Alex Behring

3G remains the largest shareholder in Restaurant Brands International (Burger King, Tim Hortons, Popeyes). They highlight the franchise model's superiority: capital-light, royalty-based, and inflation-protected. The speakers emphasize that QSR brands "own the customer," unlike CPG brands sitting on a Walmart shelf. They cite massive international whitespace (e.g., taking Burger King France from 0 to €2B sales) and the hiring of Patrick Doyle (ex-Domino's) to drive tech modernization. A long-term compounder. The franchise model creates a moat against inflation (royalties on top-line revenue), and international expansion provides a long runway. Health trends shifting away from fast food; franchisee profitability struggles.