Yellowbrick Investing
$TIPT
tweet
$TIPT
The saga with the monetization of Fortegra over at $TIPT might finally be coming to an end, with potential upside of 20%+ in a sale scenario.
Rumors circulated that South Korean insurance company DB Insurance was negotiating a potential deal with TIPT for Fortegra. This was later confirmed when DB initiated discussions with local regulators and informed them that it is in negotiations with TIPT regarding Fortegra. DB also recently raised equity, which is likely to be used for the acquisition.
Given the situation, we may see a potential deal announced over the next few weeks. Fortegra is a fast-growing insurance company, with most of its growth coming from E&S exposure. The company has robust earnings and operating metrics, including an ROAE of 30% and a very stable ~90% combined ratio despite its high growth, alongside clear intentions from management to monetize the asset.
Warburg Pincus, which owns 30% of Fortegra, has likely been pushing for monetization over the last couple of years. However, the company has failed to carry out an IPO twice for various reasons. As a result, they are now pursuing a sale—likely before 2026, when WP would be able to force an IPO.
While a sale is not the most tax-efficient way to monetize Fortegra, given the two failed IPO attempts, it could be the last resort. Based on peer multiples and the quality of Fortegra’s operations, an exit at 15x P/E could result in ~25% upside from current levels.
The key risk is if a sale comes in around the rumored price of $1.5bn for Fortegra. In that scenario, unless management liquidates its small asset management business and eliminates all corporate costs, there could be as much as 30% downside from current levels. However, I find it unlikely that a high-quality operation such as Fortegra would be sold at an implied 9x P/E, so this seems like a low-probability outcome. If a sale is completed around 13.5x P/E, the valuation at which WP originally invested, the market is already pricing the situation fairly accurately, meaning downside should be limited. tweet
X (formerly Twitter)
Dalius - Special Sits (@InvestSpecial) on X
The saga with the monetization of Fortegra over at $TIPT might finally be coming to an end, with potential upside of 20%+ in a sale scenario.
Rumors circulated that South Korean insurance company DB Insurance was negotiating a potential deal with TIPT for…
Rumors circulated that South Korean insurance company DB Insurance was negotiating a potential deal with TIPT for…
Offshore
Photo
Gainify
Magnificent 7 CASH UPDATE Q2’25:
→ $MSFT jumped the most, now at $94.6B
→ $GOOGL $95.1B, $MSFT $94.6B, $AMZN $93.2B nearly tied
→ $META burned $23B, down to $47.1B
→ $AAPL $55.4B, $NVDA $56.8B hold steady mid-pack
→ $TSLA lowest, only $36.8B
Who could deploy the capital the smartest?
tweet
Magnificent 7 CASH UPDATE Q2’25:
→ $MSFT jumped the most, now at $94.6B
→ $GOOGL $95.1B, $MSFT $94.6B, $AMZN $93.2B nearly tied
→ $META burned $23B, down to $47.1B
→ $AAPL $55.4B, $NVDA $56.8B hold steady mid-pack
→ $TSLA lowest, only $36.8B
Who could deploy the capital the smartest?
tweet
Yellowbrick Investing
$SA
tweet
$SA
High conviction options play alert. I am long 150 Feb 20 ‘26 $20 calls of Seabridge Gold $SA at $1.15 ($17,250 cost basis). Why am I so excited? The strike price is just 17% out of the money, and has an implied volatility of just 44%. I find this significantly underpriced given tweet
X (formerly Twitter)
Vestavia Capital (@VestaviaCapital) on X
High conviction options play alert. I am long 150 Feb 20 ‘26 $20 calls of Seabridge Gold $SA at $1.15 ($17,250 cost basis). Why am I so excited? The strike price is just 17% out of the money, and has an implied volatility of just 44%. I find this significantly…
Offshore
Video
Iqra Saifi
Veo-3 fast on Gemini 🔥
"scene_description": [
"time_start_sec": 0.0,
"time_end_sec": 2.0,
"shot_type": "low_angle_establishing_shot",
"subject": "open suitcase, miniature castle, waterfall, misty mountains",
"action": "camera slowly cranes up from the suitcase's base, revealing the entire magical landscape",
"details": "The scene opens with a low-angle shot, looking up at an antique, leather-bound suitcase, its lid propped open. Inside, a breathtaking miniature fantasy world unfolds. A majestic waterfall cascades down a verdant, moss-covered cliff face, its waters shimmering with subtle iridescent light, feeding into a pristine, turquoise lake. Perched atop the cliff, a pristine white castle with red roofs overlooks the scene. On the right, a darker, more ancient-looking fortress with spires and turrets rises from the rocky terrain. Misty, miniature mountains frame the background, and dense, realistic trees with tiny, individual leaves dot the landscape. Tiny, almost imperceptible birds flit through the air.",
"audio": "The constant, gentle 'shhh' of the miniature waterfall, faint chirping of tiny birds, a soft, ethereal orchestral melody begins, filled with wonder."
