I started a new position in Starbucks as I pressed send on this article today. It’s 2% of total holdings, and I will likely look to build this out over time. I view this position very similarly to my Disney holding. To me, this is an iconic brand that has lost its way, but also has a very clear roadmap to turn things around. It’s also already showing subtle signs of real progress being made. This Saturday’s portfolio update article will spell out the investment case, risks, macro considerations, team and expectations. I can’t wait to share it with you all.