PODCAST · business
The Investors' Corner
by Paul Cerro
Cedar Grove Capital Management's quick equity takes and business interviews.
Episodes
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🎙️ IC #9: Talking Telehealth and HIMS w/ Ashwin Sharma
Telehealth Industry Trends and Challenges with Ash SharmaIn this episode of The Investors Corner Podcast by Cedar Grove Capital Management, Chief Investment Officer Paul Cerro welcomes Ash Sharma, writer and founder of the GLP One Digest. They discuss the evolution and future of telehealth,...
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🎙️IC #8 Lessons From The Past
Research: www.cedargroveresearch.com Reflecting on 2025: Key Investment Lessons and MistakesIn the eighth episode of The Investors Corner, Paul Cerro, Chief Investment Officer of Cedar Grove Capital Management, takes a reflective look back at 2025, discussing key investment lessons and mistakes…
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🎙️ IC #7: A Phoenix Rising From the Ashes - Talking Weight Watchers (WW) Post-Bankruptcy
Weight Watchers: From Short to Long - An In-Depth Look at Post-Bankruptcy Strategies with Investor Relations Director David HeldermanIn this episode of The Investors Corner Podcast, Paul Cerro from Cedar Grove Capital Management speaks with David Helderman, Director of Investor Relations at…
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🎙️ IC #6: Talking Sanuwave Health (SNWV) w/Tenva Capital
Exploring SANUWAVE Health: An In-Depth Discussion with Jesse from Teneva Capital In this episode of The Investors Corner Podcast, host Paul Cerro from Cedar Grove Capital Management speaks with Jesse, the founder of Tenva Capital, about the small-cap healthcare company SANUWAVE Health (ticker:...
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🎙️ IC #5: Can PTON Sail Again? w/Alex Morris
Evaluating Peloton's Turnaround: A Deep Dive with Paul and Alex Morris In this episode of The Investors Corner, host Paul from Cedar Grove Capital Management is joined by Alex Morris, the founder of TSOH Investment Research. The discussion focuses on Peloton, its tumultuous journey through the...
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🎙️ IC #4: The Future of Defense - The History, Advances, And Outlook
The Evolution of Defense: A Deep Dive with Lawrence Hamill Join Paul Cerro, Chief Investment Officer of Cedar Grove Capital Management, in the fourth episode of the Investor’s Corner Podcast. Paul sits down with fellow investment manager Lawrence Hamill from Fortune Financial to discuss the…
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🎙️ IC #3: Guest Interview with Head of Build-A-Bear's Investor Relations
Exploring Build-A-Bear's (BBW) Strategic Evolution and Growth In this episode of The Investor's Corner, Paul Cerro, Chief Investment Officer at Cedar Grove Capital Management, talks with Gary Schnierow, Head of Investor Relations at Build-A-Bear Workshop (BBW). They discuss the company's growth…
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🎙️ IC #2: Diving into the ParkerVision (PRKR) Litigation Against Qualcomm (QCOM)
David vs. Goliath: Parker Vision's Battle Against Qualcomm In this deep dive episode, we unravel the intricate legal battle between Parker Vision and Qualcomm, highlighting the underdog's fight against a tech giant. The episode explores the revolutionary D2D technology developed by Parker Vision,...
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🎙️ IC #1: Post-Mortem On Our Thematic Pet Trade
Welcome to The Investors Corner: Evaluating the Pet Trade In the inaugural episode of The Investors Corner podcast, Paul Cerro, Chief Investment Officer at Cedar Grove Capital Management, discusses the investment learnings behind their thematic pet trade. Paul explains the rationale for going…
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RCAT: Event-Driven Trade Could Be Worth ~200%
TL;DR * Red Cat Holdings (RCAT) is in the final two to be considered for a multi-year Army drone contract that could be worth ~$450 million; ~3.3x current market cap * Strong probability the company wins the contract given current contractor's (incumbent) battlefield issues and arguably inferior...
