In this clip from Monday's edition of The Call @ Hedgeye, Consumer Staples analyst Daniel Biolsi highlights what’s behind record high cattle prices and the impact beef prices are having on restaurants—fast casual in particular.
Veteran Restaurants analyst Howard Penney adds that Shake Shack ($SHAK) is especially vulnerable with its "poor real estate decision."
"I've been making the point for a year that this aggressive growth strategy by Shake Shack leads to poor real estate decisions," Penney says. "Why the hell were they opening a location in 2021 in a mall in San Francisco? They shouldn't have been.”
