Red Browne

CAVA stock rose ~20% on earnings; reported customers are buying *more* expensive menu items (steak) rather than trading down. In a consumer environment defined by "trading down," CAVA is an outlier showing pricing power and brand heat. They are expanding store count in high teens % systematically, avoiding the "growth at all costs" mistakes of peers like Sweetgreen. LONG. Momentum and fundamental execution are decoupling CAVA from the broader struggling restaurant sector. Valuation is extremely high relative to traditional restaurant peers.

McDonald's sales grew at the fastest pace in two years following the introduction of value meals and promotions (e.g., Grinch meal). The consumer is not dead, but they are "trading down." McDonald's has successfully repositioned itself as the value leader, winning traffic from higher-priced competitors. LONG Value-Based Fast Food. Rising food costs forcing price hikes that alienate the value consumer.