q1 2025 13F filing:

This isn’t diversification. It’s dedication. They’ve held Carvana through the rumors and the rebound — and now, as it hits new highs, they’re still in. This is what conviction looks like.

CVNA stock from 01/2023 to 04/2025

See the pink line at the bottom of the chart? That’s the S&P 500.

Now imagine replicating a portfolio that just mimicked their CVNA bet. The results? Ridiculous. But also fragile. High risk, high reward.

Sometimes concentration kills.
Sometimes it compounds.

What Makes Carvana So Special?

Carvana’s story is wild:

  • Online used car sales platform — trying to disrupt the bloated dealership model

  • Nearly died in 2022. Debt crisis. Bankruptcy whispers.

  • Then came the turnaround:

    • Massive cost cuts

    • Debt restructuring

    • Gross profit per unit (GPU) hit record levels

    • Stock rallied from ~$4 to over $100

Catalysts:

  • Shift to digital car buying continues

  • Used car prices staying high = tailwind

  • Short interest still significant = volatility potential

  • Execution improving quarter by quarter

General Equity bet on the rebound. Now they’re betting on the run-up.

The Takeaway

This isn’t a case study in “smart diversification.” It’s a reminder that extreme conviction — when backed by real insight — can outperform by lenghts. General Equity bet the house on one stock. Twice. And walked away with monster returns.

Will it keep working? No idea.

But they’re not playing safe. They’re playing to win.

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