Brian McCormick ✓

[image] $LMND sales and marketing was a whopping $77.7M for the quarter If they spent nothing on marketing, they would have had $34M in net income Or said another way, they would already be at breakeven if they only spent $34M on marketing in Q2. Two years ago, they spent around $30M

[text] $PATH's AI pivot is showing green shoots. 16 of their top 20 deals included AI, and AI expansion deals were 6x larger than expansion deals without AI. That suggests AI is not just a talking point; it is changing deal size. Per Q&A: Top-deal transactions had a “significant AI,

[image] $LMND car insurance interest and growth has serious liftoff this year Only in about 10 states so far, lots of room to run $ROOT has pulled back their advertising in the direct market, more focused on independent agents and embedded insurance

[image] One of the biggest institutional bumps in ownership we've seen for $LMND in a longtime They like the dip

[image] Some good news for those watching $LMND's Europe expansion This summer, Lemonade posted a new job looking for a "Staff Product Manager, Europe Market Expansion" Job description below. Europe is a mostly untapped market for Lemonade, and they are starting to show profitability

[image] $PATH ARR growth has inflected bullishly for $1M+ ARR customers over the past 3 quarters. Net retention rates also inflected up last quarter. I'm seeing this trend with other SaaS winners where AI is a tailwind. 1/3rd of the float is shorted; however, the bear case I believe

[image] $LMND stock-based compensation has been going up meaningfully

[image] My overview for $LMND right now I think we're going to see bottom line margin compression for Lemonade because they are ramping ad spending into a soft market with higher competition. If we look at attritional loss ratios, $LMND has been constant for two years. The recent

[text] The biggest advantage $LMND has is not in a chart, but in their culture They are ambitious and solving problems nobody else is Generative AI capabilities are accelerating, and they have internal projects that take advantage of it $LMND is already crazy efficient in their

[image] $ROOT, net income quite generous again at $25M, while also growing 6% YoY. Pretty much in line with my expectations. I don't expect it to run until growth kicks up a gear and the Hyundai deal formally announced for POS.

[image] $LMND flagged in their @PaperBagInvest interview that investors should expect Pet GLR to stay elevated for at least several quarters while they work to get rate adequate again. “We’re taking all steps within our control just as quickly as possible in order to take all of that

[text] $ROOT made $61.3M in net income already this year. Their market cap is 575M if you back out unecumbered cash. If H2 is as profitable, they're generating $122.6M in net income annualized That gives them a cash-adjusted P/E of 4.69

[image] Article on why the market sold off $ROOT on their Q2 report. Root needs a catalyst to run here, such as Hyundai POS, or growing PIF through partner channel while maintaining profitability. A soft market can last for years. Root needs to grow through it.

[image] $ROOT new website is out 🔥