Albert Alan, MD

$CLOV CMS said: - Too many administrative measures - Too little focus on outcomes - Need to remove 12 measures - Need a more stable, simplified, fair system - Need less emphasis on process measures - Need better reflection of true clinical quality This is exactly Clover's argument: "Don't punish us for BS admin measures when our clinical outcomes are excellent." This is grounds for an appeal...

You want to build a successful business? Then stop looking for balance in the first five years. The first five years are not for comfort. They are for sacrifice. Long days. Late nights. Missed parties. Relentless focus. You cannot hope your business works out. You are the driver of the ship. Your discipline, decisions, and consistency determine whether it sinks or reaches shore. Most businesses don’t fail because the idea was bad. They fail because the leader wasn’t fully committed. Watch the leader and you’ll see the future of the company. What do they make a priority? How do they show up when nobody is watching? Who do they surround themselves with? How do they treat people when there is nothing to gain? Do they take responsibility or make excuses? Success leaves clues. So does failure. The business will rarely outgrow the character of its leader. Then comes the real test. When they finally make it, do they become arrogant and protect the ladder? Or do they reach back and help others climb? True wealth is not measured by how much you accumulate. It’s measured by how many people become wealthy because you existed. Wake up. Nobody is coming to save your business. Nobody is coming to build your dream. Nobody is coming to do the work for you. Lock in. Lead from the front. Outwork your excuses. Build something so valuable that it changes your family’s bloodline and creates opportunities for others long after you’re gone.

POV: My portfolio My bank account

$CLOV Now let me put some facts on the table because the tailwinds here are real and they stack. 1 -- The Membership Story Clover just posted 53% Medicare Advantage membership growth year over year going into 2026, reaching approximately 153,000 members. They did this while the rest of the industry was pulling back, shrinking footprints, and cutting benefits. Humana retreating. Others bleeding. Clover grew into the chaos because their cost structure and clinical model actually work without leaning on favorable rate environments. That is not luck. That is a structural edge. 2 -- The Profitability Inflection First ever positive GAAP net income. Q1 2026 total revenues came in at $749.2 million, up 62% year over year. Net income of $27.3 million. Adjusted EBITDA of $40.3 million. Operating cash flow of $107.9 million. Cash and investments on the balance sheet of $418.2 million. The company guided full year 2026 revenues of $2.81 to $2.92 billion. They said they expect to meet or exceed every key metric. They are not hedging. They are leaning in. 3 -- The Valuation Reality Check Earlier this year when the stock was sitting around $2.00 to $2.50 with a market cap near $1 billion against $2.8 billion in guided 2026 revenues, the stock was trading at roughly 0.35x to 0.40x forward sales. Deeply, historically cheap for any company with this growth profile. Even now after the run to nearly $4, the price to sales ratio sits around 0.94x on forward revenue guidance. That is still a company the market is pricing like it might not survive. It just printed its first profitable quarter in (Q1) history and management guided GAAP net income for the full year. The market is starting to catch up. 4 -- The Quality Moat Clover is the number one PPO plan nationally on HEDIS quality measures, for the second consecutive year. Over 97% of their members are in that flagship plan. They are the only PPO in the entire top 10 nationally. That ranking is not a marketing claim. It is a CMS-validated clinical performance score, and it directly determines reimbursement rates and quality bonus payments from the federal government. 5 -- The Legal Win CMS tried to cut their Star Rating from 4.0 down to 3.5 for 2026. That downgrade would have wiped out approximately $120 million in quality bonus payments. Clover sued. The US District Court for the Southern District of Georgia sided with them and ordered CMS to recalculate the rating. The stock hit an all time high of $4.23 the day that ruling dropped. The case is still active but the court already ruled in their favor at the first major hurdle. 6 -- The 4 Star Payment Year Upgrade About 97% of Clover members are in a 4 Star payment year plan right now. That translates directly into higher CMS reimbursement rates. Higher reimbursement with the same clinical infrastructure means expanding margins. This is one of the clearest and most direct revenue catalysts the company has. 7 -- The Retention Engine Member retention is above 95%. In insurance, retention is everything. It means your acquisition cost gets amortized across years of compounding profitability per member. And the data bears this out. Older cohorts at Clover are generating $217 per member per month in insurance gross profit. The longer someone stays on the plan, the better the economics get. This is a compounding machine if they continue to execute. 8 -- The Counterpart Health Wildcard Counterpart Health is Clover's wholly owned subsidiary built on the same AI platform that drove all the HEDIS and clinical results. They just started selling it externally to third party payors and providers as a SaaS product. It pulls real time data from over 100 sources, uses NLP and large language model abstraction to close clinical care gaps at the point of care, and has demonstrated measurable clinical outcomes including an 18% reduction in hospitalizations for congestive heart failure patients when providers use the platform. The insurance market alone for this technology is enormous. None of that SaaS revenue is meaningfully priced into the stock today. 9 -- The Data Interoperability Play In April 2026 Clover announced a live partnership with HealthEx allowing members to securely access and share their own clinical records and claims data through Counterpart Health infrastructure. This aligns with federal interoperability mandates and builds a more complete portable health record governed by the patient. It is also a quiet but important signal about where the Counterpart Health platform is headed beyond just care gap closure. 10 -- The Macro Setup When the broader Medicare Advantage environment tightens, weaker plans that depend on favorable rate updates and aggressive benefit structures feel it first. Clover management has explicitly stated their model was built to perform without relying on annual rate increases. The 2027 CMS rate notice was described as stable for their risk adjustment model. The headwinds hitting the rest of the sector are not hitting Clover the same way. Their growth accelerated precisely because the environment got harder for everyone else.