},
{
"time_start_sec": 2.0,
"time_end_sec": 4.5,
"shot_type": "medium_close_up_waterfall_and_white_castle",
"subject": "waterfall, white castle, moving water, miniature figures",
"action": "camera slowly dollies in towards the waterfall, revealing delicate movements and hidden details",
"details": "A detailed medium close-up focuses on the cascading waterfall. The water is crystal clear, showing every ripple and eddy as it flows over the miniature rocks. A faint, realistic mist rises from the base of the waterfall, creating a soft halo of light. Perched on a bridge near the white castle, a few minuscule, indistinct figures (perhaps knights or villagers) can be seen moving slowly, adding a touch of life. The castle itself shows intricate architectural details, from tiny windows to individual stones. A single, delicate, glowing firefly briefly crosses the frame near the waterfall. The sunlight catches the water, creating sparkling reflections.",
"audio": "Intensified sound of the miniature waterfall, subtle 'clicks' of the firefly, faint, distant murmurs (implied from the figures), orchestral melody becomes more intricate and uplifting."
},
{
"time_start_sec": 4.5,
"time_end_sec": 8.0,
"shot_type": "pull_back_full_scene_reveal",
"subject": "entire suitcase world, surrounding room, magic",
"action": "camera slowly pulls back from the medium close-up, revealing the full, breathtaking scene, an ambient glow pulsates from the suitcase, showing both castles and the lake.",
"details": "The camera slowly pulls back, beginning from the medium close-up of the waterfall and white castle, gradually revealing the entire suitcase world in a grand, final shot. The old, brown leather suitcase sits on a polished marble table in a softly lit, elegant room (blurred background). An ethereal, soft glow seems to emanate from within the suitcase, subtly pulsating, suggesting that the magic contained within is truly alive. The miniature world continues its subtle movements – the waterfall flows, the glowing fish swim in the turquoise lake, the trees gently sway, and both the white castle and the ancient fortress are visible in the expansive view. The final image is one of profound beauty and enchantment, a tiny, living fantasy made real, captivating the viewer with its contained magic.",
"audio": "The ambient sounds of the miniature world (waterfall, birds, subtle magic) blend together, the orchestral melody swells to a powerful, enchanting crescendo, then slowly fades, leaving a lingering, magical hum and the gentle sound of the waterfall."
}
],
"color_grading": {
"mood": "magical, enchanting, serene, adventurous, vibrant fantasy",
"highlights": "brilliant glints on water and castle spires, soft glows from within the world",[...]
Veo-3 fast on Gemini 🔥
"scene_description": [
"time_start_sec": 0.0,
"time_end_sec": 2.0,
"shot_type": "low_angle_establishing_shot",
"subject": "open suitcase, miniature castle, waterfall, misty mountains",
"action": "camera slowly cranes up from the suitcase's base, revealing the entire magical landscape",
"details": "The scene opens with a low-angle shot, looking up at an antique, leather-bound suitcase, its lid propped open. Inside, a breathtaking miniature fantasy world unfolds. A majestic waterfall cascades down a verdant, moss-covered cliff face, its waters shimmering with subtle iridescent light, feeding into a pristine, turquoise lake. Perched atop the cliff, a pristine white castle with red roofs overlooks the scene. On the right, a darker, more ancient-looking fortress with spires and turrets rises from the rocky terrain. Misty, miniature mountains frame the background, and dense, realistic trees with tiny, individual leaves dot the landscape. Tiny, almost imperceptible birds flit through the air.",
"audio": "The constant, gentle 'shhh' of the miniature waterfall, faint chirping of tiny birds, a soft, ethereal orchestral melody begins, filled with wonder."
},
{
"time_start_sec": 2.0,
"time_end_sec": 4.5,
"shot_type": "medium_close_up_waterfall_and_white_castle",
"subject": "waterfall, white castle, moving water, miniature figures",
"action": "camera slowly dollies in towards the waterfall, revealing delicate movements and hidden details",
"details": "A detailed medium close-up focuses on the cascading waterfall. The water is crystal clear, showing every ripple and eddy as it flows over the miniature rocks. A faint, realistic mist rises from the base of the waterfall, creating a soft halo of light. Perched on a bridge near the white castle, a few minuscule, indistinct figures (perhaps knights or villagers) can be seen moving slowly, adding a touch of life. The castle itself shows intricate architectural details, from tiny windows to individual stones. A single, delicate, glowing firefly briefly crosses the frame near the waterfall. The sunlight catches the water, creating sparkling reflections.",
"audio": "Intensified sound of the miniature waterfall, subtle 'clicks' of the firefly, faint, distant murmurs (implied from the figures), orchestral melody becomes more intricate and uplifting."
