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With investing, sometimes you 
have stocks that just don't go 

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your way. 
Things don't turn out how you 

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thought they would. 
We've all experienced this 

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before, some of us with 
different stocks. 

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For example, the investors in 
Dollar General had no clue the 

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stock was going to drop 37%. 
This came a little out of the 

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blue. 
The company suddenly didn't do 

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as well as investors were 
expecting. 

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Another one is Disney, which for
years has given mediocre returns

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despite having some of the best 
assets in the world. 

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This is another one I know has 
so far disappointed a lot of 

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investors. 
We all have these 

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disappointments, these companies
that just don't go our way 

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despite our best efforts and 
best research. 

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And that's what makes it all the
better when you have a stock 

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where everything just seems to 
workout. 

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And one of those stocks for me 
is Texas Roadhouse, a restaurant

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company, a company that now is 
up 9.6% currently on the day the

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day after their 2023 Q 4 
earnings report. 

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Texas Roadhouse is in the green 
by 10% today, despite the market

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being in the red. 
We have a note here from 

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Qualtrum saying the company's 
moving up today because of a 

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good earnings report and because
different analysts are raising 

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their price targets on the 
stock. 

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Now I'm like any of you, I'm 
bummed when my stocks don't do 

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well. 
If one of my stocks is not 

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performing well, if the 
fundamentals are not moving in 

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the right direction, that really
bums me out. 

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But on the other side, I'm of 
course thrilled when one of my 

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stocks does well. 
And Texas Roadhouse is one of 

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these companies that continually
surpasses even my expectations. 

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I hold a very concentrated 
portfolio. 

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We have over $600,000 and only 
12 companies with this level of 

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concentration. 
Of course, I have a very high 

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standard for each company I 
invest in. 

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But Even so, Texas Roadhouse is 
one of these companies that 

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genuinely surprises me. 
It surpasses my expectations 

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time and time again. 
I first started buying this 

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company in 2021 and it's already
almost a double. 

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My holding value is 63,008 
dollars and it's currently 2800 

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in the green. 
When I look through my purchase 

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history of the stock, I was 
buying it through many different

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times, but the time where I 
really went heavy into it, where

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I started doing really big buys 
in it was around May of 2022 

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when it was at a price of $75. 
Since that time period, Texas 

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Roadhouse stock has appreciated 
by roughly 90%. 

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That's roughly three times the 
performance of the S&P 500. 

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So this stock has really crushed
the market recently. 

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It's done fantastic, but that's 
not the full story. 

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One of the more shocking facts 
that I like to share off because

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I think it's so interesting to 
see this stacked up against each

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other, is Texas Roadhouse 
against the S&P 500. 

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For the past decade, it hasn't 
just slightly beat the S&P 500, 

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it's completely crushed it. 
More shocking than that, it's 

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also beat the QQQ. 
So even the NASDAQ 100, all the 

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big tech companies, even if we 
hand picked some of the most 

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incredible companies over the 
past decade, ones that you would

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want to own if you could go back
in time, ones like Google going 

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back to 2013, Texas Roadhouse 
has still outperformed it. 

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It's hard to grasp the reality 
of the situation here. 

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A company that has absolutely 
nothing to do with leading 

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technology, nothing to do with 
artificial intelligence, nothing

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to do with fintech or software 
in general, is continually 

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outperforming some of the best, 
most advanced companies in the 

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US markets. 
And the mechanics of how it's 

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able to accomplish this time and
time again are very interesting.

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In this episode, I want to dive 
into it. 

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What are the mechanics of Texas 
Roadhouse that make this company

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generate market beating returns?
There's something they're doing 

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that other stocks are not doing,
and we're going to be breaking 

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it all down in this episode. 
Now I'm breaking down Texas 

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Roadhouse and the Secrets their 
incredible continual 

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outperformance. 
I think we first need to look at

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some of the basics of what 
returns are and how they're even

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generated in the 1st place. 
For this, I would recommend 

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downloading my Investment 
Philosophy presentation. 

