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Is Shake Shack the new Krispy Kreme? Or will it be even worse?
Is Shake Shack the new Krispy Kreme? Or will it be even worse?

In January, at the time of the ultra-buzzy initial public offering of high-end hamburger joint Shake Shack, we asked if the company would turn out to be the Krispy Kreme of 2015. Now the question is: could it even turn out worse for investors? Both companies came to market amid a halo of popular adoration. Krispy Kreme's sugar-slathered doughnuts represented the comeback of the guilty indulgence after Americans had spent decades imprisoned in a health-obsessed nanny state, and was poised to expand nationwide. Shake Shack talked up its origins as a New York food truck, though it actually was the product of a very efficient theme-restaurant partnership. Krispy...

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