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Hims & Hers Health (HIMS): Much Upside, But Currently Tight Around the Belt
This is a free preview of a paid episode. To hear more, visit cedargrovecapital.substack.com Preliminary disclaimer: In order to continue being completely transparent with you all, I need to disclose that I was previously an employee of Roman Health Ventures (“Ro”), a direct competitor of Hims &...
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M&A Arb Update: Analyzing the FTC Complaint Against Tapestry (TPR) and Capri (CPRI)
As my first paid research post, I’m going to be going over the FTC complaint in detail and address all of their concerns, and provide rebuttals and counterpoints to each argument. Those of you reading this for the first time can read my prior two posts below from December of 2023 and March of…
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Defense Contractors: Peace Means Having the Bigger Stick
My old man had a philosophy: peace means having a bigger stick than the other guy.- Tony Stark Ever since the dawn of time, men have been engaged in conflict primarily for economic, religious, and political reasons. From the ashes of WW2, the United States rose to become one of the world’s...
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CRE: "$1.2 Trillion of Losses Somewhere"
“Once a $3 trillion asset class, offices now are probably worth $1.8 trillion. There’s $1.2 trillion of losses spread somewhere, and nobody knows exactly where it all is.” - Barry Sternlicht The first real public domino to fall in the CRE trade was New York Community Bank NYCB . In one day after...
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IPO Notes: Amer Sports Goes Public
Amer Sports, an outdoor and sports equipment maker, recently announced that it was going public and is looking to begin trading on February 1st, 2023 under the ticker symbol (AS). F-1 here. The Finland-based company is looking to raise ~$1.7 billion at an $8.7 billion market cap. For those of you...
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Weight Watchers International: Dreams & Aspirations
**First and foremost before I dive into today’s post, I want to apologize for not sharing this note sooner with you all. 2023 was quite a hard year personally as I had both parents dealing with cancer-related issues and a portfolio company to manage. Because of that, I wasn’t able to really post…
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M&A Arb Update: Amazon Buying iRobot
TL;DR * Having originally agreed to be acquired for $61/share in cash by Amazon in 2022, the deal price got revised down over the summer to $51.75/share * Given the FTC’s assault on big tech, Amazon is coming under fire for its history of anti-competitive practices on the Amazon website, thus...
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Negative Equity Fallout
Last year in my “Winter is Coming” post, there was one particular callout I made around housing that I was concerned about if it materialized. Post below and link to callout. The call was regarding homeowners who, in a rush to purchase a home, would see their equity in the home significantly...
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Slowly At First, Then All At Once
Slowly at first, then all at once. - Ernest Hemingway The dialogue above is from Ernest Hemingway's 1926 novel, The Sun Also Rises. It's often attributed to Mark Twain or F. Scott Fitzgerald, or misquoted as something like “At first you go bankrupt slowly, then all at once.” But the theme is the...
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Earnings Recap: XPOF & PTON
If you enjoyed today’s post, please hit the heart button and if you have any feedback, comment below. Hi there, welcome to another earnings recap post by Cedar Grove Capital Management. Just a heads up, if you’re reading this in an email and it abruptly cuts off, that means it was too long to…
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M&A Arb: Microsoft / Activision Deal Part II
This is a free preview of a paid episode. To hear more, visit cedargrovecapital.substack.com If you like today’s post, please like and share. I run a combination of a free and paid notebook that highlights my notes, thoughts, opinions, and trade ideas. You can do so by subscribing via the link...
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RH '22 Earnings: An Inflection Point
Hi there, welcome to another post by Cedar Grove Capital Management and our first post sharing our thoughts on a recent earnings release. Posts like this will generally go to paid subs but this one will be completely free and the following earnings recap will be partially free with all others…
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M&A Arb: Microsoft / Activision Deal Part I
If you like today’s post, please like and share. I run a combination of a free and paid newsletter that highlights my notes, thoughts, opinions, and trade ideas. You can do so by subscribing via the link below and selecting which part you would like to be a part of. Hey folks, thanks for joining…
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Winter is Coming
Hey everyone, welcome back to another article by Cedar Grove Capital Management. If you like today’s post, please hit the heart button, comment with any feedback, and share it with friends if you find it useful. This post might be too long for your email so if it abruptly cuts out, just open it…
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PTON: A Zero or Hero?
