Build contrarian arguments that move capital.
adversarial-research is a Claude Code skill that helps authors construct activist campaigns, short theses and persuasive investment memos — following the rhetorical and structural patterns validated across 670 real-world decks from Pershing Square, Elliott, Starboard, Muddy Waters, Hindenburg and 30+ other top funds.
The corpus below is the skill's training and reference material — every pattern it encodes is anchored in documented exemplars you can inspect.
Rhetorical patterns
Filter the corpus by the specific argumentation techniques used.
Peer-gap charts
Visual benchmarking vs. best-in-class peers.
Sum-of-parts reveals
Breaking the target into segments valued separately.
CEO quote contradiction
Using management's own words to expose broken promises.
Before / after framing
Current trajectory vs. proposed trajectory.
Named villain
Assigns blame to a specific individual.
Fraud exposé
Theses alleging accounting or operational fraud.
Break-up / spinoff
Arguments for divestiture or strategic separation.
Governance / board
Challenges to board composition, proxy contests.
Management change
Demands for CEO replacement or succession.
Proxy fights
Active contests for board seats.
Top visual craft
Documents scoring 4–5 on visual craft.
Masterclass
Top narrative and visual scores.
Top-rated specimens
Decks scoring 4+ on narrative and visual craft — the library's masterclass.
Phillips 66 PSX
Phillips 66's conglomerate structure and failed governance have cost shareholders 97% vs. peers; spinning Midstream and reconstituting the board targets $183/share — +75% upside.
Telecom Italia TIT.MI
Vivendi's control of TIM destroyed 54% of shareholder value
Arconic Inc. ARNC
Arconic shareholders lost ~70% of their value; CEO Kleinfeld is one of the worst-performing tenured CEOs in the U.S.
Peloton Interactive PTON
Peloton's overlooked subscription business — 68% gross margins, 1.5% churn — can deliver $400-500M EBITDA once costs are right-sized, implying a $7.50-$31.50 share price versus $5.48 today.
Canadian Pacific Railway CP
CP has the worst operating ratio of any Class I railroad while closest peer CN has the best
Welltower Inc. WELL
Welltower's 10-year executive program could pay CEO Mitra up to $3 billion while incentivizing dilutive growth at a 144% NAV premium — shareholders should sell WELL and rotate into Ventas or AHR.
Toyota Industries Corporation 6201
Toyota Industries' ¥18,800 take-private undervalues the company by 39%; shareholders should reject the tender and pursue a Standalone Plan worth >¥40,000 per share.
Toyota Industries Corporation 6201.T
Toyota Real Estate's ¥18,800 TOB undervalues Toyota Industries by 39% versus NAV and 85% on core business; shareholders should refuse to tender and pursue a standalone plan instead.
Toyota Industries Corporation 6201
Toyota Fudosan's ¥18,800 squeeze-out of Toyota Industries undervalues NAV by ~40%; reject the TOB and back Elliott's Standalone Plan targeting >¥40,000 per share by 2028.
Phillips 66 PSX
Phillips 66's refining-plus-midstream conglomerate trades at a 6.1x discount to an 8.1x SOTP; breaking it up and replacing complacent directors unlocks ~75% upside to $183.
Recent additions
Latest extractions from the pipeline.
By fund
| Fund | Docs | N̄ | V̄ | Active |
|---|---|---|---|---|
| Muddy Waters short seller | 133 | 4.0 | 1.8 | 2010—2026 |
| Elliott Management activist | 101 | 3.6 | 3.2 | 2011—2026 |
| Starboard Value activist | 95 | 3.8 | 2.6 | 2012—2026 |
| Pershing Square activist | 73 | 3.6 | 3.0 | 2005—2026 |
| Trian Partners activist | 32 | 3.9 | 3.1 | 2011—2025 |
| Engine Capital activist | 26 | 3.3 | 1.7 | 2022—2025 |
| Land & Buildings activist | 24 | 3.2 | 2.5 | 2015—2026 |
| Kerrisdale Capital short seller | 20 | 3.9 | 2.8 | 2014—2025 |
| Greenlight Capital activist | 18 | 4.8 | 2.6 | 2002—2024 |
| Bluebell Capital activist | 18 | 3.1 | 2.1 | 2023—2024 |
| Citron Research short seller | 18 | 3.7 | 2.2 | 2015—2026 |
| Oasis Management activist | 17 | 3.5 | 2.4 | 2013—2025 |
| Carl Icahn activist | 15 | 4.0 | 2.9 | 2006—2025 |
| Ancora activist | 13 | 3.8 | 3.1 | 2017—2025 |
| TCI Fund activist | 12 | 3.1 | 2.0 | 2019—2023 |
| Sandell activist | 9 | 3.9 | 2.9 | 2011—2016 |
| Third Point activist | 8 | 4.2 | 3.0 | 2011—2022 |
| Marcato activist | 8 | 3.9 | 3.4 | 2012—2017 |
| Palliser Capital activist | 8 | 4.5 | 3.4 | 2022—2025 |
| JANA Partners activist | 4 | 3.2 | 2.5 | 2007—2013 |