Hold CAVA by Dec 27, 2026.

The collapse in Sweetgreen's performance makes me question how much moat or entry barrier really exists in healthy fast casual restaurant. CAVA is doing much better today, but I don't know yet whether that reflects a durable competitive advantage or simply an earlier stage of growth (only 500 restaurants nationwide) I am staying on the sidelines and watching whether CAVA can maintain \~$3M AUV and \~25% restaurant-level margins as it moves from 500 toward 1,000 restaurants. I am writing this …