Forward Cap

Elon Musk is literally doing the exact thing that he & his fans are accusing Somalis of doing in Minnesota (taking govt funding & funneling it back to the campaigns of the politicians who helped him get all the govt money) except when Elon does it, it’s totally fine & not fraud.

Holy sh*t. Just got a call from my good friend who’s a higher up at a well-known crypto firm. They got completely wiped out. Weren’t ready for something like this at all. Hearing that some partner firms of theirs also got wiped out. Fully gone. Not a penny left. This could be bad.

We hired a college intern. Today's his first day. Here's what he just sent me.

Elon’s guidance on $TSLA Q3 earnings call on 10/23: - Q4 deliveries of >515k - FY25 deliveries of 2.17-2.35M - FSD exceeds human drivers in miles per critical intervention by Q2’25 Q4 deliveries fell flat at ~496k I’m skeptical of the other two items as well

If you listened to last week’s @FuturumEquities podcast -- you know we spent time walking through why $OSCR feels like a rare setup. At $13, you’re not actually paying $13 for the business. You’re paying $4 -- the rest is sitting on the balance sheet in cash 😳

$UBER TO INVEST $300M IN $LCID FOR ROBOTAXI PARTNERSHIP Fleet of 20,000+ Lucid Gravity SUVs with Nuro’s Level 4 tech will run exclusively on Uber’s app starting 2026

I wonder what it’s like to come from a well-off family, where money’s never been a factor or anything

It’s amazing how every organization run by the government is literally falling apart. Air Traffic Control, DMV, Post Office, etc. I can’t think of a better argument for keeping government out people’s lives.

Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate.

Ceding a lower portion of earned premiums (now <7% for Root) is a good thing. This lowers Root's reinsurance costs, allows them to retain / convert more premium to net income, and shows confidence in their underwriting. For context, LMND is still ceding over 50% of GEP to reinsurers, which means they're capital constrained and not confident in their underwriting On growth, Root is growing faster than peers, including LMND's car business. For context, in Q1 Root grew policies 9.4% QoQ, while LMND as a whole grew 4.7% QoQ and LMND's car policies grew 6.7% QoQ. This is despite Root having >6x more car customers than LMND, and despite Root spending a lower % of revenue on marketing (15% for Root vs 29% for LMND) Not only is Root growing faster, but their underwriting is more profitable. In Q1 Gross Loss Ratio was 56% for Root (-70bps QoQ) compared to 88% for LMND car (+500bps QoQ) Not only is Root's underwriting more profitable, but they are processing claims more efficiently. Root's Gross LAE ratio was just 6.7% in Q1, compared to 8% for LMND

A hill I’ll die on: Google Sheets is better than Excel and it’s not even close