Emily Flippen

Don't take the short-term pullback in Chipotle

and assume that just because it's fallen 50%, that it can't fall another 50%.

We have seen that happen in the past with great businesses.

But the reason why I have high conviction for Chipotle is because I think there is a dynamic that is, like we talked about earlier, impacting the entire restaurant space right now that has made it particularly hard for Chipotle, who had years of great comps, to put up the same numbers.

And I think leadership has somewhat lost touch with what their customers want in the value proposition.

Their new leadership team at Chipotle is actually talking about

not raising costs, not keeping up with tariffs, keeping prices low, and eating it in the short term in terms of their bottom line progress just to rebuild loyalty with their consumer.

And I think that is the right decision for this company long term.

I love the fact that management seems to be focused on the right things.

And I think they can turn the ship around.

I actually agree with you 100%, Lou.

And I've been a bull on Duolingo ever since the company went public.

And it's gone up a lot.

It's gone down a lot.

It's been very volatile.

But the reason why I've been bearish actually has nothing to do with the underlying fundamentals.

In fact, Tim Byers, who's a big fan of Duolingo, will always sit me down and try to explain them to me.

And he's like, you don't understand the amazing return on investment they're getting for every marketing dollar spent for the customers that do come and stay on the platform.

But in my opinion, we have seen this story play out

So many times in the past, people generally do not stick around with learning languages.