From Wall Street to Wendy's | Business

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It was last updated at 10:41 on May 01 2008.</div> </div> </div> <div class="wide image"> <img src="https://web.archive.org/web/20080502115707im_/http://image.guim.co.uk/sys-images/Media/Pix/pictures/2007/11/15/McDonalds460.jpg" width="460" height="276" alt="McDonald's"/> <p class="caption">Photograph: Jeff Roberson/AP</p> </div> <p>You might expect to find well remunerated Wall Street analysts at some of New York's finest steakhouses, sushi palaces and fine dining emporiums. Not Credit Suisse's Keith Siegner, who has been haunting fast-food joints at mealtimes for the last month.</p><p>Since the beginning of April, Siegner, a restaurant industry analyst, has eaten each of his meals at one of six chains – McDonald's, Burger King, Wendy's, Taco Bell, Subway and Domino's – as part of a semi-serious research exercise to prove an investment hypothesis.</p><p>Rather than eating greasy burgers, fries and pizzas, Siegner is sticking to the healthiest options on each menu. The slim, 6ft 2in New York-based analyst wants to justify a bullish position on fast-food companies – he believes they can prosper in spite increasing health consciousness among the American public. </p><p>"We think obesity is not necessarily an obstacle for quick service restaurants," Siegner told me. "The QSRs that are nimble, that offer great tasting healthy products, can actually improve their profit base against increased scrutiny."</p><p>Siegner's project, which he calls "Super size Keith", is the polar opposite of Morgan Spurlock's gluttonous adventure in the 2004 documentary "Supersize Me" which consisted of buying the biggest possible portions from McDonald's for every meal. Instead, Siegner has been munching on salads, grilled chicken sandwiches, soups and burritos with side orders of apple dippers instead of fries.</p><p>It's not been easy. He admits: "I'm definitely getting tired of it. Week three was tough. The novelty's worn off and I'm getting tired of eating the same options."</p><p>Fresh vegetables are proving particularly elusive: "What I really miss is vegetables. I usually eat a lot of vegetables. I want asparagus, brussel sprouts, broccoli, cauliflower, green beans."</p><p>But three weeks into the experiment, Siegner reckons his hypothesis is proving largely accurate: "We think a person living a normal lifestyle can eat solely fast food and maintain their health and enjoy it."</p><p>Siegner hasn't gained any weight. He hasn't encountered anything really disgusting and certain offerings have been an agreeable surprise – McDonald's southwest chicken salad is his favourite so far, beating Wendy's ultimate chicken grill sandwich.</p><p>A key problem, however, has been salt. Even the healthy options on fast-food menus tend to contain huge amounts of sodium. Siegner has been consuming close to 4,800 milligrams of salt a day – well above the recommended daily intake which is between 1,800 and 2,400 milligrams.</p><p>In a note to clients, Siegner has pondered whether salt is "the next trans fat", facing the possibility of legislative restrictions or class-action lawsuits.</p><p>Salad dressings and sandwiches are particular culprits. He points out that a single packet of Newman's Own low-fat balsamic dressing from McDonald's contains 30% of the recommended daily salt intake, while a six-inch chicken sandwich from Subway has almost 25% of a day's allowance.</p><p>"It is nearly impossible to avoid sodium, and some of the healthiest and lowest calorie options have the most," noted Siegner, pointing out that it can cause hypertension and high blood pressure particularly among middle-aged and elderly people.</p><p>The fast-food industry is reluctant to cut salt because of perceptions that such a move would lessen the flavour – and because fast-food customers sometimes protest against change in a kneejerk fashion: "When McDonald's announced it would switch to trans-fat free oil, it faced a barrage of complaints that the 'new' fries tasted horrible, before it had actually started switching the oil used!"</p><p>Siegner's experiment is nearing an end and he is salivating at the prospect of a more varied diet as soon as the month is complete: "I've got a client lunch the day after this ends – it's either going to be a steakhouse or a high-end Asian or Mexican. My wife is going to cook me a vegetable fest for dinner."