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TRUP: All Sizzle No Steak; At Trupanion It’s Always Optics Over Operating Profit Improvement, the AFL Deal Is No...

October 30th, 2020

Each and every day for the past year, we thought we would walk into our offices in the morning to the news of a sizeable stock offering from TRUP.  After all, the company’s regulatory...

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TRUP: Trupanion's Market Share Losses Accelerated in 2Q20

August 11th, 2020

At 9AM this morning we will present at the third Contrarian Investor Conference along with several other noteworthy investors and analysts.  You can register for the conference by clicking HERE. We wanted to pass along our slide deck on Trupanion which...

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TRUP: See If You Can Spot the Misleading Statements or Outright Lies, The Problem with TRUP’s Cashless Other Revenue...

August 5th, 2020

“Men acquire a particular quality by constantly acting a particular way... you become just by performing just actions, temperate by performing temperate actions, brave by performing brave...

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TRUP: Dead Company Walking?

July 21st, 2020

It might seem outlandish to call a company whose stock has appreciated more than 35% this year and sports a market cap of close to $1.8B as a “dead company walking”.  However, very little has changed related to TRUP over the past 2-3 months. The company remains a...

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TRUP: Don’t Confuse What Management Says With What They Mean; The Questions That Should Have Been Asked on the Call

February 14th, 2020

Yesterday, TRUP management released the latest chapter of the scintillating fiction: Pet Insurance Economics According to Darryl.  There’s one thing that Mr. Rawlings and the rest of the...

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TRUP: When Your Stock Price Is Entirely Reliant on “Narrative” and Investor Ignorance You Have No Choice but to...

November 6th, 2019

We apologize for not publishing our thoughts following TRUP’s 3Q19 earnings release and subsequent conference call sooner.  We wanted to make sure we had the chance to fully vet some of...

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TRUP: The Walls Are Closing, If Not Caving In

October 15th, 2019

Sometimes in this business it truly is remarkable how stock price action dictates the narrative around a company.  We’re not going to go down the Soros reflexivity rabbit hole here, but let’s take you back just 10-weeks ago following TRUP’s 2Q19...

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TRUP: Now That the Growth Story Is Broken, the Company Can Finally Be Valued as the Loss Generating Insurance Business...

July 31st, 2019

“When it comes to claims as a percentage of revenue, it's really a factor of how is claims per pet increasing based on how ARPU, which is a per-pet number, is increasing. And they don't...

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TRUP: A Comp No TRUP Shareholder Wants to See

May 7th, 2019

Over the past 2-3 months, the competitive landscape for TRUP has shifted dramatically. First, Synchrony Financial (SYF) acquired Pets Best.   Synchrony will operate Pets Best as part of the company’s CareCredit division which offers a variety of credit...

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TRUP: Story Time Is Almost Over

May 3rd, 2019

Every stock is a story, it’s always been that way.  Tens of billions of dollars are spent annually by corporations to establish the narratives surrounding their companies in the investment community.  At no point in our investment careers, has story-telling been a more...

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TRUP: The Pets Best Deal Could Mean Evisceration of “Other Revenues”; Stat Statements Suggest Rising Loss Rates...

March 7th, 2019

Well that was unexpected.  TRUP shares traded off more than (-12%) today in response to the news that Synchrony acquired Pets Best, a leading pet insurance agency with more than 125,000 policies...

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TRUP: Management Continues to Tell Us All We Need to Know About the Structural Flaws of the Business in Their Own...

February 14th, 2019

Against our better judgement, we actually listened to the TRUP 4Q18 earnings conference call live.  Typically, the combination of management’s flowing discussion of its outlandish and...

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TRUP: In a Fairly Uneventful Quarter, Management Reminds Us Why Rising Losses Have Created a Massive Pricing Problem...

November 9th, 2018

“We own an insurance entity and we own it so that we can lower our fixed expenses and offer a better value proposition back to the consumers. “ Darryl Rawlings. CEO, Trupanion Inc....

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TRUP: Let the Numbers Tell the Story - No Matter How You Try to Spin It, Rising Losses Are THE Issue

October 10th, 2018

“Changes in historical American Pet Insurance Company loss and loss adjustment expense are primarily due to changes in statutory accounting classifications, as well as our inter-company agreements, and are not due...

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TRUP: 10 Critical Questions and Many Potentially Worrisome Answers

September 18th, 2018

Over the past few weeks, we’ve been incredibly fortunate to gather extensive feedback from bulls and bears alike about the merits of their investment thesis on TRUP.  One thing is clear: this is a highly contentious stock.  Bulls feel...

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TRUP: “You Had Us at Hello”, Introducing TRUP as a Short Idea with a Price Objective of $10

August 2nd, 2018

“We are a direct-to-consumer monthly subscription service providing a medical insurance plan for cats and dogs throughout the United States, Canada and Puerto Rico. “ Trupanion, Inc. S-1 Filing....

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