Bill Ackman

The quality of the product at Chipotle is incredible. It's the highest quality food you can get for, you can get a serious dinner for under 20 bucks and eat really health, you know, healthfully and very high quality ingredients. And that's just not available anywhere else. And it's very hard to replicate and to build those relationships with, you know, farmers around the country.

The quality of the product at Chipotle is incredible. It's the highest quality food you can get for, you can get a serious dinner for under 20 bucks and eat really health, you know, healthfully and very high quality ingredients. And that's just not available anywhere else. And it's very hard to replicate and to build those relationships with, you know, farmers around the country.

It's a lot easier to make a deal with one of the big you know, massive food producers and buy your pork from them than to buy from a whole bunch of farmers around the country. And so that is a big moat for Chipotle, very difficult to replicate. And by the way, another company I think you have a stake in is McDonald's? No, we own a company called Restaurant Brands.

It's a lot easier to make a deal with one of the big you know, massive food producers and buy your pork from them than to buy from a whole bunch of farmers around the country. And so that is a big moat for Chipotle, very difficult to replicate. And by the way, another company I think you have a stake in is McDonald's? No, we own a company called Restaurant Brands.

It's a lot easier to make a deal with one of the big you know, massive food producers and buy your pork from them than to buy from a whole bunch of farmers around the country. And so that is a big moat for Chipotle, very difficult to replicate. And by the way, another company I think you have a stake in is McDonald's? No, we own a company called Restaurant Brands.

Restaurant Brands owns a number of quick service companies, one of which is Burger King.

Restaurant Brands owns a number of quick service companies, one of which is Burger King.

Restaurant Brands owns a number of quick service companies, one of which is Burger King.

They'll just sell you the patty.

They'll just sell you the patty.

They'll just sell you the patty.

Maybe we'll have Burger King featuring it. What about Flame World? What's with these fried burgers? We got to get you to Burger King, you know, grilled burgers.

Maybe we'll have Burger King featuring it. What about Flame World? What's with these fried burgers? We got to get you to Burger King, you know, grilled burgers.

Maybe we'll have Burger King featuring it. What about Flame World? What's with these fried burgers? We got to get you to Burger King, you know, grilled burgers.

Okay.

Okay.

Okay.

Sure. It's a big position for us.

Sure. It's a big position for us.

Sure. It's a big position for us.