In Panera, an example of Wall Street's short-term focusIn Panera, an example of Wall Street's short-term focus

This post is part of the On the Margin blog. 

Last week, JAB Holding Co. acquired Panera Bread Co. for $7.5 billion, in a deal that was shocking not so much for the price, but for the company that got sold.

Panera was, by all accounts, one of the strongest restaurant chains on Wall Street. And it had plenty of long-term growth potential. Its Panera 2.0 initiative was working like a charm. The company also sees strong potential in its delivery strategy.

Indeed, investors have been on board for some time. Panera’s stock has been a consistent performer. It was up 27 percent this year, before word got out that the company was potentially on the market.

It’s easy to imagine it going up further, especially with Panera reporting 5.3-percent same-s...