Lou Whiteman

Here's what I didn't hear.

which is what I think as an investor I want to hear.

Again, I'm not shorting this either.

I think the business is doing what they should.

But what is your plan for long-term market-beating growth?

I think that's really hard for Starbucks to do, especially as they go asset-light international.

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.