Investment Thesis
Two decades ago, The Onion published a satirical news article in which a rapidly-expanding Starbucks (SBUX) decided to open a new outlet inside the restroom of an existing franchise. The article proved prescient. Indeed, by the time USA Today reported that "[e]ven with Starbucks stores sometimes across the street from each other in major cities, the coffee chain's leaders said...that they will open roughly 12,000 new locations by 2021" just a few years ago, the apothegm that there was a Starbucks on every corner in America had become a cliché. For