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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.

[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

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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