Ed Elson

I mean, just striking.

And Chick-fil-A's secret sauce, yeah, the chicken's fine.

It's a great product, but the other ones have a great product too.

It was that they had this really unique model where they have 25,000 people apply to be one of the 80 or 120 franchisees.

And they call from former military veterans to, and they have this really sophisticated means of trying to find somebody who they think is just passionate about the brand and will be on site every minute of every day.

There's all this data showing that a restaurant does not work if the owner isn't there a lot, whether it's shrinkage, making sure the bathrooms are clean, saying hi to consumers.

And so Chick-fil-A, where I'm headed with this, this isn't about a business model.

This isn't even about them competing with each other.

The newspapers made the same mistake.

The New York Times thought it was competing against the LA Times or the Boston Globe or the Chicago Tribune.

No, they were competing against a structural shift in consumer behavior.

And I want to acknowledge, I'm a hammer and everything I see is a nail, but I think this is all about, I think this has nothing to do with the franchise model.

I think this is about GLP-1.

And that is one in eight, 30 million Americans are on GLP-1s.

The population of Texas is on GLP-1s now.

And you don't go into a Wendy's

and eat a double Whopper or whatever the fuck they serve is, and then leave and think, wow, that was a good idea.

Wow, that made all kinds of sense, supersizing my McDonald's meal at Newark Airport.

By the way, that's an amazing meal, Newark Airport McDonald's, shout out.

It's like supposedly one in three times a pack of cigarettes is sold, the person buying it is swearing to themselves it's gonna be their last pack ever.