PODCAST

The Investors" Corner

Paul Cerro

Cedar Grove Capital"s quick equity takes and business interviews. cedargrovecapital.substack.com

business investing

All Episodes

62:06

🎙️ IC #6: Talking Sanuwave Health (SNWV) w/Tenva Capital

The Investors" Corner ·

2025/10/02

Exploring SANUWAVE Health: An In-Depth Discussion with Jesse from Teneva CapitalIn 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: SNWV). They delve into the company's background, its innovative UltraMist device for treating complex, non-healing wounds, and its significant growth potential. Jesse details his investment thesis, the improved

148:02

🎙️ IC #5: Can PTON Sail Again? w/Alex Morris

The Investors" Corner ·

2025/06/04

Evaluating Peloton's Turnaround: A Deep Dive with Paul and Alex MorrisIn 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 COVID-19 pandemic, and efforts to stabilize and reignite growth under new management. Paul and Alex examine the challenges Peloton faces, including churn, product diversification, and financial restructuring,

83:04

🎙️ IC #4: The Future of Defense - The History,...

The Investors" Corner ·

2025/02/27

The Evolution of Defense: A Deep Dive with Lawrence HamillJoin 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 defense industry. They explore its historical context, technological advancements, and current geopolitical tensions, particularly focusing on the Ukraine-Russia conflict and potential scenarios involving China

35:26

🎙️ IC #3: Guest Interview with Head of Build-A-Bear's...

The Investors" Corner ·

2024/12/16

Exploring Build-A-Bear's (BBW) Strategic Evolution and GrowthIn 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 and adaptation strategies over the past few decades, from its focus on experiential retail to its diverse store formats, e-commerce penetration, and international expansion through asset-light strategies

14:27

🎙️ IC #2: Diving into the ParkerVision (PRKR)...

The Investors" Corner ·

2024/12/01

David vs. Goliath: Parker Vision's Battle Against QualcommIn 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, the breakdown of licensing negotiations, and subsequent lawsuits alleging patent infringement by Qualcomm. As we navigate through emails, internal documents, and courtroom battles, we contemplate the broader

41:50

🎙️ IC #1: Post-Mortem On Our Thematic Pet Trade

The Investors" Corner ·

2024/11/06

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 long on Petco and shorting Chewy during the post-COVID pet adoption boom. The episode covers industry trends, such as the humanization of pets, pet spending habits, and the impact of COVID-19 on pet adoption

44:07

RCAT: Event-Driven Trade Could Be Worth ~200%

The Investors" Corner ·

2024/07/23

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 drone design* Additional exposure to other programs/contracts means a no-contract win does not mean the company’s future is not bright* Massive tailwinds for American-made drones to be built and put into field

4:04

Hims & Hers Health (HIMS): Much Upside, But Currently...

The Investors" Corner ·

2024/06/12

This is a free preview of a paid episode. To hear more, visit www.cedargrovecm.comPreliminary 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 & Hers Health (HIMS). While I have not been an employee of them for several years, I’m still very knowledgeable about the inner workings of this industry and still hold shares as a previous employee.While I may drop in

12:06

M&A Arb Update: Analyzing the FTC Complaint Against...

The Investors" Corner ·

2024/05/08

This is a free preview of a paid episode. To hear more, visit www.cedargrovecm.comAs 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 this year.In each of those posts, I addressed the deal overall, and why before the FTC suit, it should not be blocked under

15:15

Defense Contractors: Peace Means Having the Bigger Stick

The Investors" Corner ·

2024/04/28

My old man had a philosophy: peace means having a bigger stick than the other guy.- Tony StarkEver 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 superpowers and thus, a key player in shaping the new world order. However, to be the keeper of the peace, wars still need to be fought both directly and indirectly and deterrents need to be put in place to prevent

11:52

CRE: "$1.2 Trillion of Losses Somewhere"

The Investors" Corner ·

2024/02/24

“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 SternlichtThe first real public domino to fall in the CRE trade was New York Community Bank NYCB . In one day after the company reported $185 million in net charge-offs in the fourth quarter and cut its dividend, the stock closed down ~37%.This sent shockwaves in the market about the rising risks associated with the

10:44

IPO Notes: Amer Sports Goes Public

The Investors" Corner ·

2024/01/30

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 who might not recognize the name (not surprising), you should hopefully recognize some of the brands in its portfolio.I know I use Arc’teryx and Salomon for a lot of my footwear and outdoor gear for

16:48

Weight Watchers International: Dreams & Aspirations

The Investors" Corner ·

2024/01/15

**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 my notes much last year as I clearly had other priorities. Thankfully, they’re both in the clear and the portfolio company has been sold. Going forward, I’ll be much more active and be back to my old

16:02

M&A Arb Update: Amazon Buying iRobot

The Investors" Corner ·

2023/12/26

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 putting the deal at risk* What was a rumored sure thing from the EU commission, they have changed their tune on the matter and believe that Amazon owning IRBT would lead to anti-competitive practices* Given IRBT

13:09

Negative Equity Fallout

The Investors" Corner ·

2023/12/21

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 decrease or even face a total equity wipe. This was largely due to them paying ridiculous prices while rates did the job that rates do, affecting the homes’ value as they kept rising.My example from the article

12:46

Slowly At First, Then All At Once

The Investors" Corner ·

2023/05/29

Slowly at first, then all at once.- Ernest HemingwayThe 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 same. Not much happens at the drop of a hat. A car traveling very fast down a road doesn’t abruptly slam into a wall without “things” happening along the way.Just like nations, banks, and consumers, they don’t

14:07

Earnings Recap: XPOF & PTON

The Investors" Corner ·

2023/05/27

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 send this way so you’ll have to click through to read the rest.Today we’re going to be going over earnings for two companies that I’ve talked about quite a bit over the last 1.5 years.* Xponential Fitness XPOF

2:07

M&A Arb: Microsoft / Activision Deal Part II

The Investors" Corner ·

2023/04/23

This is a free preview of a paid episode. To hear more, visit www.cedargrovecm.comIf 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 below and selecting which “tier” you would like to be a part of.Hello everyone, thanks for making it back to part II of my two-part notes on the Microsoft $MSFT and Activision $ATVI deal. If you missed part I, you can

11:08

Q1'23 CGC Quarterly Letter

The Investors" Corner ·

2023/04/09

Fund PerformanceIn Q1 2023, Cedar Grove Capital Management, LLC (“Cedar Grove Capital” or the Fund” or “CGC”) returned -10.1% gross return compared to 7.5% for the S&P 500, 16.8% for the S&P Consumer Discretionary ETF XLY, -17.2% for the Cannabis ETF, and 3.0% for the Russell 2000.Q1 Market CommentaryQ1 had an interesting start to the year as buyers that took advantage of tax loss harvesting looked to restart their positions. Heavily shorted companies were squeezed and holders looking to quickly

15:30

RH '22 Earnings: An Inflection Point

The Investors" Corner ·

2023/04/03

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 after being paywalled.If you enjoyed today’s post, please hit the heart button and if you have any feedback, comment below.Earnings RecapLast week, RH $RH released its Q4’22 and FY’22 earnings and they weren’t

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