The Bear Cave is Watching $YOU

Yet Another Value Podcast

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...
Chapters
0:00 Intro
1:20 Clear Overview
3:25 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 concession
13:55 Clear's NPS score vs. their BBB rating
21:10 How Clear calculates their member count
23:15 Are Clear's churn numbers as good as they look?
27:00 Clear's strategic fit in bundles
29:55 Clear's growth opportunities
33:20 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 partners
43:30 Will Clear run afoul of airlines in the long term?
48:30 Closing thoughts