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It's only 8 pages long and it's 
just a simple PDF file. 

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You can download it in the ping 
comment below, completely free, 

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no strings attached. 
On page 7 of this presentation, 

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I addressed intrinsic value and 
the core drivers of intrinsic 

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value. 
A company grows intrinsic value 

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by having organic revenue 
growth, free cash flow per share

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growth, and the predictability 
of the company improving. 

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Meaning that if a company's 
growing its organic revenue, 

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they're growing without doing 
expensive acquisitions or paying

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for their growth. 
They're growing by just growing 

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their core products, that's good
growth. 

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If a company's also growing 
their free cash flow per share 

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and earnings per share, that's 
also very good growth. 

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And if they're doing this while 
also growing their Moat or the 

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predictability, that's also good
growth. 

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So these three factors all 
determine the growth of the 

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intrinsic value and I think this
is something that investors 

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continually get confused about. 
In many cases, novice investors 

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may look at companies that are 
at the forefront of technology 

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and they will suggest that AI is
what generates returns. 

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Whatever company is the leading 
AI company or software, whatever

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company has the most cutting 
edge software will generate 

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returns. 
Now those things are great, 

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those softwares and features and
different things that companies 

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are creating, but they in and of
themselves do not generate 

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returns unless the company can 
translate that AI and software 

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into money. 
They need to have a profitable 

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business model behind the AI and
software. 

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Ultimately, it does not matter 
where it comes from or how it's 

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generated. 
What generates returns is 

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earnings and cash flow growth. 
If a company can grow its 

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earnings per share and it's free
cash flow per share and it can 

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grow it steadily for a long 
period of time and a predictable

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manner, that company will 
generate returns, whether it's 

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an AI company or a steakhouse. 
Ultimately, at the end of the 

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day, what matters is cash the 
money that the company earns, 

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and investors will not care 
whether or not that return comes

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from artificial intelligence, 
selling cutting edge software or

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from selling stakes. 
So while there's lots of money 

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to be made in cutting edge 
technology, there's also intense

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competition within that 
industry. 

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With Texas Roadhouse, they've 
consolidated steakhouses into an

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experience that's difficult to 
beat. 

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The value proposition is 
unsurpassed by any competitor. 

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The experience is on average 
much better than any competitor 

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because of the execution of this
company. 

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And out of everything, I want to
highlight with the incredible 

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performance of Texas Roadhouse, 
I think the biggest factor with 

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this company is execution. 
Execution is what's leading the 

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stock higher. 
On the second page of this 

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presentation, I have 
unattractive attributes in the 

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stock and many of them have to 
do with capital allocation and 

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execution of using cash. 
For example, I try to avoid 

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companies that have 
undisciplined use of cash flows,

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companies that issue too much 
compensation to employees and 

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executives. 
You'll see these companies issue

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hundreds of thousands of dollars
per employee in stock based comp

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far above a competitive pay. 
They also have fancy, expensive 

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offices, extravagant work 
parties. 

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They in some cases will invite 
celebrities and pay them 

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consulting or advertising fees. 
They invest into executive pet 

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projects, things the executives 
want to do not because they 

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believe they'll get a good 
return for their investors, but 

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because it's something they're 
interested in. 

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They also are in many cases 
unwilling to return excess cash 

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to shareholders. 
These are the undisciplined uses

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of cash flow, and I believe the 
primary reason why Texas 

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Roadhouse has commanded such 
incredible performance over the 

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past decade is by avoiding these
many sins that other managers 

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fall into wasteful uses of cash 
flow. 

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Texas Roadhouse is an example of
excellent use of capital 

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allocation and cash flow. 
To illustrate how skilled these 

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managers are at effectively 
using their cash and generating 

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returns for investors, I want to
take a look at this last 

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earnings report, the year of 
2023. 

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The first thing they mention 
right at the top is they're 

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increasing the quarterly 
dividend by 11%. 

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This is a direct return of free 
cash flow back to the investor. 

