The Five Trades An Operator Runs When They Can’t Compete On What Matters
In the last post I named [Transactional Arbitrage] as the operating trade running underneath most restaurants — the trade of capturing a spread the counterparty did not consent to. That is the parent frame. This post names the five specific...
The Chipotle Of X Is Framework Arbitrage
There is a pitch that has been running in the restaurant industry for twenty years. It is the single most durable arbitrage play on Road 1, and it has produced more failed concepts, more burned capital, and more misled operators...