},
{
"time_start_sec": 4.5,
"time_end_sec": 8.0,
"shot_type": "pull_back_full_scene_reveal",
"subject": "entire suitcase world, surrounding room, magic",
"action": "camera slowly pulls back from the medium close-up, revealing the full, breathtaking scene, an ambient glow pulsates from the suitcase, showing both castles and the lake.",
"details": "The camera slowly pulls back, beginning from the medium close-up of the waterfall and white castle, gradually revealing the entire suitcase world in a grand, final shot. The old, brown leather suitcase sits on a polished marble table in a softly lit, elegant room (blurred background). An ethereal, soft glow seems to emanate from within the suitcase, subtly pulsating, suggesting that the magic contained within is truly alive. The miniature world continues its subtle movements – the waterfall flows, the glowing fish swim in the turquoise lake, the trees gently sway, and both the white castle and the ancient fortress are visible in the expansive view. The final image is one of profound beauty and enchantment, a tiny, living fantasy made real, captivating the viewer with its contained magic.",
"audio": "The ambient sounds of the miniature world (waterfall, birds, subtle magic) blend together, the orchestral melody swells to a powerful, enchanting crescendo, then slowly fades, leaving a lingering, magical hum and the gentle sound of the waterfall."
}
],
"color_grading": {
"mood": "magical, enchanting, serene, adventurous, vibrant fantasy",
"highlights": "brilliant glints on water and castle spires, soft glows from within the world",[...]
Offshore
Iqra Saifi Veo-3 fast on Gemini 🔥 "scene_description": [ "time_start_sec": 0.0, "time_end_sec": 2.0, "shot_type": "low_angle_establishing_shot", "subject": "open suitcase, miniature castle, waterfall, misty mountains", "action": "camera slowly cranes…
"brights": "vibrant greens of foliage, rich blues of water, pure whites of the castle, golden light",
"mids": "balanced, emphasizing natural textures of rock and wood",
"darks": "soft, atmospheric shadows, full of texture and detail",
"shadows": "warm, subtle amber tones and cool blues, enhancing the magical atmosphere"
},
"sound_design": "ultra-detailed and immersive, focusing on the sounds of the miniature world (waterfall, birds, subtle creature movements, magical effects), juxtaposed with the subtle ambient sounds of a quiet room, creating a perfect blend of two scales of reality and magic."
}
tweet
"mids": "balanced, emphasizing natural textures of rock and wood",
"darks": "soft, atmospheric shadows, full of texture and detail",
"shadows": "warm, subtle amber tones and cool blues, enhancing the magical atmosphere"
},
"sound_design": "ultra-detailed and immersive, focusing on the sounds of the miniature world (waterfall, birds, subtle creature movements, magical effects), juxtaposed with the subtle ambient sounds of a quiet room, creating a perfect blend of two scales of reality and magic."
}
tweet
Julian Goldie SEO
AI Super Agents FULL COURSE 5 HOURS (Build & Automate Anything) https://t.co/1bReqh9f0m
tweet
AI Super Agents FULL COURSE 5 HOURS (Build & Automate Anything) https://t.co/1bReqh9f0m
tweet
Offshore
Video
Evan
RT @Hedgeye: STEINER: ‘Dovish’ Waller Emerging as Leading Candidate for Fed Chair
🔊
Hedgeye analyst Josh Steiner @HedgeyeFIG breaks down fresh dovish comments from Fed Governor Christopher Waller. Polymarket now has Waller as the odds-on favorite to replace Jerome Powell.
“He basically said the Fed needs to get going on rate cuts. No surprises here,” Steiner says.
“As a general reminder, the setup on our [United States] Quad count is 3 to 2 to 1 with this transition to disinflation beginning later this year, continuing largely through first-half next year. That will dovetail right into the new Fed chair coming in May.”
Stay ahead of what the headlines mean for markets by subscribing to "The Call @ Hedgeye": https://t.co/d5A3iklIAw
tweet
RT @Hedgeye: STEINER: ‘Dovish’ Waller Emerging as Leading Candidate for Fed Chair
🔊
Hedgeye analyst Josh Steiner @HedgeyeFIG breaks down fresh dovish comments from Fed Governor Christopher Waller. Polymarket now has Waller as the odds-on favorite to replace Jerome Powell.
“He basically said the Fed needs to get going on rate cuts. No surprises here,” Steiner says.
“As a general reminder, the setup on our [United States] Quad count is 3 to 2 to 1 with this transition to disinflation beginning later this year, continuing largely through first-half next year. That will dovetail right into the new Fed chair coming in May.”
Stay ahead of what the headlines mean for markets by subscribing to "The Call @ Hedgeye": https://t.co/d5A3iklIAw
tweet
Offshore
Photo
Umesh
RT @umesh_ai: nano-banana can generate an accurate action figure set from a picture!
love how it adds suitable text without needing any input! https://t.co/7fBvg1P3zA
tweet
RT @umesh_ai: nano-banana can generate an accurate action figure set from a picture!
love how it adds suitable text without needing any input! https://t.co/7fBvg1P3zA
tweet
Offshore
Photo
Evan
UnitedHealth $UNH has become a battleground stock
tweet
UnitedHealth $UNH has become a battleground stock
The 2x Long UnitedHealth ETF $UNHG just passed over $200 Million of Assets Under Management after launching just last month https://t.co/9lStD2TfH4 tweet
Riley Brown
Today will be transformational
tweet
Today will be transformational
The transformer is well named, as it transformed everything tweet
X (formerly Twitter)
Ilya Sutskever (@ilyasut) on X
The transformer is well named, as it transformed everything