FourMileRun Capital

It’s okay to build a cult if that’s your jam. It’s another thing entirely to hide behind ‘solving the hardest problem in the world.’ Give me a break, it’s insurance tech, not SpaceX or Tesla.

@HarryStebbings @nico_laqua they are attracting the types that are young with no life outside work or people with no family or kids. This is intentional to extract the most out of people. Crash and burn factory.

"If you are not working 7 days per week, you are going to lose". Corgi Insurance is the most intense workplace culture in startups. - The company works 7 days per week. - Founder (@nico_laqua) lives and sleeps in the office. - He built a cafe in the office because there was no local cafe that was open 24/7. - 2/3 of the first 30 team members have the Corgi logo as a tattoo. Today I went behind the scenes with Nico, who has used this culture to scale the company to a $2.6BN valuation in just two years. My condensed notes below: 1. If You Are Not Working 7 Days Per Week, You Are Going to Lose: Whatever you can get done in 5 days, you'll get more done in 6 and 7. If you are trying to solve the world’s hardest problems, a standard 5-day workweek will not cut it. 2. Work Trials Repel the Mediocre: Corgi forces candidates into mock work trials over the weekend. If seeing a full office on a Saturday scares them, they don't belong. True intensity acts as a natural filter to attract killers and repel clock-watchers. 3. Lead from the Front Lines You can’t demand 7-day weeks while sitting on a yacht. Nico sleeps 3–4 hours a night on a mattress inside the office. If you want your troops to bleed, you have to be in the trenches with them. 4. Culture Only Means One Thing: Winning Forget superficial jargon like "hackers" or "ex-founders." Strip away the corporate fluff. A great startup culture is aggressively optimized around one single word: Winning. 5. Lifespan vs. Victories Building something world-historic requires radical sacrifice. When asked if he'd rather build a trillion-dollar company and die at 50, or fail and live to 80, the answer was easy. "I would rather measure my lifespan in victories." 6. Reject the Comfort of "Quiet Quitting." If you are operating in a hyper-growth environment and your days off happen to be Saturday and Sunday every single week, you are quiet quitting. To win, you must deliberately bypass the off-ramps of personal comfort and low volatility. Corgi isn't for everyone—and that’s exactly the point.

This is classic hedonic adaptation (aka the ‘hedonic treadmill’). Psychologists have shown people internalize raises, windfalls, or big asset gains surprisingly fast, often within months and it becomes the new baseline. The $850k Zillow number that felt unbelievable in 2024 is now just ‘normal,’ so selling for less feels like a real loss.

People in the Dallas suburbs who laughed and confessed to you over drinks in 2024, “I can’t believe Zillow says my house is worth $850,000. I couldn’t afford to buy it today. Who would pay that?” Are now in 2026 all listing their homes for sale for $850,000 and posting on Facebook, “Why is no-one buying my house?”

@VivekGaripalli Thank you for addressing this head on. Love it when founder standup to uninformed with a platform or a hidden agenda.

$CLOV Lots of volume in $4 strike puts. Highly likely they dropped below $4 so they can close it out.

$CLOV Even if you assume the worst case scenario where the rating remains unchanged, lower end of the profit target for 2026 (breakeven) only 5% growth and outstand shares increasing due to unforeseen dilution event, no news on Counterpart, you are still looking at a $6 - $7 if you hold for a year. This stock has turned a corner. Know what you own and why you own it!

@kilometers23 🫡

@4MileRunCapital Good times ahead, this is for their MA business alone. Once SaaS is recognized and scaled these prices will look like a blessing

$CLOV This is the most sustained buying activity I've seen in this stock for the last few years, If you look back all the buying has been like quick pump and gap downs. Since Apr 2026, its been sustained buying like someone pointed their algorithm to keep buying every day. Smart money is behind this type of buying mechanism. $3.92/$4 is the next hurdle. $4.50 before next ER if this sustained buying continues.

@realEstateTrent True. But sometimes it’s down to get into a great school district if you don’t want to rent. Beats paying for private school. You can sell when kids graduate and hope it appreciates at 3% so you can break even after upkeep.

The people who buy single family homes as investment properties haven’t studied commercial real estate

@DJ_CURFEW Translation of the long corporate speak: we over hired during ZIRP era, now bottom lines matter more than ever so under the guise of AI acceleration and efficiency gains we need to lay people we over hired. Sorry but no sorry. GG.