If you like today’s post, please be sure to hit the heart button, comment with any feedback, and share it with friends if you find it useful. For those of you that may or may not know, I’ve said one or two negative things about Peloton (PTON) in the past. Okay, so I’ve been pretty pessimistic…
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F45 (FXLV) M&A Arbitrage Play
If you like today’s post, please be sure to hit the heart button, comment with any feedback, and share it with friends if you find it useful. At the end of September, F45 Training (FXLV) received an unsolicited proposal from one of its investors, Kennedy Lewis Investment Management LP (KLIM), to...
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Why Petco Is A Better ROI Than Chewy
If you would like to listen to this post on Spotify, click here to visit our Podcast. If you like today’s post, please be sure to hit the heart button, comment with any feedback, and share it with friends if you find it useful. Petcare has been a big COVID beneficiary given the exponential growth...
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Broken Arrow: The Consumer is Not "Okay"
This whole year so far, investors have been trying to gauge whether the consumer is okay. Many have pointed to various different data points that all have provided positive reassurance such as: Retail spending Travel data COVID era savings Low fixed mortgages Company earnings beat, etc. I know...
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BBW: Stuffed With Unrecognized Value
I never knew that Build a Bear (BBW) was actually a publicly traded company until the start of this year. In fact, I didn’t even know the company was still around. It was a store that I grew up with over two decades ago and by coincidence, heard a pitch on it back in January by Strat Becker. He...
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XPOF: Unit Growth the Driver of Operational Leverage
Back in January of this year, we released our research on Xponential Fitness $XPOF and revealed our long position in the name. A link to original research that breaks down the business and our thoughts can be found here as well as my chat with Chit Chat Money about the company as well. What we...
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Twitter Merger Arbitrage Very Attractive
So we all know about Elon Musk and his bid to acquire Twitter $TWTR earlier this spring. Given that it is Elon Musk, having a smooth acquisition was not in the cards so of course drama quickly ensued. Even though shares are trading at $38.98 and the offer price is $54.20 (so stupid), traders on…
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Petco Vital Care Economics Fueling Growth
Last week, we released our research on Petco's $WOOF pre-earnings announcement and we were happy with the results [WOOF: Banking on the Pet Industry]. The company beat on all estimates and what seemed to be retail armageddon due to the likes of Target $TGT and Walmart $WMT had appeared not to...
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The Real Reason The Stock Market Is Down
* On average over the past century, according to an analysis conducted by Ned Davis Research, the S&P 500 has performed better when its EPS was lower than a year previously — not higher. * The S&P 500’s best quarterly returns in the past have come when its trailing four-quarter EPS were between…
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WOOF: Banking on the Pet Industry
TL;DR * Petco’s omnichannel push will help it solidify itself as top pet health and wellness company with a strong defensible moat and loyal customer base * Continued push into value-added services creates a closed-ended one-stop-shop ecosystem for all pet owners * Its strategic initiatives will...
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What Drives Total Shareholder Return
TSR Drivers (as % of TSR) I came across a deck made by Conor Hayley over at Alta Fox Capital which breaks down in a detailed 645-page report about what drives Total Shareholder Return for 104 companies he analyzed. Considering its length, I took one chart (above) that highlighted the three key...
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DPZ: Domino's Down But Not Out
Background Domino’s Pizza $DPZ has had a stellar run over the past decade, rising over 1,030% during that time. The company has shown its ability to rapidly expand overall store count, expand margins, and not only fend off app-based delivery companies but go toe to toe with them. Underlying...
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M&A Trade Idea Returning ~70%?
TOC * Deal Specifics * Activision Context * Deal Price Action * What We Know * Odds of the Deal * Trade Strategy * Important Factors 1) Deal Specifics Earlier this year in January, Microsoft $MSFT announced it will acquire Activision Blizzard $ATVI for $95.00 per share (a 45% premium to its...
