Ed Elson

So I'm open to pushback here, but I think this is more a story of GLP-1 as opposed to the franchise model doesn't work.

You know who's probably adopted the franchise model at a greater scale than fast food restaurants is hotels.

Very few hotels are owned by the flag.

Four Seasons owns one of its property, its flagship property, its headquarters in Toronto.

Every other Four Seasons is owned by a rich guy who thinks, I'd like to own the local Four Seasons.

And then they come in, it's a much better model.

They plant the flag, they let them tap into the reservation systems.

They have a very onerous owner agreement around

You have to have someone 24 hours a day at the check-in desk, you have to clean the rooms twice, whatever it is, and they take eight to 12% of top line proceeds.

And the owner of the Four Seasons in New York, I think had to give it back to the bank because they had to maintain these onerous standards when no one was checking in.

But it's an amazing model.

And by the way, in the hotel business, it's still working because people love the idea of owning the six senses.

But almost all of these companies, almost all of the big brands now in hotels, Starwood, Hyatt, a lot of them are basically a franchise model.

And it's working.

So again, but GLP-1, as far as I can tell, it's one of the few industries I've been able to reverse engineer a disruption from GLP-1.

This isn't the model here.

This is...

beef and these shitty foods need to be priced to their real costs.

We bury the Central Valley and cattle ranchers in water, and we subsidize the shit out of beef and bad beef that's not good for you.

So I don't feel for, and also the fast food industry, you could argue employs people, but