This week we are back with another conversation with my friend Ryan Reeves, this time on Lemonade ($LMND). We talk about the bull and bear cases for the company, the financial model, the importance of using imagination when thinking about the future, and what I think is the most interesting part of the conversation, competitive advantages or moats.

A transcript of this conversation, with links and photos, is at https://www.hellerhs.com/post/more-lemonade

This episode aired early last month on July 6, 2021. I hope you enjoy it.

Increasing Returns is a podcast by Heller House. We apply the principles of value investing to the industries of the future.

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You can find Ryan Reeves's excellent podcast here.