The winners of the Pershing Square Challenge 2026 discuss their Doordash pitch, including why the growth story still has room to run (and the 90 primary research calls they made to back up that call). We get into durable US restaurant growth, why new verticals and international could inflect to profitability earlier than the street models, the underappreciated opex leverage, their proprietary Wolt case study, the Tony Xu bet, and why they think the Citrini AI-agent thesis on DoorDash is overblown.

This episode is sponsored by Trata. Check out their DASH transcript at https://www.trata.com/dash

Chapters

00:00 The Pershing Square Challenge and team DoorDash

01:14 Sponsor: Trata

02:50 Meet the team: ZK, Elliot, and Aaron

05:40 Why they picked DoorDash out of the screen

10:10 The bull case in three parts

11:20 US restaurant growth: still the middle innings?

13:20 Demographics as a tailwind

17:50 Order frequency and the China comp

21:00 Valuation: $70B cap, adjusted EBITDA, and the path to $320

25:35 The real downside: competition, Amazon, bundled memberships

29:50 The ~90 primary research calls

33:35 New verticals and the grocery economics

38:10 A DoorDash bet or a Tony Xu bet?

41:40 Management comp and alignment

43:45 International: the Wolt case study and Deliveroo

47:00 The tech-stack reinvestment cycle

51:00 Sylvie makes her podcast debut

51:20 Citrini and the AI-agent threat

56:20 Wrap

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Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/