In June 2022, 3G Capital Co-Managing Partners Alex Behring and Daniel Schwartz were in a partners' meeting. On the agenda were three potential investments. Code named "Alpha," "Beta," and "Charlie," they were the finalists amongst hundreds that the team had screened. Unlike other private equity firms, 3G did not build a portfolio: each of its funds had only one investment. This model had worked extremely well for some investments, with successes like Restaurant Brands International, but it had also faced some challenges. Each investment decision was crucial to the future of the firm. What should their next investment be?