Lou Whiteman

It used to be international as a growth story.

They can still, yes, benefit

from China and all of that, but you are neutering some of that long-term international growth story.

I think it's so important to separate.

I know this is the opposite by what you know, and there's room for everything, but just because you like the company or just because you think the company is doing the right thing, that doesn't make it a winning investment.

Starbucks very much falls into that camp right now.

I like what they're doing.

I think Nichols is doing the right thing.

As an investor, I see other opportunities for market-beating growth outside of Starbucks, which is a very mature coffee retailer.

And for the most part, with exceptions, Wall Street pays for growth, right?

So, I think growth does matter.

Rachel mentioned, they're trying to get better in the stores.

Part of that is higher wages.

Part of that is trying to kind of, I joke, but 20% of the world's global warming emissions come from Starbucks drive-thrus, it feels like.

I mean, you get stuck in a Starbucks drive-thru for 30 minutes at times.

Right.

Oh, yeah, yeah, yeah.

No, I mean, you are just stuck there.

So, they do need to invest in all these problems.

But again, just as an investor, I'm looking at margin growth, I'm looking at revenue growth, I'm looking at just the things you look for in a growth investment.