Emily Flippen

massively missed revenue guidance last quarter.

I think they came in around $5 billion versus prior guidance $6 to $7 billion, all because of, for the most part, delivery delays.

But they still have a pretty big runway of $12 billion north of secured business that's coming into the market over the next

couple of quarters.

Unless leadership is actively lying to us, which to your point, Lou, maybe that's what's happening.

I mean, that's virtually contracted sales there.

So there's a lot of visibility into at least over the next 12 months or so for this company that make me think that any pessimism, short interest is maybe a bit overblown.

I am hugging this bear.

Now, granted, like I said previously, I was hugging the Lululemon bear all through the course of the past year.

Every single month, week, quarter, whatever time frame you chose, you could say the same thing about Lululemon, which was it was a once in a decade plus valuation getting cheaper and cheaper and cheaper.

Now, it's once in a lifetime valuation.

It's entirely possible that Chipotle continues to fall from here.

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.