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  "documentTitle": "Buffalo Wild Wings (BWLD)",
  "authorId": "07_Marcato",
  "authorName": "Marcato",
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  "presentationDate": "2016-06-13 00:00:00",
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      "text": "Significant share price underperformance driven by declining same-store sales and recent store repurchases that earn a return below Buffalo Wild Wings' cost of capital",
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      "text": "Buffalo Wild Wings' core restaurant business is a proven, differentiated concept that generates strong cash flow with continued system growth potential",
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      "text": "1) Transitioning to a 90% franchised model which we believe will improve returns and valuation multiple\n2) Accelerating international franchise growth\n3) Improving 4-wall margins with increased focus on unit economics\n4) Committing publicly to a disciplined capital allocation plan and optimizing BWLD's capital structure through an appropriate use of leverage\n5) Aligning executive compensation with returns on invested capital and total shareholder return",
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      "text": "WHY WE INVESTED IN BUFFALO WILD WINGS",
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