When I was doing my fish studies at UBC (BSc-Aquaculture & MSc-Aquacultural Engineering), we did several feed trials using salmon and trout. One of the little things we observed was that when we were feeding at higher levels, the fish poop would actually look like pellets. To test this, we used a tarp-net at the bottom of the net with a underwater camera system. The feces we examined from overfed fish were almost undigested pellets. In other words, we found that if the fish at too much, too fast, it was pooping out the pellets before they could be fully digested inside the stomach. When we fed at a slower rate, the feces were normal.
BTW, my prof's & I came up with the highly scientific term for this phenomenon:
"Fecal-pellets"
I know, very original.
When we tested it at the lab in UBC, it still contained about 80-90% of the original nutrition. This is one of the main reasons why I try to never overfeed with pellet foods.
At West Coast Fishculture, I was in charge of feeding 3.5 million smolts & in the four years I was there, the feed conversions (how many KG feed to produce 1 KG of fish mass) went from about 3:1 down to 1.17 to 1. On my own site, we actually achieved a 1 to 1 feed conversion ratio (FCR). Feeding less, but using underwater cameras to minimize feed wastage, we were able to grow the fish just as fast or faster but with only a third the amount of food. That translated to a $370,000 feed bill savings in my last year there.
When I had my Fowlr tank going, I would feed 1/2 to full sheets of Nori (sushi paper) to the fish. My elongated tang would always be the most ferocious when it came to eating more than his fair share & he would eat so fast & so much that at the end of his binge, nori flakes would shoot out his butt & the other fish would happily follow him around gobbling it up. Just thought I'd put that image into everybody's head just around dinner time. Bon appetite.
I observed that when fed less & he didn't get to pig out like that, then his poops would be long & stringy (normal). The other fish though (angels & tangs) would still try to eat it. Ewwwww.
What my prof & I theorized is that if fish eat too much, too fast, the new food they consume may actually push out the earlier food. To test this theory, we lowered the feeding rates at the different farms & the West Van DFO research station & found that the poops became normal again.