xponential.btc

Investor in disruptive technology companies. Long $TSLA $PLTR $SOFI $LMND $MSTR $CLOV $DNA $OPEN

[Vinnie Tortorich @VinnieTortorich]

Nina Teicholz was a New York journalist on a strict low-fat vegetarian diet that was not really working.

Then a magazine sent her to review fancy restaurants in Manhattan. For the first time in her adult life she ate full-fat meat, butter, and cream. She felt better. Sharper. Steadier. And the weight she had been fighting for years started falling off.

So she did what a good journalist does. She started asking where the war on fat actually came from.

Nine years of research. Hundreds of interviews. Every major diet-heart study reread.

In 2014 she published The Big Fat Surprise. The conclusion was simple. The case against saturated fat had never actually been made. It had been assumed, then defended.

In September 2015 the BMJ ran her investigation of the US Dietary Guidelines Advisory Committee. Cherry-picked studies. Ignored randomized trials. Members with food and pharmaceutical funding. The committee had recommended a diet that no trial had ever shown to be safe or effective long-term.

The counterattack arrived in six weeks.

The Center for Science in the Public Interest organized a letter signed by more than 180 scientists demanding the BMJ retract her paper. The letter claimed eleven factual errors.

The BMJ did not retract.

They commissioned a year of external expert review. They corrected seven smaller technical points. They left her central thesis untouched. In December 2016 they confirmed the paper stands.

Teicholz pointed out something else in her response. Many of the 180 signatories had taken funding from the food and pharmaceutical industries she had criticized.

Since the book, study after study has confirmed her thesis. PURE. FASTER. The reanalyzed Minnesota Coronary Experiment. The official guidelines are quietly walking back their fat warnings without ever admitting why.

One reporter forced a peer-reviewed journal to publicly choose between her data and the establishment that funded the consensus.

When the establishment cannot refute you, they try to silence you.

It did not work.

#NSNG #NinaTeicholz #BigFatSurprise #BMJ #SaturatedFat #DietaryGuidelines #LowFat

[MarketKap @Market_Kap]

$CLOV

It’s finally coming, this lawsuit win will be the catalyst for @CloverHealth rerate story.

For Legacy Medicare Advantage companies this period of uncertainty will not be kind to companies built around gaming the system’s rules and bureaucracy. $HUM $UNH $ELV $CVS

The industry will be forced to focus on actual outcomes instead of “teaching to the test”

When the rules change, these massive entities have to retrain people, redesign workflows, update systems, and reallocate resources.

That is the exact environment where Counterpart’s SaaS / AI as a Service model will gain traction.

The most bullish interpretation is not that Clover wins a court case.

The lawsuit accelerates a shift away from a Medicare Advantage industry optimized around compliance mechanics and toward one optimized around clinical outcomes, adaptability, and AI-driven decision making.

When that happens, and it will happen quickly now, Clover’s traditional MA business becomes proof that their model works, while Counterpart becomes the mechanism for selling that capability to the rest of the industry.

This is the spark that will ignite the Re-Rate story for $CLOV: https://t.co/6z5t53VlEN @VivekGaripalli

[xponential.btc @XponentialMe]

@AlbertAlan

Please follow me Dr. Alan.

In 1909 the Rockefellers Bought Every Pharmacy Chain in America — Then R... https://t.co/DaEjtWNoop via @YouTube

[Metaplanero @metaplanero]

1/ The world's largest sovereign wealth fund ($2T) has a bigger percentage bet on Metaplanet than on any other Bitcoin treasury company on earth.

Including Strategy.

Almost nobody is talking about this. A thread 👇

[xponential.btc @XponentialMe]

Brilliant.

[Albert Alan, MD @AlbertAlan]

$CLOV
A lot of people spent the last year calling Andrew Toy a terrible CEO. The public record disagrees, and it is not close.

Go back to the third quarter 2025 earnings call on November 4. Clover had just been handed a 3.5 star rating for the 2026 ratings year, down from 4. A weak CEO spins that. He buries it in a slide, blames the environment, and moves on. Toy did the opposite. He put it at the top of the call and said the misses were not acceptable. His words, not mine: "these misses aren't at all acceptable to us." Then he named the aspiration behind it without flinching. Four stars, not 3.5.

Then he showed the receipt that actually counts. On that same call, Clover pointed to its HEDIS score of 4.72, among the best clinical quality scores of any PPO in the country. Sit with that. The clinical care was elite. What dragged the composite rating was the administrative and process scoring, not the medicine.

So the company did the unglamorous thing. It took that argument to federal court.

On May 27, a federal judge found CMS improperly included twenty measures in Clover's calculation and ordered the rating recalculated, the rating that sits under roughly 120 million dollars in bonus payments. To be precise, because precision is the whole point, the recalculation is not finished and the government has asked the court to reconsider. I am not declaring a final number. I am telling you what a judge has already put in writing.

