I gave this Chipotle ($CMG) presentation on September 10, 2025 to demonstrate my Value of Growth analytical model using the Italian Cookie Valuation method.

I structured the presentation around the investment Bill Ackman made in 2016 when he purchased 9.9% of the company and what I consider to be many of the reasons he sold his entire position last year.

The presentation is intended as a demonstration of the power of the Value of Growth model and is not intended as an investment recommendation.

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