Eric Bryant | Multibagger Research

"Isn't $LMND just another insurtech?" This chart can lay that argument to rest. Customers per employee, 2020–2025: $LMND vs. $ROOT vs. 7 major incumbents. $ROOT is the perfect test case. Same era. Same "insurtech" label. Same direct-to-consumer P&C model. Public company with clean data. $ROOT at 457 customers per employee. GEICO at 568. Progressive at 514. Root IS the incumbent band. Why? $ROOT innovation was telematics — better pricing through driving data. That helped them reach profitability. But it didn't change how many humans they need to operate. Root hired 341 people last year to add 73K policies. $LMND hired 47 to add 570K. That's not a difference of degree. It's a difference of kind. $LMND didn't just digitize the front end. AI Maya underwrites. AI Jim handles claims. The marginal customer costs almost nothing to serve. $ROOT used tech to price better. $LMND used AI to run the company. That's why one curve compounds and the other flatlines. This also kills the bear argument that competitors will "just copy $LMND playbook." $ROOT has been trying for 9 years. Backed by $1.2B+ in funding. Public since 2020. Building technology from scratch with no legacy constraints. And they still ended up in the incumbent band. If a well-funded, tech-native insurtech with zero legacy baggage can't replicate this efficiency curve, what makes anyone think State Farm or Allstate will? $LMND AI-first architecture isn't a feature. It's a compound advantage that gets harder to replicate every quarter — because every new customer, claim, and interaction feeds the models that make the next one cheaper to serve. The moat isn’t JUST the AI operating system running the company. It’s 3 million customers (and growing) training the AI.

@lngtermcapital Lol I still don’t understand why they are retiring logged on users. It goes against their stated goal of focusing on user growth. But a very solid quarter and great platform and business.

@MultibaggerRsch Glad to finally have you on board! Tried to get you in earlier!

I’m opening a position in $RDDT. My initial analysis and concern about logged in US DAUs stagnating is still there but softened as it did tick up. The founder/ CEO also made an ambitious long term goal of doubling US daily active users to 100 million. The reality is that there arent any significant competitors in what they offer which is increasingly more valuable and rare: genuine human communities and discussions in niche topics.

$DUOL reports after market close today. Their last earnings resulted in a 20% drop in share price. What will the results be this time? 🤔

@NetWorthNotes Ironically they are paying now for what they put off. The moderation seems to be nerfing their growth but it’s a necessary step right now.

My biggest stock miss this year was definitely Roblox. After reading the thesis it’s an amazing growth story but their management is a big issue. $RBLX is an amazing product and a money maker but I would not invest unless new management is in place. What do you guys of $RBLX?

BREAKING: Claude can now watch videos for you! You can plug in a YouTube, Tiktok or Instagram URL and let Claude break it down for you Live now inside of Algrow

@LluisFondeStock Have you ever gone to video chat directly (not as part of the curriculum)? They are much longer conversations when I did that about a month ago.

Two more features this morning: - Repeat button - Extend conversation button The second one is especially important, since it gently pushes you to increase the “number of words spoken”. A psychological nuance: once you have started doing something, it is much easier to continue a little bit more, as mental inertia helps. It’s also another input that allows them to rank users among high performers and low performers.

@albertohginvest Yep, the FOMO about to kick in.

@MultibaggerRsch I think it is bottoming

$DUOL is a master at human incentive for education and daily engagement. They don’t really have a competitor. If they did we would know it. Having over 16 million users who have a daily streak over a year is unheard of in an education app. Any competitor with even early signs of this type of daily retention would advertise it. They simply don’t exist. $DUOL is the lonely king.

$DUOL upside is so massive and the valuation is complete disrespect for their data product and brand moat. Will AI kill all of these advantages? I think not.

We’re all essentially wondering is the entire stock market going to be relevant in 5 years? What are the names that you have near certainty will be? Mine are: $AMZN $TSLA $GOOGL $NVDA $BN $VST $IOT $MSFT

$DUOL is up 10% this past month. The rebound is just beginning.

$HIMS What a way out things into perspective.

Does $ZM stock follow @AnthropicAI FCF/ share over time?

I am very excited for $RBLX and $RDDT earnings after market close today.

$DUOL has the best educational data flywheel in the world. And that lead will compound faster with the advancement of AI.

$AMZN is still at a historically cheap P/OCF despite significant revenue reacceleration.

@SpecDrink1732 We’ll get em next quarter

@MultibaggerRsch Me two quarters in a row now! WTF

$LMND investors after giving up all the premarket gains and closing down 15%

@Erifra2 This can’t keep happening lol

@MultibaggerRsch 😂

$DUOL is already quietly catching up to my #1 and #2 positions $LMND and $TSLA. Given there valuations and relative levels of being oversold, I expect $DUOL will become my number one position in the near future.

$HIMS is at the center.