Chipotle Mexican Grill, Inc.

“Chipotle's brand, unit economics, and 3,000-unit domestic whitespace make it a genuinely durable compounder, but the combination of 17% earnings decline, restaurant-level margin compression from 26% to 23%, an unproven leadership team following dual CEO/CFO departures, and a market cap that already prices in full margin recovery leaves no margin of safety at $43.47B — this is a business to own at the right price, and today's price is not it.”