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So simple way to look at this is
the company generates free cash 

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flow every single quarter. 
We see these numbers right here,

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100 million dollars, $11 
million, thirteen million, 40 

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million. 
They're using some of this free 

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cash flow and returning it back 
to you directly through a 

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dividend. 
This direct payment back to you 

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in the form of a dividend is an 
incredibly direct way of 

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returning cash back to the 
shareholder. 

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You know that they're not using 
it for any tomfoolery. 

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They're not doing anything silly
with it. 

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They're just giving you the cash
directly back to your bank 

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account, directly back to your 
brokerage where it can be 

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reinvested into other 
opportunities. 

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And I've seen this happen over 
and over again with Texas 

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Roadhouse from when I first 
started buying the company 

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heavily, earning that $139 
dividend, then 180-3185, 

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224-220-9239. 
It's going to go up another 11% 

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without me owning any more of 
the company. 

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So my next dividend is going to 
be around $265. 

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And I get these four times a 
year. 

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Now the reason that they can 
continually grow the dividend is

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because they're growing their 
earnings and their cash flows at

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an accelerated rate above the 
market. 

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This is another thing that's 
incredible about this company, 

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how efficiently and quickly they
can grow. 

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For example, in the year of 
2023, they grew their revenue by

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15.4%. 
That is organic revenue growth, 

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meaning they're just growing 
their core business. 

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Their net income grew by 13%. 
Their diluted earnings per share

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grew by 14.3%. 
Now they had a 2.1% dividend 

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yield starting that year. 
So you got 14.3% in earnings per

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share plus another 2.1% in 
dividends. 

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A total return of 16.1%, a 16% 
return is above the average of 

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the market. 
The S&P 500 averages around 9 to

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10% returns. 
A 16% is of course 60% above 

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that. 
And they've been doing this on 

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average for the past decade. 
This 16% total return is 

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completely in line with their 
historical average. 

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So it makes sense that a company
that's returning far above the 

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rate of the market and doing it 
for a prolonged period of time 

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is beating the market, 
especially when this company in 

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question has a valuation that's 
around the same of the market. 

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The earnings per share this year
came in at $4.54. 

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If we bring up the earnings per 
share on Qualtrim, we don't have

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the latest data in because it 
was just today. 

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But if we look at 2023, that 
would put it right around here, 

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a nice step up from the previous
years, a 14% increase year over 

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year. 
You can see that this company 

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has the earnings per share 
growth that clearly looks like a

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compounding machine. 
But how do they accomplish this 

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growth? 
How does this company grow 

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earnings per share so quickly 
for so long? 

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There's a lot of explanations 
you can use, but I think one of 

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the most simple ones is people 
love steaks. 

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They really, really love steaks.
Maybe if you're outside of the 

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US, you don't understand this as
much, but at least inside of the

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US, we still like steaks. 
I call this Turf and Turf. 

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It's a 16 ounce T-bone and a 24 
oz Porterhouse. 

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Also whiskey and a cigar. 
I'm going to consume all of this

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at the same time because I am a 
free American. 

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Obviously this is a bit 
exaggerated, but the point is we

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really like our steaks here. 
When I put together my quick 

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notes on my bold thesis on Texas
Roadhouse, it was very simple. 

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I said that I think affordable 
steaks will never go out of 

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style. 
Consumer food habits are 

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unlikely to change. 
That's something that I continue

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to believe is just as applicable
and true today as it was three 

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years ago when I first bought 
the company. 

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Affordable steaks are always 
going to be in style. 

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It's just never going to change.
We also have the the threat, the

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competitive threat of different 
products like Ozempic and GLP 

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One Appetite suppressive drugs. 
But a lot of people highlight 

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the potential of these drugs 
without highlighting the 

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potential struggles of these 
drugs. 

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First of all, they are very 
expensive. 

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They require dedicated usage, 
and they have many side effects 

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when people use them. 
Many cases people report nausea 

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00:11:18,720 --> 00:11:21,480
and nobody wants to go through 
everyday feeling nauseous. 

