Mostly metrics
Run the Numbers
Exposing Corporate Misconduct with Edwin Dorsey, Writer Behind The Bear Cave

Exposing Corporate Misconduct with Edwin Dorsey, Writer Behind The Bear Cave

This episode dives into the world of short-selling and activist investing with guest Edwin Dorsey, the writer behind The Bear Cave Substack. Edwin tells CJ the story of how he made a name for himself by exposing wrongdoing at and how this inspired his current writing career. He goes on to explain how short selling works and what differentiates it from long-only investing, before talking about how he researches corporate misconduct, the clues he looks for in consumer industry reports, and other red flags apparent in the actions of management, auditing firms, and board members. He also discusses what it means for employees when an activist investor takes a stake in your company.

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@cjgustafson222 (CJ)

@StockJabber (Edwin Dorsey)



(00:00) Preview and Intro

(02:35) Sponsor - NetSuite | Mercury

(05:16) The Story That Put Edwin on the Map

(09:43) The Genesis of The Bear Cave

(13:09) An Introduction to Short Selling

(16:29) Sponsor - Maxio

(17:39) Betting on Binary Outcomes

(20:38) What Edwin Looks for in a Short Sell

(24:16) Management Turnover as a Short Sell Signal

(26:31) Red Flags Relating to Auditors

(31:35) Corporate Fraud and Financial Misconduct Red Flags

(41:13) Financial Statement Mishaps

(44:36) Why Edwin Watches Board Members Over CEOs or CFOs

(48:07) Activist Investing: What It Means for Employees

(53:33) A Parting Story on Exposing Corporate Wrongdoing

(55:27) Wrap

Mostly metrics
Run the Numbers
Run the Numbers is a twice-weekly podcast about financial metrics and business models, designed for ambitious people operating tech startups. It's a collection of things host CJ Gustafson (CFO at Partstech and writer of Mostly Metrics) has learned and thought about in the trenches as a tech CFO.
This show is meant to serve as a playbook of sorts for the stuff CJ wishes he knew earlier in his career, both from experience and from copying people smarter than himself.
Topics frequently touch upon Startup SaaS Metrics, Annual Budgeting, Financial Forecasting, Headcount, Equity, Dilution, and Fundraising – and how all of these drive business performance and growth.