</p><p>It might all sound like a bit of a gimmick but Siegner reckons he's learned a lot about the quick service food restaurants which he covers for Credit Suisse. Plus, he says, there's nothing wrong with adopting a light approach to stockbroking – particularly in the present climate.</p><p>"In a lot of ways, in this type of market, far too many people take things too seriously and take themselves too seriously," he says. "Research doesn't have to read like a 10K [an SEC corporate earnings return]. You can make research more fun."</p> </div> <div id="related"> <ul id="article-toolbox-side"> <li class="printable"><a href="https://web.archive.org/web/20080502115707/http://www.guardian.co.uk/business/2008/may/01/useconomy/print" rel="nofollow" id="printlink" class="printable rollover" name="&lid={article}{Print}&lpos={article}{1}"><img src="https://web.archive.org/web/20080502115707im_/http://image.guim.co.uk/static/50254/original/common/images/icon_print.gif" alt="Print this" class="trail-icon"/><span>Printable version</span></a></li> <li><a class="sendside rollover" href="https://web.archive.org/web/20080502115707/http://www.guardian.co.uk/email/333858011" id="sendlinkSidebar" title="Opens an email form" name="&lid={email-ARTICLE}{From Wall Street to Wendy's}"><img src="https://web.archive.org/web/20080502115707im_/http://image.guim.co.uk/static/50254/original/common/images/icon_email-friend.gif" alt="Send to a friend" class="trail-icon"/><span>Send to a friend</span></a></li> <li> <a class="sendside rollover" href="https://web.archive.org/web/20080502115707/http://www.guardian.co.uk/share/333858011" id="sharelinkSidebar" title="Opens a share this page in a new window" name="&lid={share-ARTICLE}{From Wall Street to Wendy's}"><img src="https://web.archive.org/web/20080502115707im_/http://image.guim.co.uk/static/50254/original/common/images/icon_share.gif" alt="Share this" class="trail-icon"/><span>Share</span></a> </li> <li><a href="https://web.archive.org/web/20080502115707/http://www.guardian.co.uk/users/clippings/add?r2PageId=752118" id="clippable" class="rollover" name="&lid={clip-ARTICLE}{From Wall Street to Wendy's}&lpos={myclippings}{1}"><img src="https://web.archive.org/web/20080502115707im_/http://image.guim.co.uk/static/50254/original/common/images/icon_clip.gif" alt="Clip this" class="trail-icon"/><span>Clip</span></a></li> <li><a href="https://web.archive.org/web/20080502115707/http://www.guardian.co.uk/contactus/333858011" class="sendside rollover" id="contactlinkSidebar"><img src="https://web.archive.org/web/20080502115707im_/http://image.guim.co.uk/static/50254/original/common/images/icon_email-us.gif" alt="Contact us" class="trail-icon"/><span>Contact us</span></a></li> <li class="resize"><img src="https://web.archive.org/web/20080502115707im_/http://image.guim.co.uk/static/50254/original/common/images/icon_font.gif" alt="Resize font" class="trail-icon"/> <a href="/web/20080502115707/http://www.guardian.co.uk/help/accessibility" id="larger-sidebar" name="&lid={Signedin}{Text Larger}&lpos={Signedin}{6}">larger</a> | <a href="/web/20080502115707/http://www.guardian.co.uk/help/accessibility" id="smaller-sidebar" name="&lid={Signedin}{Text Smaller}&lpos={Signedin}{7}">smaller</a> </li> </ul> <div class="send" id="send-share-side"> <div class="send-inner "> <div class="share-top"> <h3>Share</h3> <span><a class="sendside">Close</a></span> </div> <ul> <li> <a class="digg" href="https://web.archive.org/web/20080502115707/http://digg.com/submit?phase=2&url=http%3A%2F%2Fwww.guardian.co.uk%2Fbusiness%2F2008%2Fmay%2F01%2Fuseconomy&title=From+Wall+Street+to+Wendy%27s" name="lid={share}{Digg}">Digg</a> </li> <li> <a class="reddit" href="https://web.archive.org/web/20080502115707/http://reddit.com/submit?url=http%3A%2F%2Fwww.guardian.co.uk%2Fbusiness%2F2008%2Fmay%2F01%2Fuseconomy&title=From+Wall+Street+to+Wendy%27s" name="lid={share}{reddit}">reddit</a> </li> <li> <a class="google" href="https://web.archive.org/web/20080502115707/http://www.google.com/bookmarks/mark?op=edit&bkmk=http%3A%2F%2Fwww.guardian.co.uk%2Fbusiness%2F2008%2Fmay%2F01%2Fuseconomy&title=From+Wall+Street+to+Wendy%27s" name="lid={share}{Google Bookmarks}">Google Bookmarks</a> </li> <li> <a class="yahoo" href="https://web.archive.org/web/20080502115707/http://myweb2.search.yahoo.com/myresults/bookmarklet?u=http%3A%2F%2Fwww.guardian.co.uk%2Fbusiness%2F2008%2Fmay%2F01%2Fuseconomy&t=From+Wall+Street+to+Wendy%27s" name="lid={share}{Yahoo! 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