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00:11:21,800 --> 00:11:23,960
I've never believed the appetite
suppressants would be 

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00:11:23,960 --> 00:11:27,600
meaningfully damaging to Texas 
Roadhouse, and so far even with 

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00:11:27,600 --> 00:11:30,160
people using these drugs, it 
doesn't seem like that's the 

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00:11:30,160 --> 00:11:32,400
case. 
Texas Roadhouse is also 

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00:11:32,400 --> 00:11:35,200
expanding internationally. 
They're still doing this today. 

238
00:11:35,400 --> 00:11:37,200
They're opening up Bubba's 33 
brand. 

239
00:11:37,200 --> 00:11:39,480
It's successful. 
They're opening up more Jaguars,

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00:11:39,480 --> 00:11:42,200
their new franchise quick 
service restaurant brand, and 

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00:11:42,200 --> 00:11:46,120
it's opening up with 4.5 stars. 
People really like the foods 

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00:11:46,120 --> 00:11:47,960
that they make. 
Another thing that I think is a 

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00:11:47,960 --> 00:11:51,200
constant something that will 
never change is the restaurant 

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00:11:51,200 --> 00:11:54,160
experience. 
No matter what happens with AI 

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00:11:54,160 --> 00:11:56,440
and artificial intelligence and 
different things we can do 

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00:11:56,440 --> 00:11:59,080
within our house, people still 
want to get out and go to a 

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restaurant, and Texas Roadhouse 
is more of a lively place to go 

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00:12:02,240 --> 00:12:05,000
have a restaurant experience. 
As long as these things hold 

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00:12:05,000 --> 00:12:07,920
constant, which I think they 
will, I believe this company is 

250
00:12:07,920 --> 00:12:09,600
going to continue having good 
returns. 

251
00:12:10,000 --> 00:12:13,440
And again, the majority of these
returns are the result of 

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00:12:13,440 --> 00:12:16,560
incredible execution. 
After this latest quarter, I was

253
00:12:16,560 --> 00:12:19,280
so impressed by the earnings 
report that I went to listen to 

254
00:12:19,280 --> 00:12:21,280
the earnings call. 
When I was listening to the 

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00:12:21,280 --> 00:12:23,960
earnings call, I heard a 
management team that seems to 

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00:12:23,960 --> 00:12:26,680
have everything figured out. 
They have everything put 

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00:12:26,680 --> 00:12:28,520
together. 
I want to go through some of the

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00:12:28,520 --> 00:12:31,120
highlights that I think are a 
bit less obvious when listening 

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00:12:31,120 --> 00:12:32,960
to this call. 
First of all, if we just 

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00:12:32,960 --> 00:12:36,680
breakdown what they've done over
the past year, they said that 

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00:12:36,680 --> 00:12:39,280
they grew earnings per share by 
14.3%. 

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00:12:39,640 --> 00:12:44,480
The dividend yield of 2.1% = a 
total return of 16.4%. 

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00:12:44,920 --> 00:12:48,720
They said in this return that 
this is consistent with their 

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00:12:48,720 --> 00:12:52,000
long term historical average 
return and they believe in the 

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00:12:52,000 --> 00:12:54,640
future. 
Going forward, we are confident 

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00:12:54,640 --> 00:12:57,760
that we can continue to reward 
our investors with strong 

267
00:12:57,760 --> 00:13:01,120
returns for years to come. 
So they didn't say that this is 

268
00:13:01,120 --> 00:13:03,840
unlikely to be repeated, that 
this is an outlier. 

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00:13:04,120 --> 00:13:05,800
They said no, this is what we 
do. 

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00:13:05,840 --> 00:13:08,360
This is the type of returns we 
generate and we're very 

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00:13:08,360 --> 00:13:11,280
confident in our ability to 
repeat this in the future. 

