Jon Boyar from the Boyar Value Group returns to the podcast to discuss his high conviction thesis for Scotts Miracle-Gro (SMG). SMG was a massive COVID beneficiary, and shares have sold off in kind with other COVID beneficiaries. Jon thinks the market is too pessimistic here, SMG's brands have Coke like market share, and the company has a rapidly growing "picks and shovels" cannabis business that he believes investors are basically getting for free at current pricesYou can find all my writings here: https://yetanothervalueblog.substack.com/My notes on SMG: https://twitter.com/AndrewRangeley/status/1489600380854013952?s=20&t=c24bhjV0UhOWlZWjgULoCwBoyar's interview w/ SMG's CEO: https://www.boyarvaluegroup.com/podcasts/james-hagedorn-scotts-miracle-gro-chief-executive-officer-and-chairman-of-the-board-on-the-tremendous-opportunity-in-the-cannabis-space-potentially-spinning-off-the-fast-growing-hawthorne-division/Boyar's SMG overview: https://www.lp.boyarvaluegroup.com/smg2021 Boyar's Forgotten Forty: https://www.lp.boyarvaluegroup.com/andrewwalkerChapters0:00 Intro1:35 SMG Overview5:50 Why are SMG's brands so dominant?9:50 Customer concentration risk for SMG11:55 What happens to earnings as they lapse the "COVID boom"?17:50 Discussing Hawthorne21:30 What is Hawthorne's moat?24:45 Federal legalization and Hawthorne's sales distribution27:40 Why is Hawthorne's growth slowing right now?29:45 Hawthorne's cannabis investment strategy34:00 How SMG got into Hawthorne and look at it long term36:20 Breaking down SMG's SOTP40:00 The rationale for a potential Hawthorne spin45:40 Closing SMG thoughts48:25 Other interesting forgotten 40 names