$Arcos Dorados(ARCO)$ Does McDonald's have the ability to dominate like a Coca-Cola or a Gillette?In the annual report we talked about Coca-Cola and Gillette in terms of their base business as being what I call the Inevitables, and that related to obviously the soft-drink business in the case of Coca-Cola and razors in the case of Gillette. It doesn't necessarily extend to everything they do, but fortunately in both those companies those are very important products. I would say that in the food business, you would never get the total certainty of dominance that you would get in products like Coca-Cola and Gillette. People move around in the food business from where they eat. They may favor McDonald's, but they will go to different places at different times. If someone starts shaving with a Gillette Sensor Plus, they won't go elsewhere in my view. You'd never get in the food business in my judgment quite the inevitability you would get in the soft-drink business with a Coca-Cola. You'll never get it again in the soft-drink business. I mean, it took 111 years to get to the point where they are. The infrastructure is just incredible. So I wouldn't put McDonald's in the same class in terms of inevitability. That doesn't mean it couldn't be an even better stock investment, depending on the price. But you're not going to get the price from me and knowing Charlie I doubt that you'll get the price from him but I'll give him a chance. (Munger remains silent; Buffett holds a hand-held mirror up to Munger's face and announces "He's breathing, folks, he's breathing." Crowd laughter.)