The Bear Cave is Watching $YOU
Edwin Dorsey, founder of The Bear Cave, discusses his bearish note on Clear Secure (YOU). Bulls think Clear is a product members love with a clear moat and a long growth runway; Edwin sees a company with lots of consumer complaints that has been around for almost two decades and is still losing money while losing economics to key partners like airports. The Bear Cave's YOU note: https://thebearcave.substack.com/p/pr...My Clear tweet thread: https://twitter.com/AndrewRangeley/st...Edwin's first podcast appearance: https://twitter.com/AndrewRangeley/st...Chapters0:00 Intro1:20 Clear Overview3:25 What is the crux of the bear thesis?4:55 What's wrong with Clear's business model?9:20 Why won't American partner with Clear?11:45 Discussing the San Jose concession13:55 Clear's NPS score vs. their BBB rating21:10 How Clear calculates their member count23:15 Are Clear's churn numbers as good as they look?27:00 Clear's strategic fit in bundles29:55 Clear's growth opportunities33:20 Why wouldn't Apple or Google win the "entry" game versus Clear?34:15 Is Clear a COVID beneficiary?36:30 Can clear become a 12x/day product?41:20 Clear's history of retaining key partners43:30 Will Clear run afoul of airlines in the long term?48:30 Closing thoughts