TOST
TOST: Positioned to benefit if independent restaurants invest in direct-ordering and pickup channels and reduce reliance on third-party delivery aggregators.
Recent proof-backed thesis calls
One active recommendation: buy. Analysis highlights consumer and restaurant pushback against third-party delivery fees and app-driven menu markups.
The entry argues that food delivery apps such as DoorDash and Uber Eats have become poor value for consumers in 2026 due to inflation, shrinkflation, delivery/service/bag fees, taxes, tips, and restaurant menu markups inside the apps that can make orders 30%+ more expensive than ordering directly. The main investable read-through is consumer pushback against third-party delivery economics and potential demand elasticity pressure, while restaurants with strong direct-ordering/pickup channels may
Current stance
Buy — thesis rests on Toast benefiting from restaurants strengthening direct ordering and pickup capabilities, which could capture orders currently routed through expensive third-party apps.
- Beneficiary via Shift toward direct restaurant ordering and pickup from https://www.youtube.com/@humphrey (confidence 0.35)
Top authors on this asset
Active and historical ticker theses
Primary active play: 'Shift toward direct restaurant ordering and pickup' — argues restaurants building customer-owned digital channels may gain share as consumers seek better value.
Unlock full asset monitoring
Monitor restaurant adoption of direct-ordering tech and signs of demand elasticity in delivery volumes; adjust position as evidence of sustained channel shift emerges.