Jack

I'm sorry, Jack.

Pause the pod.

That ain't the situation in the burrito line right now.

Chipotle is not getting cheaper at all.

In fact, yesterday they announced the opposite.

They're raising prices by 2% this year, which by our count is like the 10th time since the pandemic began that they're raising prices.

I know.

Guac was already extra, and now this.

It's extra, extra.

So why does Chipotle think that raising prices in this economy is an okay thing to do?

Well, this is what Jack and I found fascinating, Yetis.

Chipotle has a favorite customer, and that customer is making 100K.

That customer is the Goldman analyst who has a Hamptons week timeshare.

And that customer is the millennial Millie with the Sapphire Reserve card next to the Amex Platinum card.

It's the dink kicking it in Cabo this weekend.

That's who Chipotle knows is crushing burrito balls three days a week.

And so it is at this point Jack and I should sprinkle on the context about the K-shaped economy.

You've heard it before.

The wealthier are doing better.

They're the upper leg.