Bill Ackman

They can raise, you know, millions of dollars. They can get access to infinite bandwidth storage. They can contract with engineers in low cost markets around the world. They could build a virtual company and they can disrupt businesses that seem super established over time. And then on top of that, you have,

major companies with multi-trillion dollar market caps working to find profits wherever they can. And so that's a dangerous world in a way to be an investor. And so you have to find businesses that it's hard to foresee a world in which they get disrupted. And the beauty of the restaurant business, and we've actually, our best track record is in restaurants. We've never lost money.

major companies with multi-trillion dollar market caps working to find profits wherever they can. And so that's a dangerous world in a way to be an investor. And so you have to find businesses that it's hard to foresee a world in which they get disrupted. And the beauty of the restaurant business, and we've actually, our best track record is in restaurants. We've never lost money.

major companies with multi-trillion dollar market caps working to find profits wherever they can. And so that's a dangerous world in a way to be an investor. And so you have to find businesses that it's hard to foresee a world in which they get disrupted. And the beauty of the restaurant business, and we've actually, our best track record is in restaurants. We've never lost money.

We've only made a fortune, interestingly, investing in restaurants. A big part of it's a you get Chipotle right, and you're at 100 stores, it's not so hard to envision getting to 200 stores and then getting to 500 stores. And the key is maintaining the brand image, growing intelligently, having the right systems. And when you go from 100 stores to 3,500 stores, you have to know what you're doing.

We've only made a fortune, interestingly, investing in restaurants. A big part of it's a you get Chipotle right, and you're at 100 stores, it's not so hard to envision getting to 200 stores and then getting to 500 stores. And the key is maintaining the brand image, growing intelligently, having the right systems. And when you go from 100 stores to 3,500 stores, you have to know what you're doing.

We've only made a fortune, interestingly, investing in restaurants. A big part of it's a you get Chipotle right, and you're at 100 stores, it's not so hard to envision getting to 200 stores and then getting to 500 stores. And the key is maintaining the brand image, growing intelligently, having the right systems. And when you go from 100 stores to 3,500 stores, you have to know what you're doing.

And there's a lot of complexity. If you think about your local restaurant, the family's working in the business. They're watching the cash register. You can probably open another restaurant across town, but there are very few restaurant operators that own more than a few restaurants and operate them successfully.

And there's a lot of complexity. If you think about your local restaurant, the family's working in the business. They're watching the cash register. You can probably open another restaurant across town, but there are very few restaurant operators that own more than a few restaurants and operate them successfully.

And there's a lot of complexity. If you think about your local restaurant, the family's working in the business. They're watching the cash register. You can probably open another restaurant across town, but there are very few restaurant operators that own more than a few restaurants and operate them successfully.

The quick service business is about systems and building a model that a stranger who doesn't know the restaurant industry can come in and enter the business and build a successful business. successful franchise. Now, Chipotle is not a franchise company. They actually own all their own stores.

The quick service business is about systems and building a model that a stranger who doesn't know the restaurant industry can come in and enter the business and build a successful business. successful franchise. Now, Chipotle is not a franchise company. They actually own all their own stores.

The quick service business is about systems and building a model that a stranger who doesn't know the restaurant industry can come in and enter the business and build a successful business. successful franchise. Now, Chipotle is not a franchise company. They actually own all their own stores.

But many of the most successful restaurant companies are franchise models, like a Burger King, a McDonald's, Tim Hortons, all these various brands, Popeyes. And there it's about systems. But the same systems apply whether you own all the stores and it's run by a big corporation or whether the owners of the restaurants are sort of franchisees, local entrepreneurs.

But many of the most successful restaurant companies are franchise models, like a Burger King, a McDonald's, Tim Hortons, all these various brands, Popeyes. And there it's about systems. But the same systems apply whether you own all the stores and it's run by a big corporation or whether the owners of the restaurants are sort of franchisees, local entrepreneurs.

But many of the most successful restaurant companies are franchise models, like a Burger King, a McDonald's, Tim Hortons, all these various brands, Popeyes. And there it's about systems. But the same systems apply whether you own all the stores and it's run by a big corporation or whether the owners of the restaurants are sort of franchisees, local entrepreneurs.

A moat is you get to a certain scale and you do it successfully. And the brand is now understood by the consumer. And what's interesting about Chipotle is what they've achieved is difficult. They're not buying frozen hamburgers getting shipped in. They're buying fresh frozen. you know, sustainably sourced ingredients, they're preparing food in the store. That was a first, right?

A moat is you get to a certain scale and you do it successfully. And the brand is now understood by the consumer. And what's interesting about Chipotle is what they've achieved is difficult. They're not buying frozen hamburgers getting shipped in. They're buying fresh frozen. you know, sustainably sourced ingredients, they're preparing food in the store. That was a first, right?

A moat is you get to a certain scale and you do it successfully. And the brand is now understood by the consumer. And what's interesting about Chipotle is what they've achieved is difficult. They're not buying frozen hamburgers getting shipped in. They're buying fresh frozen. you know, sustainably sourced ingredients, they're preparing food in the store. That was a first, right?

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.