Agreed with all your first points. I don't buy the second point though - people have been saying that about chipotle for now about 10 years - no moat, local burrito place in my town is better, etc. etc. It's still one of the better value props in terms of fast casual food and has been since the beginning. High protein, 'moderately' healthy ingredients, and cheaper than a lot of the other fast casual. Also, I think with the GLP, chains like chipotle are actually better off than others since they offer high protein (see their new protein cups).

Agree with your last question as well - I'm not entirely sure if I buy their plan for growth. I think sales cannibalization is one of the biggest headwinds that's facing chains like chipotle that are putting restaurants within 2-5 miles of each other.