Saizeriya might be the only company in the world to be praised and even thanked by customers for raising prices when they finally announced it yesterday. It truly reflects how special Saizeriya is. I just published Part 2 of my Saizeriya deep dive, breaking down their own version of ‘scale economies shared’, a flywheel built over 50 years, predating Amazon or Costco! I apologise for the length but I hope you can see it as a result of the multitude upon which their moat is built upon. One that betrays economic theory we’re often taught. They are the Anti-Private Equity. And all the small decisions they’ve made over time have created a cost structure that will be almost impossible to replicate, let alone deliver the quality they do. Find it in the usual place. 🍝🍝🍝🍕🍅