Now line it up. Owned the miss on the record. Showed elite clinical scores. Named the four star bar. Took the methodology to court and got a federal judge to agree the measures were applied unlawfully.

That is not the profile of a terrible CEO. That is the profile of one who tells you exactly what he is going to do and then goes and does it.

Here is the part the critics will not enjoy. One number is not a diagnosis. They saw 3.5, called time of death, and never opened the rest of the chart. The HEDIS score, the methodology, the legal filings, all of it public, all of it ignored. Rendering a verdict from a single data point is not analysis. It is impatience dressed up as expertise.

I read the full record before I form an opinion. That is the only difference between my read and theirs, and it is the difference between being early and being loud.

Not investment advice. Just the public filings, read in full and out loud.

The chart was always there. Most people just refused to turn the page.

[Albert Alan, MD @AlbertAlan]

$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.

[Brivael Le Pogam @brivael]

Dans le manifeste "techno-optimiste" de Marc Andreessen, il y a une phrase qui m'a marqué :

"Our enemies are not bad people – but rather bad ideas."

Nos ennemis ne sont pas des mauvaises personnes. Ce sont des mauvaises idées.

Prenons Jancovici. L'homme est brillant, sincère, travailleur. Il ne se lève pas le matin en se disant qu'il va nuire à l'humanité. Mais l'idée qu'il porte la décroissance, le rationnement, la frugalité érigée en horizon civilisationnel est une idée profondément destructrice. Elle prend des esprits brillants et les transforme en commissaires politiques d'un futur appauvri.

Et le plus fascinant, c'est ce que cette idée fait aux gens qui l'adoptent.

Dans mon entourage, une grosse partie de mes amis est sur cette ligne décroissantiste, avec tout le package qui va avec. L'argent c'est mal mais ils en veulent. Il faut moins prendre l'avion mais ils rêvent de voyager partout. Il faut consommer moins mais ils ne renoncent à rien de ce qu'ils aiment vraiment.

Et tous ont un point commun : ils sont déprimés. L'un d'eux m'a même confié qu'il était sous antidépresseurs.

Ce n'est pas un hasard. C'est mécanique.

Quand tu crois que ton désir de vivre, de créer, de t'élever est moralement suspect tu te détruis de l'intérieur. Tu passes ta vie à t'excuser d'exister. Tu vis dans la dissonance permanente entre ce que ton corps veut (plus, mieux, plus loin) et ce que ton idéologie t'ordonne (moins, sobre, immobile).

D'où ma théorie :

Quand on pense quelque chose de fondamentalement faux décroissance, communisme, extrémisme religieux (de tout ordre) ce n'est qu'une question de temps avant que ça devienne vraiment destructeur.

D'abord pour soi. Puis pour les autres.

Les mauvaises idées tuent. Lentement chez ceux qui y croient, brutalement chez ceux qui les subissent.

C'est pour ça que la bataille des idées n'est pas un luxe d'intellectuel. C'est la bataille la plus importante de notre époque.

[Nick shirley @nickshirleyy]

🚨 California just voted to pass AB 2624 aka “The Stop Nick Shirley Act”:
This bill puts journalists at civil risk for investigating fraud and makes it harder to expose fraud in “immigration support services,” including NGOs, nonprofits and health care facilities that receive hundreds of millions from the state of California each year.

This bill would have made it criminal to expose fake hospices in LA or the Somali “learing center” in Minnesota if they then claim “reasonable fear” and the business owner gives a written demand not to post the video.

Plain and simple, California is trying to make it harder to expose fraud and scare individuals from investigating fraud in their communities, as they could be sued for an injunction to remove the video + forced to pay their attorney fees + minimum $4,000 in damages.

The Attorney General's wife, Mia Bonta, created this bill and is now trying to make it law. How is this not a conflict of interest?

California is full of FRAUDSTERS!

[xponential.btc @XponentialMe]

For anyone who has an opinion about international relations, national strategic policy or war, this is something you must watch.

@SecRubio

Sarah C. M. Paine — Why dictators keep making the same fatal mistake https://t.co/MzVV04XBER via @YouTube

[xponential.btc @XponentialMe]

I was very surprised about what this video was actually about.

It is well worth watching.

Here Is How The Next Civil War Will Start https://t.co/re92AuwgKu via @YouTube

@NickJFreitas

[Robert ₿reedlove @Breedlove22]

I interviewed one of the most controversial MDs on the internet @paulsaladinomd

He exposed the 9 biggest lies the health industry sold you and every single one is making you fatter, weaker & sicker (THREAD)

Lie #1: "Sunscreen prevents cancer''

[Elon Musk @elonmusk]

Regarding the OpenAI case, the judge & jury never actually ruled on the merits of the case, just on a calendar technicality.