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00:13:11,800 --> 00:13:15,160
Now of course we don't know for 
sure if they can, but that's 

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00:13:15,160 --> 00:13:17,680
their thoughts about the future.
They also mentioned that in the 

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00:13:17,680 --> 00:13:21,920
year of 2023, they currently 
ended the year with $104 million

275
00:13:21,920 --> 00:13:24,520
in cash. 
So they have a lot of money in 

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00:13:24,520 --> 00:13:26,080
cash. 
For a company of their size 

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00:13:26,520 --> 00:13:28,880
above $100 million is a lot of 
cash to work with. 

278
00:13:29,240 --> 00:13:33,400
They self funded $347 million of
CapEx. 

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00:13:33,760 --> 00:13:36,280
Self funded means that they did 
not take out leverage. 

280
00:13:36,280 --> 00:13:38,960
They didn't take out loans, they
simply use their cash flows to 

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00:13:38,960 --> 00:13:41,560
pay for it. 
They also self funded $39 

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00:13:41,560 --> 00:13:44,240
million purchase of eight 
franchise restaurants. 

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00:13:44,560 --> 00:13:46,880
So they are buying their 
franchise restaurants because 

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00:13:46,880 --> 00:13:48,680
they know they get a positive 
ROI. 

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00:13:49,080 --> 00:13:54,520
They also returned $147 million 
in dividends and did $50 million

286
00:13:54,520 --> 00:13:56,920
in share buybacks. 
This is a company with a huge 

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00:13:56,920 --> 00:13:59,240
cash balance and no debt, self 
funding. 

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00:13:59,240 --> 00:14:02,720
Their CapEx expense growing 
organically and returning money 

289
00:14:02,720 --> 00:14:05,480
back to the investors through 
share buybacks and dividends. 

290
00:14:05,480 --> 00:14:07,480
They mentioned a couple other 
things about the future. 

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00:14:07,480 --> 00:14:09,800
They said they're accelerating 
their digital kitchen 

292
00:14:09,800 --> 00:14:12,080
conversions. 
This makes it easier for them to

293
00:14:12,080 --> 00:14:14,880
fulfill delivery, DoorDash and 
Uber. 

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00:14:14,960 --> 00:14:17,800
It also makes it easier for 
their restaurants to fulfill to 

295
00:14:17,800 --> 00:14:19,960
go orders. 
So they're now converting around

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00:14:19,960 --> 00:14:23,360
200 new restaurants to this 
digital kitchen to go orders is 

297
00:14:23,360 --> 00:14:26,200
now also $1,000,000 business per
restaurant. 

298
00:14:26,560 --> 00:14:29,000
That's a pretty big business and
they're continually growing 

299
00:14:29,000 --> 00:14:30,480
this. 
That's nice for them because it 

300
00:14:30,480 --> 00:14:32,560
doesn't occupy space in their 
restaurant. 

301
00:14:32,760 --> 00:14:34,440
They can serve more customers 
that way. 

302
00:14:34,640 --> 00:14:38,000
Now one of the downsides of this
year was CapEx expense was much 

303
00:14:38,000 --> 00:14:40,440
higher than last year. 
They were asked about this on 

304
00:14:40,440 --> 00:14:42,840
the earnings call and I thought 
it was really interesting the 

305
00:14:42,840 --> 00:14:45,280
answer they gave. 
They listed out a few reasons 

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00:14:45,280 --> 00:14:48,240
that CapEx is going up. 
One of the biggest expenses in 

307
00:14:48,240 --> 00:14:50,680
growing this brand is building 
new restaurants. 

308
00:14:50,800 --> 00:14:52,840
And they said it's a lot more 
expensive to build these 

309
00:14:52,840 --> 00:14:54,880
restaurants today than it was 
three years ago. 

310
00:14:55,200 --> 00:14:58,560
Building costs, labor, parts, 
all of that has inflated over 

311
00:14:58,560 --> 00:15:00,680
time. 
That's something they cannot 

312
00:15:00,680 --> 00:15:02,640
fix. 
They can't change how much it 

313
00:15:02,640 --> 00:15:03,920
costs to build their 
restaurants. 

