Would be surprised if they can rebut much of this. Yeah I get...

Would be surprised if they can rebut much of this. Yeah I get that it’s opinion based but there are a lot of strong “facts” and “factual comparisons” in the research report.

Take the Beach Burrito section for instance. A store closing and yet an average $5m Val on those stores. How do you come back at that?

What I’m interested in is what the usually outspoken Mark Sowerby will have to say about his legacy. Doesn’t look like BLAs practices have changed recently. So by cashing out a fair amount in 2016, was he effectively short long before the fine work of Glaucus?

Also, I bet there’s a few valuation Partners out there at the moment sweating bullets on their past BLA advices.