Photo: Kim Bhasin, Business Insider
Legendary short-seller David Einhorn just told a crowd of people at the Value Investing Congress that he is betting against Chipotle.Immediately, Chipotle’s stock price dropped by 6 per cent.
Einhorn thinks that Chipotle’s got a big problem: Taco Bell.
Click here to see what the new menu is like >
Taco Bell recently launched its new Cantina Bell menu, which is meant to be more upscale than traditional Taco Bell fare, positioning itself more directly against fast-rising Chipotle’s offerings. They enlisted Chef Lorena Garcia of Top Chef Masters fame to help them out.
Two years in the making, Taco Bell wants this menu to be of comparable quality with Chipotle, but much more affordable with a price point under $5.
Taco Bell recently announced that it has big plans for the new menu. It’s testing items like a new quesadilla, a chicken Caesar burrito and revamped steak.
And you can’t ignore the meteoric rise of the Doritos Locos Taco, which has been a massive success so far.
Einhorn is convinced this is nothing but bad news for Chipotle.
Taco Bell recently invited us to a sit-down dinner at the Empire State Building with Chef Garcia to try out the new menu.
They had a very green-themed table set up, with Chef Garcia's spot at the head of the table. Admittedly, it's quite strange to actually sit down and eat Taco Bell at a big dinner table.
The bar had three of Chef Garcia's original cocktails — White Mango Sangria, Fresh Cucumber Mint Martini, and Watermelon-Cilantro Mojito
Meanwhile, we had some chips to hold us over. They were accompanied by the new guacamole, pico de gallo, and corn salsa.
Chef Garcia also talked about what's next for her and Taco Bell. She said she'd like to see carnitas, salads, and make changes to the steak.
The infamous guacamole gun. Pull the trigger once to dispense the appropriate amount for consistency. It was Chef Garcia's first shock when they started working together.
The hardest part, she said, was getting consistency everywhere. Taco Bell's scale is just so massive that you really have to think about all the ingredients and where they're sourced from.
Of course, they won't be sold in stores with such a fancy bowl. They'll come in a plastic container with a clear top like this one.
It's a pretty hefty bowl, even though it's under 600 calories. Recommended price for chicken and veggie is $4.79, while steak's price is $4.99.
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