Bill Ackman

But ultimately the company's lacking some of the systems and had a food safety issue. Consumers got sick, almost killed the rent. But the reality of the fast food quick service industry is almost every fast food company has had a food safety issue over time. And the vast majority have survived. And we said, look, such a great concept.

But ultimately the company's lacking some of the systems and had a food safety issue. Consumers got sick, almost killed the rent. But the reality of the fast food quick service industry is almost every fast food company has had a food safety issue over time. And the vast majority have survived. And we said, look, such a great concept.

But they, you know, their approach was not, it was far from ideal. But we start with usually reading the SEC violence. So companies file a 10K or an annual report and they file these quarterly reports called 10Qs. They have a proxy statement which describes kind of the governance, the board structure. Conference call transcripts are publicly available.

But they, you know, their approach was not, it was far from ideal. But we start with usually reading the SEC violence. So companies file a 10K or an annual report and they file these quarterly reports called 10Qs. They have a proxy statement which describes kind of the governance, the board structure. Conference call transcripts are publicly available.

But they, you know, their approach was not, it was far from ideal. But we start with usually reading the SEC violence. So companies file a 10K or an annual report and they file these quarterly reports called 10Qs. They have a proxy statement which describes kind of the governance, the board structure. Conference call transcripts are publicly available.

It's kind of very helpful to go back five years and kind of learn the story. You know, here's how management describes their business. Here's what they say they're going to do. And then you can follow along to see what they do. Uh, it's like a historical record of, you know, of how competent and, uh, truthful they are. You know, it's a very useful device.

It's kind of very helpful to go back five years and kind of learn the story. You know, here's how management describes their business. Here's what they say they're going to do. And then you can follow along to see what they do. Uh, it's like a historical record of, you know, of how competent and, uh, truthful they are. You know, it's a very useful device.

It's kind of very helpful to go back five years and kind of learn the story. You know, here's how management describes their business. Here's what they say they're going to do. And then you can follow along to see what they do. Uh, it's like a historical record of, you know, of how competent and, uh, truthful they are. You know, it's a very useful device.

And then of course, looking at competitors, uh, and thinking about, you know, who could, what could dislodge this company? Um, Uh, you know, and then we'll talk to, if it's an industry, we don't know, well, we know the restaurant industry really well, music industry, you know, we'll talk to people in the industry.

And then of course, looking at competitors, uh, and thinking about, you know, who could, what could dislodge this company? Um, Uh, you know, and then we'll talk to, if it's an industry, we don't know, well, we know the restaurant industry really well, music industry, you know, we'll talk to people in the industry.

And then of course, looking at competitors, uh, and thinking about, you know, who could, what could dislodge this company? Um, Uh, you know, and then we'll talk to, if it's an industry, we don't know, well, we know the restaurant industry really well, music industry, you know, we'll talk to people in the industry.

We'll try to understand, you know, the difference between publishing and recorded music. We'll look at the competitors. Um, we'll talk to, we'll read books. I read a book about the music industry or a couple of books about the industry. Um, So it's a bit like a big research project. And there are these so-called expert networks now. And you can get pretty much anyone on the phone.

We'll try to understand, you know, the difference between publishing and recorded music. We'll look at the competitors. Um, we'll talk to, we'll read books. I read a book about the music industry or a couple of books about the industry. Um, So it's a bit like a big research project. And there are these so-called expert networks now. And you can get pretty much anyone on the phone.

We'll try to understand, you know, the difference between publishing and recorded music. We'll look at the competitors. Um, we'll talk to, we'll read books. I read a book about the music industry or a couple of books about the industry. Um, So it's a bit like a big research project. And there are these so-called expert networks now. And you can get pretty much anyone on the phone.

And they'll talk to you about an aspect of the industry that you don't understand and want to learn more about. Try to get a sense. You know, public filings of companies generally give you a lot of information, but not everything you want to know. And you can learn more by talking to experts about some of the industry dynamics, the personalities. You want to get a sense of management.

And they'll talk to you about an aspect of the industry that you don't understand and want to learn more about. Try to get a sense. You know, public filings of companies generally give you a lot of information, but not everything you want to know. And you can learn more by talking to experts about some of the industry dynamics, the personalities. You want to get a sense of management.

And they'll talk to you about an aspect of the industry that you don't understand and want to learn more about. Try to get a sense. You know, public filings of companies generally give you a lot of information, but not everything you want to know. And you can learn more by talking to experts about some of the industry dynamics, the personalities. You want to get a sense of management.

I like watching, you know, podcasts. If a CEO were to do a podcast or a YouTube interview, you get a sense of the people.

I like watching, you know, podcasts. If a CEO were to do a podcast or a YouTube interview, you get a sense of the people.

I like watching, you know, podcasts. If a CEO were to do a podcast or a YouTube interview, you get a sense of the people.