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  "docSlug": "4688728b59a1",
  "documentTitle": "Buffalo Wild Wings (BWLD)",
  "authorId": "07_Marcato",
  "authorName": "Mick McGuire",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-04-20 00:00:00",
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  "slideType": "villain_critique",
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  "notes": "This is a classic activist investor 'villain' slide, framing the incumbent management as incompetent and unresponsive.",
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      "kind": "callout",
      "text": "Shareholders deserve a management team that can properly respond to these areas of underperformance",
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      "kind": "list",
      "text": "Management has repeatedly defended the status quo as BWLD shares have underperformed every relevant benchmark on a 1-year, 3-year, and 5-year basis",
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      "text": "Management has made optimistic statements regarding financial performance and guest experience that are betrayed by the facts",
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      "kind": "list",
      "text": "BWLD's Board of Directors has not held management accountable for critical areas of underperformance: Share price underperformance, Margin deficiencies, Deteriorating guest experience, Poor capital deployment, Dismissal of more highly-franchised business model",
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      "kind": "list",
      "text": "Marcato's recommendations for improvement have been validated by the market, industry experts, stakeholders, peers, and insiders but ignored by management",
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      "kind": "title",
      "text": "STATUS QUO AT BUFFALO WILD WINGS IS NOT SUFFICIENT",
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