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Alpha-Bets

Alpha-Bets

By: Anagram Capital
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Alpha-Bets is a podcast from Anagram Capital, a private investment firm built for individuals and family offices.


On Alpha-Bets, we explore unique and emerging trends in Entrepreneurial Investing - pairing clear, numbers-driven market insight with the human stories behind the deals.


Each episode features executives, operators, and founders building businesses and creating their own path in the private capital ecosystem, often by buying cash-flowing main street businesses that are simple and can build economies of scale through acquisitions.


Whether you’re an LP, an operator, or simply curious about how private market opportunities get built, Alpha-Bets is your inside look at the ideas, diligence, and relationships that can drive outperformance in the private markets.


For informational purposes only. Not investment, legal, tax, or business advice.


© 2026 Alpha-Bets Economics Leadership Management & Leadership
Episodes
  • From Grand Mere to Anagram

    From Grand Mere to Anagram
    Jan 7 2026

    In the premiere episode of Alpha-bets, Howard Han sits down with Mike Cherney to trace his path into entrepreneurship through acquisition - from building Grand Mere Capital and navigating the high-stakes world of quick-service restaurants.

    Mike shares his personal journey from sitting next to Howard at Thayer Street Partners to founding Grand Mere Capital, which was the soil from which Anagram grew.

    Mike also shares his opinions on the various QSR and franchise brands while breaking down what drives value in franchising: brand innovation, operator selection, unit economics, and the operational friction that can quietly make or break a deal.

    Along the way, he shares hard-won lessons from both wins and missteps, how his framework for evaluating operators evolved, and what scaling real businesses taught him personally. The conversation closes with the genesis of Anagram Capital - why he founded the firm with Howard, its goals, and the principles Mike carries forward.
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    47 mins
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