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First Look: Chipotle Mexican Grill (CMG)

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This isn't my type of company. It isn't in my circle of competence...but I've been researching and studying the industry. It doesn't have the valuation I like... but that depends on what one thinks is normal earnings. What it is, is a contrarian, broken, growth stock with very good backward-looking numbers and uncertain future. Overview Chipotle Mexican Grill (CMG) is a restaurant chain that apparently pioneered and popularized "fast casual" dining--basically a cross between fast-food (e.g. McDonald's, KFC) and casual (eg. TGI Friday's, Chili's, Boston Pizza). The food is Mexican, prepared similar to fast-food restaurants and priced in between fast-food and casual (a burger at a fast-food place might be $4 whereas a burrito at Chipotle will be something like $6). I don't know much about restaurants and am not really into food--sometimes I wonder if I should even be looking at this company--but from reading numerous articles, it se