But that’s what happened when hedge fund Starboard Value delivered a 294-slide presentation on the terrible food at Olive Garden as part of its fight for control of Darden Restaurants. (You can see the presentation in all of its glory here.)
The presentation not only received news coverage in standard outlets like WSJ and Bloomberg, but even attracted the attention of Slate and Mother Jones, who were amused by such detailed accusations as “Darden stopped salting the water in which it boils pasta,” that the crispy Parmesan asparagus is “anything but,” and Starboard’s lament that Olive Garden wait staff bring multiple breadsticks to the table at once, instead of delivering one per customer with a right of replenishment – which leads, according to Starboard, to cold breadsticks that “deteriorate in quality,” and encourages customers to fill up on the free stuff instead of ordering more things that cost money.
Starboard also complained that the Olive Garden menu has expanded to non-Italian offerings like tapas and burgers, that Olive Garden overstuffs its salads and lards them with too much dressing, and that the wait staff fail to push alcohol sales.
All of this, of course, led to such glorious headlines as “Olive Garden Defends Breadstick Policy,” and a Business Insider review of Olive Garden restaurants (the verdict: Starboard was right; but for a contrary opinion, see the New Yorker's take).
The real debate, though, isn’t about food – it’s about the value of the real estate on which Darden’s restaurants sit – which didn’t really make it into most of the headlines.
That said, in a fairly ironic bit of timing, just days after the presentation, CalPERS announced that it was dumping all of its hedge fund investments, because they just aren’t delivering enough of a bang for the buck. CalPERS’s announcement, though, didn’t get quite the same news coverage – maybe it should have used power points.