314
00:15:04,240 --> 00:15:07,520
Another issue is Texas Roadhouse
is a bit of an old brand. 

315
00:15:07,760 --> 00:15:10,520
They've been around for a long 
period of time and many of their

316
00:15:10,520 --> 00:15:13,560
restaurants are simply old. 
They're just aging. 

317
00:15:13,560 --> 00:15:17,280
They need updating and repairs. 
So there's higher expense of 

318
00:15:17,400 --> 00:15:19,240
servicing these older 
restaurants. 

319
00:15:19,320 --> 00:15:23,040
And then also they're building 
their newer restaurants 10% 

320
00:15:23,040 --> 00:15:25,600
bigger than their prototypes a 
year ago. 

321
00:15:25,880 --> 00:15:29,200
They're finding that these 10% 
bigger restaurants allow them to

322
00:15:29,200 --> 00:15:31,920
earn a much higher ROI. 
So they're investing and 

323
00:15:31,920 --> 00:15:34,240
building even bigger restaurants
because they're getting a better

324
00:15:34,240 --> 00:15:36,400
return doing. 
So Now on the positive side, 

325
00:15:36,440 --> 00:15:38,840
even with the higher expense of 
building these new restaurants, 

326
00:15:39,040 --> 00:15:41,320
the new restaurants are 
performing incredibly well. 

327
00:15:41,320 --> 00:15:44,240
They're exceeding their cost of 
capital and their target 

328
00:15:44,320 --> 00:15:47,000
internal rate of return of the 
high teens. 

329
00:15:47,360 --> 00:15:50,280
So these new restaurants are 
still returning above the high 

330
00:15:50,280 --> 00:15:53,800
teens in IRR, which is a very 
strong return for the capital 

331
00:15:53,800 --> 00:15:55,960
they're putting in. 
So this is a nice way of saying 

332
00:15:55,960 --> 00:15:58,520
even though these restaurants 
are becoming more expensive, the

333
00:15:58,520 --> 00:16:00,920
returns they're getting for them
more than make up for it. 

334
00:16:00,960 --> 00:16:03,080
Now, another thing they 
mentioned on the call is that in

335
00:16:03,080 --> 00:16:06,400
the year of 2024, Texas 
Roadhouse has an extra week of 

336
00:16:06,400 --> 00:16:10,160
reporting and they're estimating
that that extra week will add on

337
00:16:10,160 --> 00:16:13,080
an additional 4% EPS for the 
full year. 

338
00:16:13,360 --> 00:16:15,760
So when you're looking at your 
analysis of earnings per share 

339
00:16:15,760 --> 00:16:18,200
growth, just keep that in mind 
that it's going to be a little 

340
00:16:18,200 --> 00:16:20,680
bit higher because they're 
reporting a full extra week. 

341
00:16:20,840 --> 00:16:24,440
And then so far in 2024, when 
asked about any type of slowdown

342
00:16:24,440 --> 00:16:27,200
or concerning trends or people 
spending a bit less money, 

343
00:16:27,520 --> 00:16:30,960
they've seen none of it. 
No slowdowns, no mixdowns in 

344
00:16:30,960 --> 00:16:33,000
their products, no concerning 
trends. 

345
00:16:33,320 --> 00:16:35,680
As far as they're concerned, 
they're off to a great start. 

346
00:16:35,680 --> 00:16:37,600
So there's a lot of different 
things we can look at with this 

347
00:16:37,600 --> 00:16:40,200
most recent quarter. 
But overall, what's generating 

348
00:16:40,200 --> 00:16:43,040
these great returns is a 
combination of their great 

349
00:16:43,040 --> 00:16:45,800
brand, their great customer 
service, their great product, 

350
00:16:46,160 --> 00:16:49,160
combined with incredibly good 
capital allocation. 

351
00:16:49,440 --> 00:16:53,160
Capital allocation is the key 
ingredient in this mixture. 

352
00:16:53,160 --> 00:16:55,280
It's the key thing driving these
returns. 

