Empire builder Danny Meyer was on on Mad Money with Jim Cramer who checked on the longterm performance of the "Danny Meyer Index." Back in 2009 Cramer had Meyer select a portfolio of publicly traded companies he believed understood and embodied hospitality including Chipotle, Whole Foods, American Express, Apple, and Google. Cramer finds that the Danny Meyer Index outperformed the S&P 500 by a staggering amount: Where the Danny Meyer Index showed gains of 375%, the S&P only gained 129%.
In an interview segment with Cramer at Gramercy Tavern, Meyer addresses how believing in your own success is a detriment to growth, learning from mistakes, and running "an employee-first business." Meyer also talks about being on the board at OpenTable, and some of the downfalls of corporate restaurant chains like Darden (Olive Garden, Red Lobster): "Darden is a great company, they've stood the test of time ... However, I think a lot of their restaurants play in what's been a really tough segment these days." Go, watch:
Video: Service with a Smile
· Service with a Smile [YouTube]
· All Danny Meyer Coverage on Eater [-E-]