Alex Behring

altering that trajectory in any way, shape or form.

Different this situation where we had a Burger King where we need to actually create that trajectory.

It wasn't there.

As Dan said, these are all different deals.

In the case of Hunter, the company, in fact, has always been doing

consolidation like acquisitions in this space.

And I think that continues under our ownership.

But here it's a little bit different.

I think that if you look at the footwear sneaker leading companies, for the most part, they're not multi-brand.

They're largely monobrand footwear.

They're monobrand, which by the way is great in this case.

And there isn't a case where we would make 20, 20 times our money.

So I think that it's a great way for you to understand a business and to learn a business and to make it more efficient because you basically, as the name indicates, you have to think the business from the grounds up.

So you learn a lot.

And if you undergo that intellectual exercise, it frees up some expenses and frees up some margin for you to invest and grow in the business and for you to take it to the next level.

Having said all of what I just said, I think the importance people assign it.

to this process in terms of what our investment success has been is a bit exaggerated.

If you look at the amount of money we made at RBI, and then you try to decompose that, okay, how much of it was because we did zero base budget successfully in a couple of instances?

And how much of it is because we grew the businesses.

Originally, we had 12,000 restaurants.