Today we reduced headcount by 22%. The business is the strongest it's ever been. So I think it's important to be direct about what I'm seeing and why. First, I made this decision and I own it. I did it because the way to operate at the highest level of productivity is changing, and to win the future, ClickUp needs to change with it. Second, this wasn't about cutting costs. Most savings from this change will flow directly back into the people who stay. We'll be introducing million-dollar salary bands. If you create outsized impact using AI, you'll be paid outside of traditional bands. Most importantly, I have the deepest gratitude for those affected. We're doing this from a position of strength specifically so we can take care of people properly. Everyone affected receives a package aimed at honoring their contributions and easing the transition. I only see two options: wait for this to play out gradually in the market or be honest about what I'm seeing and act proactively. THE 100X ORGANIZATION The primary change is that we're restructuring around what I call 100x org. The goal is 100x output. The roles required to build at the highest level are fundamentally different than they were a year ago. Incremental improvements to existing systems won't get us there. We need new ones. That means creating enough disruption to rebuild rather than iterate on what's already broken. The common narrative is that AI makes everyone more productive. It doesn't. Many of the workflows of today, if left unchanged, create bottlenecks in AI systems. These roles will evolve. But waiting for that to happen naturally means falling behind now. The 100x org is actually heavily dependent on people - infinitely more than today. This is only possible with 10x people that have embraced and adopted new ways of working. THE BUILDERS, AGENT MANAGERS, AND FRONT-LINERS — THE BUILDERS: 10X ENGINEERS I don't think most companies have internalized what's actually happening with AI in engineering. The common narrative is that AI makes all engineers more productive. That may be true in isolation, but at an organization level - that is the farthest thing from reality. Here's what we've validated recently at ClickUp: the great engineers, the ones who can orchestrate, architect, and review, are becoming 100x engineers. They're not writing code. They're directing agents that write code. The skill is judgment. AI makes the best engineers wildly more productive, and everyone else using AI slows these engineers down. Think about it - the bottlenecks are (1) orchestration - telling AI what to do, and (2) reviewing - what AI did. Everything is leapfrogged and no longer needed. So who do you want orchestrating and reviewing code? And how do you want your best engineers to spend their time? If your best engineers are spending time reviewing other people's code, then this is inherently an inefficient bottleneck. These engineers can review their agent's code much faster than reviewing human code. The new world is about enabling your 10x engineers to become 100x. The wrong strategy is to push every engineer to use infinite tokens. Companies doing this are celebrating 500% more pull requests. But customer outcomes don't match the volume of code being generated. I call this the great reckoning of AI coding, and every company will face this soon if not already. More code is just another bottleneck to the best engineers, and ultimately to your company's impact as well. — THE BUILDERS: 10X PRODUCT MANAGERS Product management and design roles are merging. Designers that have customer focus, become more like product managers. And product managers that have intuition for UX become more like designers. The bottleneck of user research is gone. It takes us just one mention of an agent to kickoff research and analyze results. The bottleneck of product <> design iteration is also gone. The product builder iterates on their own, along with agents and skills that ensure alignment with quality and strategy. Also controversial today - I believe that the wrong strategy is to have your PMs shipping code - that just introduces another bottleneck that the best engineers will waste their time on. To be clear, PMs should be coding but they should do this in a playground to iterate, validate, and scope. That code should not go to production. Everything outside of managing systems, orchestrating AI, and reviewing output becomes a bottleneck. That's why the other roles that are critical along with these are the systems managers (to reduce bottlenecks) along with a bottleneck you can't replace - customer meeting time. — THE SYSTEM MANAGERS Ironically, the people that automate their jobs with AI will always have a job. They become owners of the AI systems - agent managers. We have many examples of these people at ClickUp. The underlying systems in which we operate are absolutely critical to get right. I think most companies are delusional to think they can iterate on existing systems and compete in this new world. You must create enough disruption so that old systems are deprecated entirely. If there's any definition for 'AI native' that's what it is. — THE FRONT-LINERS In a world that will become saturated with AI communication, the human touch will matter more than anything to customers. This is a bottleneck that you shouldn't replace - even when agents are high enough quality to do video meetings. One-on-one meeting time with customers is something that shouldn't be automated. The systems around the meetings should be - so that front-liners spend nearly 100% of their time with customers. REWARDING 100X IMPACT In a world where companies are able to do so much more with less, where does that excess money go? In our case, much of the savings in this new operating model will flow directly back to those that enabled it. We must reward people that create productivity accordingly. This aligns incentives on both sides. Plus, in a world where your best people create 100x impact, you can't afford to lose them. You should aim to retain these employees for decades. The context they have and their ability to efficiently orchestrate and review will be nearly impossible to replace. Compensation bands of today should be thrown out the door. We're introducing $1 million cash/year salary bands with a path available to nearly everyone in the company if they produce 100x impact by creating or managing AI systems. THE FUTURE Nearly every company will make changes like these. The ones that do it proactively will define what comes next. The future is not fewer people. It's different work, new roles, and better rewards for those who embrace it. We're already seeing entirely new roles emerge, like Agent Managers, that didn't exist a year ago. ClickUp is positioning to lead this shift, not just internally, but for our customers too. I've never been more certain about where we're headed.

