According to @mcuban, the key trading question is what percentage of health insurer carrier capital is truly at risk after backing out inflated intercompany charges for ACA medical loss ratio adherence and excluding about 160 million self-insured lives where carriers take no underwriting risk; source: Mark Cuban on X (Nov 9, 2025). He also asked whether the industry’s vertical integration and resulting scale have rendered these markets inefficient, spotlighting risk-bearing versus administrative-only lines for investors; source: Mark Cuban on X (Nov 9, 2025).