Speaker unverified: belief

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…There's a next best use math. Which restaurants have actually invented something that's hard to copy? I actually think any restaurant that's been around for, let's say, two-plus decades, probably has very interesting IP. Obviously, some of this information is not public. You can imagine when you go into a McDonald's around the world, that french fry, perhaps they don't sell the same exact items in every single store in every country, every city, but the french fry almost always tastes the same. That is an extraordinarily difficult feat to accomplish. There's a lot that goes behind the scenes, just like there's a lot that goes behind the scenes at DoorDash in terms of getting you one order on time to make that sentence true. The same can be said about a lot of other businesses that have been around for very long periods of time. That's on the big brand QSR side where a lot of the innovation, if you will, is in the process innovation. Also, how do you run large groups of people and have very high and consistent standards of service? Extremely difficult. That's the IP, I would argue, for a lot of these large brands. On the other side, there are small restaurants, some of whom have been around for almost a century, actually. There aren't that many of them. But when you look at what makes them special, it tends to be the same things that actually make startups special. It tends to be a small group of people that really believe in a certain idea, some commitment towards some standard of excellence. It could be excellent towards the food, the service, or takeout. There are some takeout-only businesses that have been around for many decades. As a result, they have high retention, high usage, and they're very efficient. Can you speak about any specific examples of the impressive IP that these chains have conducted over the years? It could be the McDonald's french fry, how they actually make it taste consistent, I don't know the answer to that, or any of your favorite restaurants?…

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