After beginning a twitter thread which was getting too long here I am on substack. Whether I will ever write another one of these, I don’t know. But I wanted to share my thoughts on this one and comment on SPACs more broadly. I am going to assume a certain level of knowledge in this write-up so if you don’t know what a SPAC is, you’re not the target audience. For those who do, I hope you enjoy reading it…as much as I enjoyed writing it.
It appears that he may be taking all company marketing material at face value, believing that Root and Lemonade are the clear and obvious comps, as opposed to Progressive (leader in usage-based insurance) or GEICO or Allstate, or even Kemper (non-standard auto).
Found this two years later and it is still incredibly thoughtful. Please write more.
Excellent and soundly reasoned.
Have you seen this other SPAC-King's 1-pager on Metromile? https://twitter.com/chamath/status/1331278297930428417?s=20
It appears that he may be taking all company marketing material at face value, believing that Root and Lemonade are the clear and obvious comps, as opposed to Progressive (leader in usage-based insurance) or GEICO or Allstate, or even Kemper (non-standard auto).
Lotta crazy out there. Thank you for this post.