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Be highly skeptical of firms for which goodwill makes up a sizable portion of their book value. The P/B may be low, but the bulk of the B could disappear in a hurry if…
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Pat Dorsey • The Five Rules for Successful Stock Investing: Morningstar's Guide to Building Wealth and Winning in the Market
While Lemonade’s growth has been steep, so too has its learning curve. At the end of 2017, its loss ratio—the amount it pays in claims divided by the premiums it collects—was an unsustainable 166%, compared to 65% to 70% for large insurers.
Jeff Kauflin • First, Fire All The Brokers: How Lemonade, A Millennial-Loved Fintech Unicorn, Is Disrupting The Insurance Business
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Michael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
Lori Berenberg
@lori
“In the decade before 2022,” the Oaktree authors lead off, “many sponsor- backed companies financed leveraged buyouts by borrowing heavily in the broadly syndicated loan and private cred- it markets—and the majority of this debt had floating rates.” Naturally, the 500 basis-point jump in reference rates spells higher borrowing costs for the unhedge... See more
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