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SBC: This Is A Chart You Don't Want To Miss
SBC Is Propping Up Adj. EBITDA * Many unprofitable companies are leveraging the use of stock-based compensation (“SBC”) when it comes to add-backs specifically geared towards improving overall adjusted EBITDA * This add-back can make many “unprofitable” companies look profitable (or less...
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🚗 Americans Keeping Their Cars for Longer
I remember when I was a kid, my dad would be the family mechanic and help tune and maintain our family cars. They weren’t anything extravagant but just the average family Toyota Camry and Nissan Altima that we held on to for over a decade. I’d always go with him to AutoZone to pick up parts to…
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Recession Indicator Starting to Flash
* The term yield curve refers to the relationship between the short- and long-term interest rates of fixed-income securities issued by the U.S. Treasury. * An inverted yield curve occurs when short-term interest rates exceed long-term rates. * The U.S. curve has inverted before each recession…
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Sweetgreen: Serving Green But Bleeding Red
Summary * Once a VC darling, this “tech” oriented restaurant chain is anything but * The company is not differentiated and some aspects of its business expose it to more risks than others * Higher inflation and lack of pricing power will continue to eat into the company’s margins * Widening…
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Amazon Buying Peloton? Here's The Case For Both Sides
Rumor Has It… Friday sparked renewed interest in Peloton $PTON after rumors leaked that Amazon $AMZN might be interested in acquiring the company. News of this sent the stock up as much as ~38% before settling down to $31.10, a ~26% increase from Friday’s close. I decided to take to Twitter to...
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No Pain, No Gain. XPOF Going Higher
Summary * Company hurt during COVID has executed well on a post-pandemic comeback and has almost returned to full pre-COVID levels * Broader tailwinds fueling a return to in-person workouts and the desire to try new fitness concepts * Management executing well on diversifying revenue channels,...
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How Much is Each "Subscriber" Worth?
Enterprise Value per Subscriber * With high growth startups taking a beating over the last year, premiums investors have put on valuations for subscriber growth have shown their cracks * High flyers like Rent the Runway $RENT , Hims $HIMS , and Bark $BARK , saw their EV “dollar amount” per...
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RH: Too Cheap to Ignore at These Levels
Good morning everyone 👋🏼! Welcome to Cedar Grove Capital — your source for actionable insights, industry deep-dives, and single name coverage in the consumer(tech), and cannabis industries. If you are new, you can join below. Please hit the heart button if you like today’s newsletter and reply...
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Fitness in a Post COVID World
Good morning everyone 👋🏼! Happy Thursday! If you’re reading this but haven’t subscribed, join our community of edgy investors interested in learning more about the markets and receiving recommendations on single-name stocks in the consumer, cannabis, and tech industries. Subscribe 👇🏼, it’s...
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2021 IPOs Are Selling Off
Good morning everyone 👋🏼! Happy Tuesday! If you’re reading this but haven’t subscribed, join our community of edgy investors interested in learning more about the markets and receiving recommendations on single-name stocks in the consumer, cannabis, and tech industries. Subscribe 👇🏼, it’s…
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Volatility the New Normal?
Volatility the New Normal * Looking at intraday percent moves of +/-1% for the S&P 500, 2020 and 2021 combined have almost more swings than 2016→2019 combined (243 vs. 272). * 2020 saw 62% of its number of trading days experiencing this +/-1% intraday price swings compared to 34% for 2021. *…
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Frequently Asked Questions
How many episodes does The Investors' Corner have?
The Investors' Corner currently has 48 episodes available on PodParley. New episodes are automatically indexed when they're published to the podcast feed.
What is The Investors' Corner about?
Cedar Grove Capital Management's quick equity takes and business interviews.
How often does The Investors' Corner release new episodes?
The Investors' Corner has 48 episodes. Check the episode list to see recent publication dates and frequency.
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You can listen to The Investors' Corner on PodParley by clicking any episode. We provide an embedded audio player for direct listening, and you can also subscribe via your preferred podcast app using the RSS feed.
Who hosts The Investors' Corner?
The Investors' Corner is created and hosted by Paul Cerro.
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