353
00:16:55,560 --> 00:16:58,800
If Texas Roadhouse did what many
other restaurant companies do 

354
00:16:59,120 --> 00:17:02,040
and acquire brands, acquire 
different companies, they're 

355
00:17:02,040 --> 00:17:04,440
always going out buying 
different things and doing it at

356
00:17:04,440 --> 00:17:07,520
expensive prices, they would 
have subpar returns. 

357
00:17:07,880 --> 00:17:10,079
But the fact that they're 
focused on growing out their own

358
00:17:10,079 --> 00:17:13,280
brands internally, ones that 
they've developed like Bubba's 

359
00:17:13,280 --> 00:17:16,440
33 and Jagger's ones that are 
not expensive to develop and 

360
00:17:16,440 --> 00:17:19,200
grow, they have a high amount of
return potential with very low 

361
00:17:19,200 --> 00:17:21,079
downside. 
Now with all that, the stock 

362
00:17:21,079 --> 00:17:25,440
today is at $147. 
It's up a staggering 23% year to

363
00:17:25,440 --> 00:17:28,560
date, 41% over the past year, 
not counting dividends. 

364
00:17:28,560 --> 00:17:31,160
So this company has been on A 
roll, but where does it stand 

365
00:17:31,160 --> 00:17:32,960
now? 
When I did my intrinsic value 

366
00:17:32,960 --> 00:17:36,240
estimates on all my companies, I
had Texas Roadhouse at an 

367
00:17:36,240 --> 00:17:40,360
intrinsic value of 1, $135. 
That's where I thought it was in

368
00:17:40,360 --> 00:17:43,080
the range of fairly valued. 
But I believe the company has 

369
00:17:43,080 --> 00:17:46,480
grown its total return around 
16% and I believe the intrinsic 

370
00:17:46,480 --> 00:17:49,120
value has moved up 16% year over
year. 

371
00:17:49,120 --> 00:17:55,000
So 135 + 16% is around 1:55. 
So I think it's worth around 155

372
00:17:55,000 --> 00:17:57,240
now. 
And the company trades at 1:47, 

373
00:17:57,240 --> 00:18:00,120
which means that even though 
it's moved up 11%, I still don't

374
00:18:00,120 --> 00:18:02,600
think the company's trading at a
crazy valuation. 

375
00:18:03,040 --> 00:18:05,520
Now, I'm not currently buying 
into the stock because I was 

376
00:18:05,520 --> 00:18:07,960
able to buy this one on a 
substantial dip, but I'm going 

377
00:18:07,960 --> 00:18:09,920
to continue holding it in My 
Portfolio. 

378
00:18:09,920 --> 00:18:13,520
I see no reason to be pressured 
into selling this one right now.

379
00:18:13,520 --> 00:18:16,080
As far as I can see with Texas 
Roadhouse, it's a continual 

380
00:18:16,080 --> 00:18:18,960
example of excellent Capital 
Management, a company that 

381
00:18:18,960 --> 00:18:22,080
continues to do the right thing 
on behalf of the shareholders. 

382
00:18:22,160 --> 00:18:24,640
And it seems to me today that 
the company has as bright of a 

383
00:18:24,640 --> 00:18:26,800
future as ever. 
I'm really thrilled with the 

384
00:18:26,800 --> 00:18:30,080
performance of this company, and
I know sometimes with investing 

385
00:18:30,160 --> 00:18:33,920
companies don't go your way. 
It's not always easy or fun. 

386
00:18:34,080 --> 00:18:37,280
Not every stock you buy rockets 
up, so I think it's good to 

387
00:18:37,280 --> 00:18:40,480
celebrate and be happy about the
time your thesis's work out. 

388
00:18:40,480 --> 00:18:42,960
For me today, that thesis is 
Texas Roadhouse. 

389
00:18:42,960 --> 00:18:45,960
I may go there this evening and 
celebrate with a steak. 

390
00:18:46,000 --> 00:18:48,040
That's all for this episode. 
See you in the next one.