Vj has been wrong ("non-long") about Panera for so long that his only satisfaction comes from insulting the longs. Anybody who mentions that growth rate is relevant to any rational valuation model, is essentially called a moron by vj. One who has been as wrong as he has for so long, has essentially 3 choices: he can admit the mistake (like Freshbread); simply disappear from the Board (like Hoselrocket), or stubbornly reiterate an obviously deeply flawed valuation model, while making it seem that the longs, rather than vj, have been so wrong and lost so much, or at least "soon" will. If Panera keeps rising, vj's bashing will only get louder. "I was wrong big time" is utterly absent from his vocabulary and "value" system.