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  "docSlug": "jarvis-bilgari-cracker-barrel-presentation-october-2020",
  "documentTitle": "Bilgari Cracker Barrel Presentation October 2020",
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  "notes": "Uses a before-after framing to debunk a specific shareholder letter claim.",
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      "kind": "callout",
      "text": "Reality: The 10-Year TSR reflects gains from overperformance which occurred from 2010 to 2015. In the last 5 years, Cracker Barrel has significantly underperformed many of its strategic peers as well as the relevant index",
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      "text": "Claim: \"Prior to the pandemic, Cracker Barrel's 10-year TSR was 520% ...\" Why did Cracker Barrel use a 10-year period, as neither the CEO nor majority of the directors were on the Board then?",
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      "text": "10-Year TSR: 2010 – 2020",
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      "text": "5-Year TSR: 2015 – 2020",
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      "kind": "other",
      "text": "1. 10-year TSR is from 2/21/2010 to 2/21/2020; 10-year TSR for Bloomin Brands not available 2. 2015 – 2020 TSR as if 2/25/2020.",
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      "text": "The tale of two periods",
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