Travis Hoium

Just, you know what, maybe people are eating out less.

Maybe fast casual is getting more saturated overall.

Is that something that will just kind of go, you know what, maybe I'm interested but not over a certain price?

Or how does that play into how you're thinking about the potential comeback of Chipotle?

Rachel, there are things that restaurants can do to goose those same-store sales.

John brought up the number of restaurants that they're opening.

Always seems to be a push and a pull.

If you're having negative same-store sales, do you want to open another 200 stores?

Because could you just be cannibalizing yourself?

But they're also talking about innovation in the menu.

They've done a little bit of that recently.

I've tried some of their new menu items.

They've been hit or miss.

But what are the catalysts that you're looking at potentially for a company like Chipotle if there is a comeback?

John, let's talk about that valuation, because one of the things you look back on, Chipotle has never been a particularly cheap stock.

I look back on the history, there's not really this moment where, you know what, you could have bought Chipotle at 10 times earnings or 12 times earnings.

It has always traded for a pretty high price-to-earnings multiple.

If you just go back to the middle of 2024, the price-to-earnings multiple was 70.

Now, it's down to about 30.

Is this just a cautionary tale of, you know what, buy a great company, but price does matter at the end of the day?