<p>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.</p><p>This episode is sponsored by Trata. Check out their DASH transcript at https://www.trata.com/dash</p><p><a href="https://www.dropbox.com/scl/fi/g2ytexaocczmntu3d2bw3/DASH-Zekun-Feng-Aaron-Samuels-Elliot-Tompras-Pershqing-Square-Challenge_YAVP.pdf?rlkey=athsuf2uh9zfnf2iqxtjczg7h&st=dc1ukitf&dl=0" target="_blank" rel="noopener noreferer">Team DASH presentation</a>: </p><p><a href="https://www.linkedin.com/in/zk-feng/" target="_blank" rel="noopener noreferer">ZK&#39;s LinkedIn</a></p><p><a href="https://www.linkedin.com/in/aaronjsamuels/" target="_blank" rel="noopener noreferer">Aaron&#39;s LinkedIn</a></p><p><a href="https://www.linkedin.com/in/elliot-o-tompras/" target="_blank" rel="noopener noreferer">Elliot&#39;s LinkedIn</a></p><p>Chapters</p><p>00:00 The Pershing Square Challenge and team DoorDash</p><p>01:14 Sponsor: Trata</p><p>02:50 Meet the team: ZK, Elliot, and Aaron</p><p>05:40 Why they picked DoorDash out of the screen</p><p>10:10 The bull case in three parts</p><p>11:20 US restaurant growth: still the middle innings?</p><p>13:20 Demographics as a tailwind</p><p>17:50 Order frequency and the China comp</p><p>21:00 Valuation: $70B cap, adjusted EBITDA, and the path to $320</p><p>25:35 The real downside: competition, Amazon, bundled memberships</p><p>29:50 The ~90 primary research calls</p><p>33:35 New verticals and the grocery economics</p><p>38:10 A DoorDash bet or a Tony Xu bet?</p><p>41:40 Management comp and alignment</p><p>43:45 International: the Wolt case study and Deliveroo</p><p>47:00 The tech-stack reinvestment cycle</p><p>51:00 Sylvie makes her podcast debut</p><p>51:20 Citrini and the AI-agent threat</p><p>56:20 Wrap</p><p>Links:</p><p>Yet Another Value Blog - https://www.yetanothervalueblog.com</p><p>See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer</p><p>Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/</p>