I give a hold rating for The Cheesecake Factory ( CAKE ) , as I think the near-term upside is already priced in. While I’m encouraged by the strong 1Q25 margin performance, steady SSSG, and momentum in new storeI’m a fundamental, valuation-driven investor with a strong focus on identifying businesses that have the potential to scale over time and unlock massive terminal value. My investment approach centers around understanding the core economics of a business—its competitive moat, unit economics, reinvestm ...