Howard Schultz

Now, we created an industry that didn't exist, and they have followed us and done really good things, but we're not threatened by that.

Now, we created an industry that didn't exist, and they have followed us and done really good things, but we're not threatened by that.

Yes. How do you define Third Wave Coffee? Actually, Howard is probably the best person to ask. I mean, it's a very...

Yes. How do you define Third Wave Coffee? Actually, Howard is probably the best person to ask. I mean, it's a very...

uh intentional independent coffee store that is small enough that they're roasting their own coffee or getting coffee from a small proprietary roaster and creating a very unique handcrafted experience that in many ways starbucks can't do in scale right right And so I tip my hat to them, but there's no coffee experience in the world that comes close to the roastery, any of them.

uh intentional independent coffee store that is small enough that they're roasting their own coffee or getting coffee from a small proprietary roaster and creating a very unique handcrafted experience that in many ways starbucks can't do in scale right right And so I tip my hat to them, but there's no coffee experience in the world that comes close to the roastery, any of them.

And do those roasteries break even, or are they this marketing showpiece that loses?

And do those roasteries break even, or are they this marketing showpiece that loses?

Some are making money, and some aren't. Wow. But I've never viewed it that way. It's like the billboards. You couldn't put a price on the hundreds of thousands of people that come into this roastery. and have an experience of a lifetime. And I took Mr. Arnaud to the roastery. Really? I did. In Milan? In Seattle.

Some are making money, and some aren't. Wow. But I've never viewed it that way. It's like the billboards. You couldn't put a price on the hundreds of thousands of people that come into this roastery. and have an experience of a lifetime. And I took Mr. Arnaud to the roastery. Really? I did. In Milan? In Seattle.

He and his son, yeah. Wow. Yeah, I spent a good amount of time with him. I've taken a lot of retail CEOs and iconic business people to the roastery. I bet. Who want to see it.

He and his son, yeah. Wow. Yeah, I spent a good amount of time with him. I've taken a lot of retail CEOs and iconic business people to the roastery. I bet. Who want to see it.

Wow. Wow. What was Bernard doing in Seattle?

Wow. Wow. What was Bernard doing in Seattle?

I don't know what he was doing in Seattle, but I spent a fair amount of time with him and his son. His son now runs Tiffany.

I don't know what he was doing in Seattle, but I spent a fair amount of time with him and his son. His son now runs Tiffany.

Wow. And his level of curiosity was very high. I remember he kept looking at the leather railing and the stitching, and I just said, he's spending a lot of time on the leather. Yeah.

Wow. And his level of curiosity was very high. I remember he kept looking at the leather railing and the stitching, and I just said, he's spending a lot of time on the leather. Yeah.

I bet he was.

I bet he was.