Should I sell or hold Chipotle (CMG)

Would you buy more right now at this price if you had the cash to do so?
If yes, then hold.
If no, then sell.

The split will have zero long-term impact

In my opinion you made a lot of money with CMG, and my personal opinion is the growth story is mostly played out.

It is a well run business in a very very difficult sector to do it in.

I would reduce my exposure if the taxes etc make sense.

If you have a price target(s) in mind where you’d be content to part with CMG, you could sell covered calls at that strike, or laddered strikes, against all or part of your position.

Sell and put it all in a SP500 ETF for the next few years. Thank me later.

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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