Steakhouse Portfolio
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Date updated:05-26-2007

From Barron's 5-28-07

When Records Prove Elusive.

"Just how bad is the prime beef shortage? Tales abound of cattlemen bringing cattle to slaughter earlier. New York's legendary Peter Luger Steak House, for instance, is cutting back reservations and booking fewer big parties. The ever-so-helpful New York Times last week suggested "less luxurious cuts" for the grill this weekend (skirt steak, anyone?). Several things must happen before steakhouses rebound. Rising beef costs must moderate, and you'd catch the first whiff of that in cattle futures. Consumer spending should improve as the housing market stabilizes and as gas prices drop, but these will likely be signaled by an upturn in retailers' forecast. Until then, steakhouses can hike prices (and risk losing customers), or swallow the higher costs (and risk losing profits)."

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