Ronald Reagan said, "The nine most terrifying words in the English language
are: 'I'm from the government and I'm here to help."
But the three words that should terrify McDonald's Operators are "Long-Term
There is no such thing as "Long-Term Equity", it's imaginary and when used
by McDonald's corporate types it's duplicitous. We only know two things about
the long term:
A) Remodel and rebuild requirements will continue to grow in expense and
B) Every store will be scraped and rebuilt every twenty years.
Spending today's equity on McDonald's controlled real estate will not build
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