Jason Kuhn

That's why I think the small O outcome is much more palatable and seems more fair to me. A breakup is a really draconian action. And I'm not sure that when you look at Google versus AT&T and the baby bells, I don't think it's anywhere near the same. But if there's the political will... They'll be able to craft and change some of the laws that allow these folks to just keep going after them.

That's why I think the small O outcome is much more palatable and seems more fair to me. A breakup is a really draconian action. And I'm not sure that when you look at Google versus AT&T and the baby bells, I don't think it's anywhere near the same. But if there's the political will... They'll be able to craft and change some of the laws that allow these folks to just keep going after them.

And if that happens, I think it's going to be really important for Google to define the terms of their own breakup.

And if that happens, I think it's going to be really important for Google to define the terms of their own breakup.

That's causing a massive- Why do you keep saying Starbees? It's what the kids call it. It's what the kids call it. Starbies. Oh, that's part of the problem.

That's causing a massive- Why do you keep saying Starbees? It's what the kids call it. It's what the kids call it. Starbies. Oh, that's part of the problem.

Sorry, what did you call it? It's called Chipotle. Normal people call it Chipotle.

Sorry, what did you call it? It's called Chipotle. Normal people call it Chipotle.

Come up here, that's I have a couple. The first is that I think Starbucks is actually an incredible brand and it's actually a really good business. And the mistakes here have nothing to do with the product per se, meaning Chipotle, if you remember, someone got poisoned there. There was like botulism, the chicken was bad. So there was a core product problem, but that's not the case here.

Come up here, that's I have a couple. The first is that I think Starbucks is actually an incredible brand and it's actually a really good business. And the mistakes here have nothing to do with the product per se, meaning Chipotle, if you remember, someone got poisoned there. There was like botulism, the chicken was bad. So there was a core product problem, but that's not the case here.

If you unpack what Starbucks is, I think that they are a premium product and that's reinforced by what Saks said, which is they price in such a way because they believe that they are a premium product. The problem is they are not a premium brand. And the difference is Hermes as an example is a premium brand. They can charge whatever they want under all weather conditions. They have pricing power.

If you unpack what Starbucks is, I think that they are a premium product and that's reinforced by what Saks said, which is they price in such a way because they believe that they are a premium product. The problem is they are not a premium brand. And the difference is Hermes as an example is a premium brand. They can charge whatever they want under all weather conditions. They have pricing power.

So if their inputs go up, they can make sure they maintain margin by changing the final price that the customer paid. Starbucks doesn't have that power. So they charge like a premium product But they're not a premium brand that has pricing power. And that's why you've seen this compression.

So if their inputs go up, they can make sure they maintain margin by changing the final price that the customer paid. Starbucks doesn't have that power. So they charge like a premium product But they're not a premium brand that has pricing power. And that's why you've seen this compression.

So very specifically, when the new CEO came in, he, I think, made one important mistake, which is he came in on the heels of a very rosy set of projections that Howard Schultz and the board put out to the street. And I think that he had an opportunity then and there to just cut it because they saw inflation, they saw what it was doing.

So very specifically, when the new CEO came in, he, I think, made one important mistake, which is he came in on the heels of a very rosy set of projections that Howard Schultz and the board put out to the street. And I think that he had an opportunity then and there to just cut it because they saw inflation, they saw what it was doing.

And if you just looked around the corner, you would have seen that there would have been this compression in the product. And I think what he should have done is just cut the analyst projections and the forecast to give him room and time. He didn't do that. And by the way, when you bring in somebody who ran Taco Bell,

And if you just looked around the corner, you would have seen that there would have been this compression in the product. And I think what he should have done is just cut the analyst projections and the forecast to give him room and time. He didn't do that. And by the way, when you bring in somebody who ran Taco Bell,

That is proving that this is neither a premium product nor a premium brand anymore. It is a mass market product that will ebb and flow cyclically with the vicissitudes of inflation. That doesn't mean it's a bad business. I'm just saying it's just an observation. I expect that Brian Nicol, if he is smart, will look at this forecast and shred it to give himself time.

That is proving that this is neither a premium product nor a premium brand anymore. It is a mass market product that will ebb and flow cyclically with the vicissitudes of inflation. That doesn't mean it's a bad business. I'm just saying it's just an observation. I expect that Brian Nicol, if he is smart, will look at this forecast and shred it to give himself time.