好。你想谈谈Burger King吗？当然。为什么，为什么它是快餐连锁（QSR）行业中少数几家公司之一，它的交易代码是什么？为什么它是少数几家保持强劲的公司之一？我的意思是，过去几天它一直在打折，但这个类别真的非常非常难找。
是的。有几个原因。首先，Patrick Doyle做得非常出色。他是董事会首席执行官。3G任命他为公司首席执行官。他曾在Domino's任职，如你所知，在他的领导下他曾担任CEO。
在他的管理下，我相信Domino's的价值增长了20倍。灾难。是的。他很棒，嗯，自从他离开后，公司就变成了一场灾难。他选择了一个好时机离开。他就是那个出来在网上发视频说食物有多糟糕的人吗？
是的。是的。在Domino's。是的。他拯救了它，他拯救了这家公司。正是如此。当时就像，就像一场火车事故。他来了说：“食物很差。”是的。我们走吧，他说它尝起来像纸板。是的。他们进行了焦点小组调查，并开始改进配方，是的。
我不知道他们到底做了什么，他们在番茄酱里加了大蒜。这就像是一个启示。是的。我认为他们做出了一种更能承受运输的酱料。他们在食物方面做了有价值的事情。是的。但他们在执行方面也很擅长。
是的。他们一度拥有最好的食品配送应用。他们可能现在还有。我不知道。他们现在还有。太棒了。下单极其简单；它记得你喜欢什么以及你的配送说明。他们取得了巨大的成功。所以这就是现在被请来负责This Is Burger King、Tim Hortons和Popeyes的人。
所以，这都是健康食品。是的。Firehouse Sub。啊是的。是的，但是Jonathan，我认为很多竞争对手正受到GLP药物的伤害。我认为这是故事的一部分。为什么Burger King和Tim Hortons是安全的？
它们并非免疫，但它们正处于转型阶段。他们已经解决了这个问题。我的意思是，听着，他们必须像其他人一样应对20%到25%的肉类价格通胀。该股最初的市盈率比其他股票便宜。其次，Burger King北美目前正处于转型阶段，他们正处在其中。
还有nations……他们为什么要进行这种转型？这意味着什么？例如，加盟商不满意。门店的单位经济效益不好。你知道，同店销售一直不好。现在，同店销售已经改善。他们基本上已经完成了McDonald's刚刚开始的复苏的一半。
所以，这里最棒的是它每五年就私有化一次，对吧？Burger King每五到七年就会变成一家私有公司，因为有人会买下它。3G在2011年或2012年收购了它。我认为他们会长期留下；他们建立了一个伟大的企业，并在等待期间获得3-4%的回报。
他们将有机会收购其他餐厅。是的，它可能会被出售，但我认为该公司现在价值450亿美元。所以，这变得有点困难了。我的意思是，将Burger King私有化的过程，我认为按百分比计算，是有史以来最好的私募股权交易。
Good. Do you want to talk about Burger King? certainly. Why, why is this one of the few companies in the Quick Service Restaurant (QSR) sector, and what is its trading symbol? Why is it one of the few companies that has remained strong?
I mean, it was on sale for the last couple of days, but this category was really, really hard to find. Yes. There are a few reasons. First of all, Patrick Doyle did a fantastic job.
He is the Chief Executive Officer of the Board. 3G appointed him as the company's chief executive officer. He was at Domino's, and as you know, under his leadership he was the CEO .
Under his management, I believe the value of Domino's has increased 20 times. disaster. Yes. He's great, well, since he left it's become a disaster . He chose a good time to drive.
Is he the person who came and started making videos online about how bad the food was? Yes. Yes. At Domino's. Yes. And he saved it, he saved the company . exactly . It was like, it was a train wreck.
He came and said, "The food is bad." Yes. Let's go, and he said it tasted like cardboard. Yes. They conducted focus groups and began to improve the recipe, yes. I do n't know what they really did , they added garlic to the tomato sauce.
It was like a revelation. Yes. I think they made a paste that withstands transport better. They did valuable things with regard to food. Yes. But they were also adept at implementation.
Yes. They had the best food delivery app at one point. They probably still have them . I don't know. They still have them. It's great. Ordering is extremely easy; it remembers what you like and your delivery instructions.
They achieved tremendous success. So this is the man who has now been brought in for This Is Burger King, Tim Hortons and Popeyes. So, it's all healthy food. Yes. Firehouse Sub.
Ah yes. Yes, but Jonathan, I think a lot of competitors are being hurt by GLP drugs. I think that's part of the story. Why are Burger King and Tim Hortons safe? They are not immune, but they are in the middle of a transformation phase.
They have addressed this problem. I mean, listen, they have to deal with meat price inflation of 20% to 25% like everyone else. The stock initially had a cheaper price-to-earnings ratio than other stocks.
Secondly, Burger King North America is currently in a transformation phase, and they are in the middle of it. And nations... why are they making this transformation? What does that mean ?
For example, the franchisees were not happy. The unit-level economics for the stores were not good. You know, sales at similar stores haven't been good. Now, sales at similar stores have improved.
They are basically halfway through the recovery that McDonald's has just begun. So, the great thing here is that it goes private every five years, right? Burger King becomes a private company every five to seven years, as someone buys it.
3G acquired it in 2011 or 2012. I think they will stay for a long time; they have built a great business and are getting a 3-4% return while they wait. They will have opportunities to buy other restaurants.
Yes, it may be sold, but I think the company is now worth $45 billion. So, it became a little more difficult . I mean, the process of taking Burger King private was, I think, as a percentage, the best private equity deal ever .