This is a “Letter From the Founders” culled from the S-1 of Lemonade (LMND) – a recent IPO we took a shot at a few months ago.

We have made a recent and considerable bet in insurance recently. This is the “marginally aspirational to profitably, not remotely there yet B-Corp disrupter.” We don’t short for clients, but this sure would rank high if we did. Prepare for 51 pages of Risk Factors, which I think is a personal record for my eyes.

Whether you buy into this “conceptually” and ignore what level of success is required as implied by their valuation…or not…says a lot about what your performance has been over the last 12 months and how you view intermediate risk and reward. We hate this.