Why I Own $LMND, $ODD, and $PATH

Long Term Core Positions

As we go into the new year, I will be holding my main core of PATH, LMND and ODD. Before I begin, I want to preface and say that I own smaller positions in PYPL, GAMB, ZETA and HIMS (very small amount currently). At the right prices, I will continue to add.

Now onto the core….

I’m a buy and hold investor who looks for companies that are building durable tech platforms in massive, inefficient industries. Traditional metrics like P/E ratios often miss the point with young, disruptive firms, I focus instead on unit economics, data moats, and the potential to compound value over decades. If you have a traditional accounting/finance background, this mentality can take a while to “untrain”.

Here are the three stocks I own that best represent this philosophy:

1. Lemonade ($LMND) – Reinventing Insurance with AI

Insurance is a $7 trillion global industry stuck in the 20th century: paper forms, slow claims, and high friction. The discussion around TAM is just to show how big of an opportunity the company has ahead of them even if they don’t capture a majority of it.

Lemonade uses AI from day one to underwrite, price risk, and settle claims in seconds.

Key reasons I own it:

• Superior unit economics: Gross loss ratio hit a record low 62% in Q3. Adjusted EBITDA loss nearly halved YoY to ($26)M in Q3 & on path to positive adjusted EBITDA in Q4 2026 (probably sooner). They generated positive adjusted free cash flow for multiple quarters (including $18M in Q3) and positive net cash flow throughout 2025.

• Massive TAM: Starting with renters/home/pet, expanding into car and life. IFP reached ~$1.16B by end-Q3 (up 30% YoY, eighth straight quarter of acceleration), with Car IFP growing ~40% YoY. Premium per customer is compounding as they cross sell into auto (>50% of new Car policies from existing customers, driving higher LTV at near zero incremental CAC).

• Network effects: More data → better pricing → lower losses → happier customers → more data.

• Management owns meaningful skin in the game and thinks in decades, not quarters.

Insurance is boring until someone disrupts it. Lemonade is proving that they are that disruptor.

2. ODDITY Tech ($ODD) – The Tech Platform Disrupting Beauty & Wellness

Beauty is a $600B+ category dominated by legacy conglomerates with outdated supply chains and guesswork marketing. ODDITY (IL Makiage, SpoiledChild, METHODIQ) uses AI, data science, and biotech to personalize products at scale.

Key reasons I own it:

- Proven growth + profitability: 24–25% revenue growth in 2025 while delivering ~20% adjusted EBITDA margins. This is extremely rare in consumer tech.

- Insane repeat rates: >60% of revenue from repeat customers, creating predictable backlog and high LTV.

- Data moat: 40M+ users, billions of data points. Tech stack and learning algos have tremendous adaptability into other parts of the business.

- Platform runway: ODDITY LABS developing proprietary molecules; METHODIQ entering $27B acne/telehealth market. They can launch 8+ new science backed products in 2026 alone.

3. UiPath ($PATH) – Leader in Agentic Automation

Every enterprise has repetitive, rule based work eating time and money. UiPath evolved from basic RPA into a full stack AI automation platform (RPA + Agentic Agents + Maestro orchestration).

Key reasons I own it:

- Enterprise “land and expand”: Start with one process, scale across departments → high net retention and sticky revenue.

- Orchestration advantage: Maestro (recognized as one of TIME’s Best Inventions 2025) lets humans, bots, and AI agents work together seamlessly.

- Financial trajectory: First GAAP-profitable quarter in 2025, strong ARR growth, and path to rule of 40.

- Massive addressable market: Automation is becoming more important as companies chase efficiency in a tougher macro.

UiPath is helping organizations build digital workforces.

Common Theme

All three are:

- Tech platforms attacking huge legacy industries

- Using AI/data as core competitive moats

- Prioritizing long term unit economics over short term profits

- Still early in their growth stories

Markets will fluctuate and narratives may shift but these businesses are compounding real value. That’s why I own them and plan to hold them for many years.

Not financial advice, just sharing my conviction.