Kinsale Capital's margin beat may mark the bottom for beaten-up insurance stocks. Although its underwriting has historically not been best in class, it knocked margins out of the park this quarter despite gross written premiums falling 5% year over year, leaving sell-side analysts and shorts in shambles. x.com 

Oscar Health's scale is finally producing real operating leverage as its medical loss ratio improves, undercutting the view that it is uninvestable. Q1 revenue rose 53% to $4.65 billion, operating earnings 137% to $704 million, net income 147% to $679 million and basic EPS 107% to $2.28. x.com 

Markel looks attractive at this price, with 15-20% yearly EPS growth possible. That needs a better insurance combined ratio, a return to premium growth, a cyclical recovery in ventures and a mid-single-digit yearly fall in share count; delivering it would expand the multiple. Repeating the last five years still gives a 10-12% downside case. In a breakup, moving equities into fixed income after taxes could free about $8B of excess capital to pay out, plus ventures and the remaining insurer. x.com  … Show more

Berkshire Hathaway is worth accumulating because its insurance float and $324.9B Treasury bill pile pay it to wait for an opportunity, so higher rates bring income and leverage over whoever runs out of cash first. It passes the Second Paycheck Test at unmatched scale, with $177.5B of float. Rate gains alone are small, about $642M after tax per quarter point, and GEICO's underwriting profit fell 45%. Management bought about $4.5B of stock near 1.4x book; at 1.48x, accumulate, don't chase. x.com  … Show more

EverQuote is an insurance lead-generation middleman in a cyclical business during unpredictable times, with a potential threat if LLMs like GPT start connecting people directly to the best quotes. The financials are better than expected: strong revenue growth, gross profit outpacing operating expenses and booming free cash flow, though growth slowed. Technically, support sits near $14 and resistance near $25. Despite the good financials, the long-term idea does not appeal. x.com 

Tesla's stock has decoupled from its fundamentals. Over the past three years the share price rose 47% while EPS fell 70% and free cash flow fell 7%. x.com