There is no question to anyone following the case in detail that Altman & Brockman did in fact enrich themselves by stealing a charity. The only question is WHEN they did it!

I will be filing an appeal with the Ninth Circuit, because creating a precedent to loot charities is incredibly destructive to charitable giving in America.

OpenAI was founded to benefit all of humanity.

[mike bski @BskiMike22802]

What have I left out?

[Raoul Pal @RaoulGMI]

https://t.co/EAl5H5StvM

[Albert Alan, MD @AlbertAlan]

$CLOV
If you've followed me, you know I came from homelessness. Three years of it, through high school.

The thing nobody tells you about that kind of survival is what gets you out of it. For me, it was tutoring. I sat in the public library at night because it had heat and internet, and I started helping classmates in math and science. Watching them understand something for the first time gave me a sense of purpose I didn't have anywhere else. That's the seed of everything I've built since.

At the University of Arizona I graduated with three undergraduate degrees and started a produce rescue program that pulled over a million pounds of fresh food out of the waste stream and into homeless shelters across the state. Twenty percent of the proceeds funded scholarships for kids in situations like mine. That work was part of why I was named 40 Under 40 in my city in 2019.

I became a physician for the same reason I built everything else. Medicine pulls you toward the people the system overlooks.

The stock terminal is that same instinct extended. I was tired of watching Wall Street, insiders, and politicians move money in ways the rest of us never get to see. So I made that information visible.

Not advice. Visibility.

Full disclosure: I'm a shareholder in this position. Since April 1, it's up over 129%.

I've learned by now that the noise gets loudest right before a breakthrough. It didn't show up at the lows. It showed up at the highs.

That tells me something.

Keep watching.

[xponential.btc @XponentialMe]

Well said.

The team at $CLOV has done everything necessary to produce better patient outcomes while operating a fantastically efficient business.

Long $CLOV

LFG!!

[MarketKap @Market_Kap]

$CLOV

This quarter from Clover Health may end up being remembered as one of the most important moments in the company’s history.

Skeptics will try to downplay it. They’ll call it “just one quarter.” They’ll point to competition, macro conditions, or the fact that Clover is still small relative to legacy insurers.

But if you’ve followed this story from the beginning, you understand this quarter is about something much bigger.

It’s validation

Here’s a 🧵…..

[xponential.btc @XponentialMe]

Really awesome deep fake video where Richard Feynman explains how light behaves in what could have been, but often weren’t, his own words.

Light Is OLDER Than the Universe (Einstein’s Terrifying Truth) https://t.co/7lozjq3RvR via @YouTube

[xponential.btc @XponentialMe]

Me thinks @AlbertAlan is on to something.

[Albert Alan, MD @AlbertAlan]

$CLOV
Funny how it works. Stock dips, and suddenly the boards fill up with confidently stupid takes. Loud. Certain. Doom loop energy. The goal isn't analysis. It's planting doubt and shaking out weak hands. And it works.

This isn't theory. Whole Foods CEO John Mackey spent eight years posting on Yahoo Finance message boards under the pseudonym "Rahodeb," racking up nearly 1,400 posts pumping his own company and trashing Wild Oats right before he tried to acquire it. The SEC opened an investigation. The FTC outed him during an antitrust case. A sitting Fortune 500 CEO got caught sock puppeting a stock board.

If a CEO was doing that on Yahoo, what do you think is happening every single day on StockTwits, FinTwit, Reddit, and the rest? It's not concerned retail "just sharing thoughts." It's coordinated noise from people with positions you'll never see.

Notice the pattern. Price drops, they crawl out of the woodwork. They post 24/7. They pretend they're invested. Chart turns green, silence. Back in the cave until the next dip.

I block them. I ignore them. The game is rigged on the way down, but only if you let the noise weigh more than the business.

Benjamin Graham said it best: "In the short run, the market is a voting machine, but in the long run, it is a weighing machine."

Vote all you want. The scale doesn't lie.

[X Freeze @XFreeze]

Most people misunderstand Elon's ultimate goal
He is trying to make our entire civilization win. To view it as anything less is just shortsighted

Elon winning means humanity winning

While most people are stuck in a zero-sum mentality, he operates with a "grow-the-pie" mindset

You can see all the things he built till now and also his future plans

He started working on things long before it was popular or considered possible:
• Zip2 & payment systems
• Electric vehicles & batteries
• Pure vision self-driving
• Humanoid robots
• Starlink Internet
• AI (OpenAI)
• Neuralink
• The Boring Company

And the future is even bigger: 1TW compute clusters, space datacenters, lunar bases, mass drivers on the Moon, and making life multi-planetary... basically driving humanity toward becoming a star-faring civilization

He consistently takes on the world’s hardest problems to push our civilization forward... He freakin makes sci-fi real