Hey, it's Kramer, and this is my morning take on the market from today's

CBC Investing Club morning meeting.

Let's start with Starbucks. You had a comp sales, a blowout here.

4%, estimates of around 2. People coming back to the stores.

Transactions are growing.

Wait times are down. What's driving the transaction growth?

Weight times are down, drive-through

times are down. They're getting mobile right. Earnings was amiss. But Brian Nicol has said,

that's fixed comps. Let's get people back to the stores. Margins will follow. Okay, so let's talk

about this. This stock was at 105. It's come down. I want to urge people to say, you know, we're looking for opportunity, but we have a huge position. But understand that there are now people who say, well, hey, wait a second, he's not making that much money off the comm stores. Now, he has driven me this morning, totally wrong way to look at it. Once he gets him in the stores, he's going to have the to feed the gross margins. So don't do it on that.

And certainly don't sell the stock. If you don't have it, wait, they may take the stock down. We sold that with G. Renova at one point this morning. Yeah, this was the first full quarter of the Green Apron service inside, embedded in the daily operation. So good to see what they can pull off. With that 26 guidance, they introduced comp sales of at least three.

That was nice.

Again, EP. So good to see what they can pull off with that. 26 guidance. They introduced comp sales of at least three. That was nice.

Again, EPS Light.

We're going to see an investor day tomorrow.

They'll go over some multi-year targets.

So I'm sure we'll hear a lot more about the $2 billion of cost takeout opportunities they see over the next two years and where margins can go in the future. It was always about throughput. It was always about getting you in and getting you out. As he said, as he explained to me, when he first got to Chipotle, he's a tremendous teacher of mine. I've learned a lot from him. And what he said is, if you get people in four minutes, they'll come. And then once you

get them, they'll come. If you make the place more comfortable, they'll stay. It's all coming together. Yeah, and we put a two on it yesterday, or maybe the day before. I'm sorry. No, I'm telling you, it's going to be very hard to maintain this because it did go up big. And there's a big date tomorrow too.

So let's digest the invest rate tomorrow.

Then we'll update our rating. to maintain this because it did go up big. And there's a big day tomorrow too. So let's digest the investor day tomorrow.

Then we'll update our rating if we need to.

And there's been a lot of fervor, take stock up and then go down.

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