Breaking Down the Food Ecosystem

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[00:03:42] – (First question) – Key components of the food management business

[00:05:12] – The most defensible businesses in the food chain

[00:07:51] – Law of conservation of attractive profits in the food business and food delivery 

[00:11:05] – Legacy food businesses and ones that have adapted well to changes today

[00:15:42] – Dark stores and cloud kitchens

[00:17:11] – Breaking down the Domino's Pizza business

[00:19:45] – Being a Domino's franchise owner

[00:21:03] – Why they offer such high returns to franchise owners

[00:23:22] – The tech company aspect of Domino's

[00:25:25] – Same-store economics for an owner

[00:28:15] – When Domino's realized their food was not great

[00:29:45] – Why Domino's owns the delivery and won’t go on other platforms

[00:32:47] – Most portable pieces of Domino's business

[00:34:03] – Parts of Domino's history that are intriguing 

[00:35:51] – Build once, sell many times

[00:40:09] – Lessons from the best retail businesses

[00:43:26] – Has it become harder for smaller companies to win with larger ones being more nimble

[00:46:39] – Watching the alternative meat companies flourish

[00:49:49] – Interesting trends in the food space

[00:51:22] – Global trends in food that we can learn from

[00:54:04] – Impact of Covid on the food industry

[00:57:44] – Businesses outside of stores that he finds fascinating

[01:00:08] – Why he’s impressed by Chipotle

[01:01:48] – Approaching buying a franchise

[01:05:30] – Creating a new QSR business and differentiating from the pack

[01:07:58] – Frontiers that he’s interested in today 

[01:10:17] – What he is saying in the competitiveness in public equities

[01:13:48] – Kindest thing anyone has done for him