#148: Discussing Trupanion (TRUP)...again! - Reaction To Steel City Capital Letter

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Summary

It's time again for another Trupanion (TRUP) episode as there's
been another writeup on the company that completely
misunderstands their business in my opinion. For my other episode
on Trupanion where I made a rebuttal to Todd Wenning at Ensemble
Capital which you can listen to here.


This is a rebuttal to the Steel City Capital letter which you can
view on Seeking Alpha.
Show Notes

[3:28] The PAC spend is the output, NOT the input as Steel City
Capital attempt to argue


[3:53] Growth inline with PAC spend


[5:26] Including development expenses in IRR doesn't make sense


[6:06] The proper way to look at Trupanion's subscription
business IRR


[6:37] Doesn't make sense to include preloaded costs into IRR
calculation


[7:24] How to look at "Other" Business
About Eric Schleien

Over the past decade, Eric has trained thousands of individuals,
including board members of public companies as well as several
Fortune 500 CEOs. Eric specializes in organizational culture and
has become a leading authority on organizational culture in the
investment industry. Eric has been investing for 15 years and has
been using breakthrough coaching methodologies for over a decade.
Eric had the insight to combine proven coaching methodologies
with shareholder activism techniques to create an entirely new
model for shareholder activism that was more reliable and created
greater sustainable results in a rapid period of time. On
average, Tribal Leadership produces a 3-5x increase in profits of
culturally troubled companies within an average of 24 months or
less. Eric currently resides in Philadelphia, PA.
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