I want to get to your word of the day. Your word of the day is discipline. What are you being disciplined about.Isn't this the day just to put money in mega cap tech. I mean, we're seeing the capex go up. We're seeing Nvidia making deals.Why aren't we just jumping back into tech today. >> Just for that reason. I think you have to be disciplined around valuation as we, you know, head into the end of the year.And I think that, you know, fundamentals still matter to some degree, but I understand the momentum. ...

Core Insights - The fast-casual restaurant sector is experiencing a valuation reset as investors reassess growth expectations and profitability for companies like Chipotle, CAVA, and Sweetgreen [1][6] Group 1: Chipotle Mexican Grill Inc - Chipotle has seen its stock price drop over 35% year-to-date, trading near a 52-week low of $38.30, significantly down from its high of $66.74 [2] - The company's forward earnings multiple is approximately 35X, still higher than traditional restaurant peers, but more than half of its historical 10-year multiple, indicating a shift in market perception [2][3] Group 2: CAVA Group Inc - CAVA's stock, initially performing well post-IPO with triple-digit P/E ratios, has now fallen to around its 52-week low, with a valuation of about 56X earnings, reflecting a market reset rather than a collapse [4] - The decline in CAVA's stock price suggests a cooling sentiment due to concerns over slowing traffic growth and the challenges of maintaining premium pricing in a competitive landscape [4] Group 3: Sweetgreen Inc - Sweetgreen remains unprofitable and is valued based on price-to-sales rather than earnings, with investors hoping for future profitability as the market shows less patience for growth-at-all-costs strategies [5] - The stock trajectory of Sweetgreen indicates that the previous "pay now for future margins" approach is losing traction in the current tighter capital environment [5] Group 4: Market Trends - The collective decline of these fast-casual brands marks a significant shift from their previous treatment as high-growth tech startups, highlighting a new market preference for value over hype [6]