@HeroDividend Monday at 9:15 AM is the best time to enter Costco. The crowd who had been lining up before 9:00 AM is already inside and the bigger crowd is not there till 10:00 AM. Its not crowded. Checkout is a breeze if you can exit with in an hour.

Every single time I shop at Costco the parking lot is completely full. People literally fight for parking spaces. Shopping inside the store is honestly a terrible experience. Everyone is either old or overweight. Buggies completely full of snacks, toilet paper, and rotisserie chickens. Checkout is a very manual process and typically takes just as long as shopping does. The food court is full of cheap and high calorie items. Good value but full of sodium and seed oils. As a shareholder - the company is extrememly well run. Has a very strong private label brand (Kirkland). Has pricing power to manage tarrifs/inflation etc… They have consistently grown their dividend and have a history of paying special dividends to shareholders Costco is a cash cow and I love being a shareholder

@Tommyboy327 What part is dreaming? Do you know how to read earnings or just make snarky comments?

@4MileRunCapital Hey while we are dreaming, lets say 100.00 a share! Lol

$CLOV Bid stacking 2:1 against Ask for last hour or so. This has $3.20 written all over it for today. I wouldn't be surprised if we get a positive news next week or by the end of the month which can send this to $4 quick.

@texasrunnerDFW Need another 15 - 20% reduction in price before we go back to a balanced market based on the trends. Just wait for 10% of these sellers to be forced to sell after being months on the market and they'll start bringing the neighborhood comps down.

The entirety of Prosper, TX is moving this summer, I guess

$CLOV 2027 Impact if ruling is in Clover’s favor per lawsuit. This will be the cherry on top folks. • Medicare Advantage Quality Bonus Payment (QBP) for 4+ Stars = 5% of the risk-adjusted benchmark payment. • 3.5 Stars = 0% bonus. • Clover’s PPO enrollment is the bulk of their ~155k–160k lives. • At typical MA benchmarks (~$1,000–$1,300 risk-adjusted PMPM), a 5% bonus on ~150k members for a full year is in the $110M–$130M range. • Clover’s exact figure of **~$120M** is their official estimate in the lawsuit.

@brian_armstrong Let the AI efficiency deal with the outage. After all you can spin as many agents possible for triage and comms isn't it?

We experienced an outage at Coinbase last night, which is never acceptable. The root cause was a room overheating in an AWS datacenter when multiple chillers failed. We design our services to be redundant to downtime in any one AWS Availability Zone (AZ), and most of our systems worked this way last night, but not all. Our centralized exchange did not. Exchanges have unique architectures that optimize for latency and co-location of clients. It is possible to make exchanges resistant to AZ failures, but this can introduce latency delays that are not desirable along with breaking customer co-location. Given this incident, we'll revisit these tradeoffs to ensure we're giving you the best possible venue to trade. At a minimum, the duration of an outage should be able to be reduced considerably when an AZ move is needed. Thank you to the AWS and Coinbase teams for working through the night to mitigate the issue. We’ll share the detailed technical summary once it's ready.

Layoffs are coming to select eBay departments. ouch. Even if the deal fails, eBay will reduce the size themselves. This also means many leaders in these departments will now start looking elsewhere immediately. $GME $EBAY Fact Sheet: smbdealhunter.notion.site/SMB-Deal-Hunte…