re: Should I sell or hold Chipotle (CMG)

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But 14% of its restaurants are in California and the recent rise in the minimum wage for fast food restaurants (whose owner's aren't the governor's friends) has forced it to raise prices in that state

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They've raised prices 5x in the last 2 years to keep up with market conditions and they've lost no momentum to speak of

They have established and retained a customer base that is downright shockingly inelastic in a niche that does not breed such loyalty. I don't know how much cost containment juice they have left to squeeze to be able to keep that price trajectory going indefinitely (a story which should put them in the Canton of Cost Management first ballot) but if there's one side of the margin equation I wouldn't question going forward it's their top line

Someone wrote a good piece about their customers' price stickiness a few weeks ago, I will link if I can find it