{
  "docId": "019dd923-622b-71dc-a6db-c76db57564df",
  "docSlug": "4688728b59a1",
  "documentTitle": "Buffalo Wild Wings (BWLD)",
  "authorId": "07_Marcato",
  "authorName": "Mick McGuire",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-04-20 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 16,
  "pageCount": 50,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "quote_slide",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses external analyst sentiment to validate the activist's thesis regarding management incompetence.",
  "elementsJson": [
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  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-c76db57564df/16",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-c76db57564df",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-c76db57564df.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-c76db57564df#slide-16",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Your inability to manage this company is becoming clearer every day...I suspect your days as CEO of BWLD are numbered",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
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      "componentId": "019dd953-0391-77f4-a9ed-1a4c0920761a",
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    {
      "bbox": {
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      },
      "kind": "quote",
      "text": "Dear Sally...BWLD is on the Hedgeye Restaurant Best Ideas List as a LONG...for all the wrong reasons. [T]he investor day came and went and there was very little thought about the issues...Overall, your management team came across as nervous, clueless and weak. Lastly, did I see that you actually sold stock the day before the analyst meeting? Your inability to manage this company is becoming clearer every day...I suspect your days as CEO of BWLD are numbered. -Howard Penney, Hedgeye, 10/17/16",
      "attrs": null,
      "subkind": "testimonial",
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      },
      "kind": "quote",
      "text": "Continued weak results show an inability to manage costs and successfully implement sales-building initiatives. Unlike many casual dining chains that lack differentiation and appeal, Buffalo Wild Wings is a unique concept with compelling value that should be able to outperform. Our Overweight rating is based on our view that better operational capabilities can deliver much stronger results, and our expectation investors will nominate new board members that can provide a fresh perspective on strategic options. — Chris O'Cull, Keybanc, 2/7/17",
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    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"Continued weak results show an inability to manage costs and successfully implement sales-building initiatives...our expectation investors will nominate new board members that can provide a fresh perspective on strategic options\" — Chris O'Cull, Keybanc, 2/7/17; \"Dear Sally...BWLD is on the Hedgeye Restaurant Best Ideas List as a LONG...for all the wrong reasons...Overall, your management team came across as nervous, clueless and weak.\" — Howard Penney, Hedgeye, 10/17/16",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
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      "componentId": "019dd953-0391-77f4-a9ed-1eb35ceb02a0",
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      "bbox": {
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        "x": 0.02,
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      },
      "kind": "title",
      "text": "ANALYSTS BELIEVE NEW LEADERSHIP IS THE ANSWER",
      "attrs": null,
      "subkind": "headline",
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  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
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      "name": "authority-citation",
      "slug": null,
      "matchId": "90b1a3d8-6dc3-4eab-b915-df0826a82b4f",
      "evidence": "Uses analyst quotes to build credibility for the activist's argument.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
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      "beatId": "e8b6f755-898e-41eb-8a65-545fc03da1ca",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the problem by highlighting underperformance, margin deficiencies, deteriorating guest experience, and poor capital deployment",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    },
    {
      "to": 49,
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      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document provides a solution: REITERATING MARCATO'S MULTI-LEVEL PLAN TO CREATE VALUE FOR BWLD SHAREHOLDERS",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 50,
      "from": 6,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "bee45f76-1c20-4bd4-ab97-dc946ed607cf",
      "evidence": "The document implies that inaction will result in continued underperformance",
      "position": 0,
      "objective": "What is the cost of inaction?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    },
    {
      "to": 26,
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      "name": "David Goliath",
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      "bestFor": "Startups, disruptive innovation, competitive displacement",
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      "evidence": "The document compares Buffalo Wild Wings' performance to its peers",
      "position": 1,
      "objective": "Can a smaller, more agile competitor outperform Buffalo Wild Wings?",
      "structure": "The Giant's Weakness -> Our Slingshot (Unique Edge) -> The Topple",
      "confidence": 0.6,
      "description": "Frame your initiative as the nimble underdog taking on a slow, bloated incumbent"
    }
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  "thumbSrcAlt": null,
  "locked": true
}