Trupanion presentation

Two weeks ago I gave a presentation on Trupanion at the Value Investing Seminar in Italy. The presentation is brief for two reasons:

  1. I only had 20-minutes to present.
  2. I don’t like reading slides when presenting (kind of defeats the point of presenting), so most slides contain high-level thoughts that were explained more in-depth by me.

I wish I would have had 30-40 minutes to present. That way I could have done a deeper dive into the business. Nonetheless, I think some readers will get value out of it.  Click below to view the presentation.

TRUP Presentation – VIS 2018 – Travis Wiedower

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Why Trupanion Could Be A Long-Term Compounder

I published a write-up on Seeking Alpha yesterday about Trupanion (TRUP). The summary is:

  • Trupanion is building a durable competitive advantage in an industry that is set to grow 10x+ over the coming decades.
  • The company is still run by their passionate founder who has the vast majority of his net worth in Trupanion stock.
  • The current valuation looks very expensive, but starts to look reasonable the farther out you look.

Read the full write-up here: https://seekingalpha.com/article/4090526-trupanion-long-term-compounder

As of this writing, Wiedower Capital does not own shares in TRUP. This is subject to change.

Company Culture and Passionate Employees

I went to a couple annual meetings recently that got me thinking a lot about how important company culture is. Specifically, what an advantage it is to have employees that are passionate about what the company is trying to accomplish.

Trupanion (TRUP) is a pet health insurance company that I’ve spent a lot of time on recently, including a ride-along with one of their territory partners and the annual meeting at their headquarters in Seattle. The first thing that’s obvious about the employees I met are how much they love that their work goes towards saving pet’s lives. I can’t blame them: saving pet’s lives is a pretty kick-ass corporate mission that a lot of people would love to be a part of. The employees are also nearly all pet owners themselves who get to bring their furry little friends into the office with them everyday.
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