Howard Penney, managing director at Hedgeye, is one of the most highly regarded restaurant analysts in the world. In his first appearance on Real Vision, Penney lays out his bearish thesis on McDonald’s. He runs through the company’s growing complexities, highlights the formation of the National Owners Association, and discusses the downside risk for the stock, in this interview with Justine Underhill. Filmed on February 14, 2019.