Starbucks is the latest world-class brand to lose its way. Its last several months of performance have been lackluster, faith in the new team is dwindling and sentiment is truly awful. Is this a value trap or a compelling opportunity to add exposure to a brand that will rediscover its groove? Here I’ll dissect what’s wrong with Starbucks, how they’re addressing the issues, the quantitative picture, the team and where it can go from here. I wouldn’t call this a “deep dive” (although it goes deeper than any other “deep dive” you’ll read on social media) but rather a condensed view of the overall investment case. Let’s begin.