But the Marcato Capital Management and Bill Ackman mentee is happy to lob some constructive criticism the eatery's way. Specifically, that the people running Buffalo Wild Wings are clueless and stupid. And also the food sucks.
“The management team of Buffalo Wild Wings communicates its strategic and financial rationale to the investment community with inveterate avoidance of specificity,” he wrote Wednesday….
“Management self-identifies its objectives to be those of a ‘growth company’ but does not appear to have a clear sense of what that exactly means or how (and if) achieving this poorly defined ‘growth’ objective is best for shareholders,” he says a bit later. “Growth in revenue or earnings simply cannot be evaluated without consideration for the capital deployed in the achievement. This basic principle of corporate finance is tragically underappreciated by the current management team.”
McGuire states that the company must improve food quality, speed of service, technology, food cost, and labor engineering, almost all things mentioned — albeit vaguely in most cases — in the company's analyst day.