30 documents showing 1–30
Phillips 66 PSX
Phillips 66 shares jumped 11% on Elliott's Streamline 66 plan and sank when the board defended its conglomerate; vote for change to unlock value.
N3
V4
C4
⌂
⇌
⚑
Texas Instruments TXN
TI's rigid $5bn/year capex ramp is building ~50% excess capacity and has collapsed FCF per share 75%; flex capex to demand and commit to $9.00+ per share by 2026.
N4
V3
C3
⌂
”
E. I. du Pont de Nemours and Company DD
DuPont is a chronically underperforming conglomerate; electing Trian's four nominees forces structural review, cost cuts, and governance reform to unlock $120+/share by 2017 — a 21% IRR.
N5
V4
C4
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◫
”
⇌
⚑
Spectra Energy Corp SE
Spectra Energy's conglomerate structure masks a premier energy infrastructure franchise; a three-step breakup — drop-down to SEP, WE IPO, DCP separation — unlocks $41-$48/share (32-55% upside).
N4
V3
C3
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⚑
Apple Inc. AAPL
Apple's $137B idle cash depresses its P/E; distribute 'iPrefs' — tax-free perpetual preferred stock paying 4% — to unlock ~$150/share without spending a dollar of cash.
N5
V3
C3
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◫
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State Street Corporation STT
State Street subsidized growth at the expense of profitability; committing to 35% EBT margins, capital return, and a possible SSgA spin can lift shares from $34 to ~$99 by 2014.
N4
V3
C3
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Date
Fund
Target
Thesis
Scores
May 07, 2025
Elliott Management
Phillips 66
PSX
Phillips 66 shares jumped 11% on Elliott's Streamline 66 plan and sank when the board defended its conglomerate; vote for change to unlock value.
N3
V4
Feb 18, 2025
Pershing Square
Howard Hughes Holdings Inc.
HHH
HHH trades at a 40% NAV discount with no take-private bidders; Pershing's $900M primary investment at $90 converts it into a modern-day Berkshire Hathaway.
N4
V3
Jan 13, 2025
Pershing Square
Howard Hughes Holdings Inc.
HHH
HHH has compounded at just 2.2% over 14 years; merging with Pershing Square Holdco at $85/share converts a market-orphaned real-estate company into a Berkshire-style permanent compounder.
N4
V2
May 28, 2024
Elliott Management
Texas Instruments
TXN
TI's rigid $5bn/year capex ramp is building ~50% excess capacity and has collapsed FCF per share 75%; flex capex to demand and commit to $9.00+ per share by 2026.
N4
V3
Feb 08, 2019
Muddy Waters
Inogen, Inc.
INGN
Inogen's growth story rests on a fabricated TAM sourced from a plagiarism-riddled WinterGreen report; real market is shrinking, peak sales arrive 2019-2020, target $46 (-67%).
N5
V2
May 08, 2017
Pershing Square
Howard Hughes Corporation
HHC
HHC is the public-market way to invest alongside a Donald-Bren-style MPC compounder: irreplaceable master-planned communities with 37M SF of remaining entitlements, roughly 10x what's already built.
N5
V4
Aug 01, 2015
Pershing Square
Herbalife Ltd.
HLF
Herbalife's fastest-growing segment — China, ~10% of sales — operates as an illegal pyramid scheme, with royalties disguised in SEC filings as 'China Sales Employees' SG&A to hide identical multi-level compensation.
N5
V2
Apr 22, 2015
Trian Partners
E. I. du Pont de Nemours and Company
DD
DuPont is a chronically underperforming conglomerate; electing Trian's four nominees forces structural review, cost cuts, and governance reform to unlock $120+/share by 2017 — a 21% IRR.
N5
V4
Nov 20, 2014
Muddy Waters
Superb Summit International Group Limited
1228.HK
Superb Summit's HK$773m of reported revenue belongs to a coal company it never owned, and its HK$1.5bn JFT acquisition is a sham valuation routed through a mystery intermediary.
N4
V2
Sep 11, 2014
Starboard Value
Darden Restaurants, Inc.
DRI
Darden trades at $48 because a corporate-heavy Board has buried a great restaurant company; the Brinker playbook — cost cuts, real estate separation, SRG spin, franchising — unlocks $67-$86 per share.
N5
V3
Jun 01, 2013
Sandell
Spectra Energy Corp
SE
Spectra Energy's conglomerate structure masks a premier energy infrastructure franchise; a three-step breakup — drop-down to SEP, WE IPO, DCP separation — unlocks $41-$48/share (32-55% upside).
N4
V3
Apr 09, 2013
Pershing Square
Herbalife, Ltd.
HLF
Herbalife is an illegal pyramid scheme: ~92% of distributor income comes from recruiting rather than retail, and the top 1% extracts 88% of rewards.
N4
V2
Feb 21, 2013
Greenlight Capital
Apple Inc.
AAPL
Apple's $137B idle cash depresses its P/E; distribute 'iPrefs' — tax-free perpetual preferred stock paying 4% — to unlock ~$150/share without spending a dollar of cash.
N5
V3
Nov 27, 2012
Muddy Waters
Olam International Ltd.
SGX:O32
Olam is an Enron-style agri trader whose aggressive non-cash accounting, off-the-rails CapEx binge, and 9.3x leverage mask a failing trading business — equity likely worthless, bonds 14-33¢.
N5
V2
Feb 09, 2012
Muddy Waters
Focus Media Holding
FMCN
FMCN's 'independent' verification of its 185,174 LCD network counted 30,500 cardboard posters as LCDs, confirming Muddy Waters' fraud thesis and impugning all reported financials.
N5
V2
Dec 09, 2011
Muddy Waters
Focus Media Holding
FMCN
FMCN's promise to have 'reputable' Chinese firms verify its LCD network is worthless — CTR, the firm most likely to be hired, previously rubber-stamped CCME's fabricated bus network.
N4
V2
Oct 16, 2011
Trian Partners
State Street Corporation
STT
State Street subsidized growth at the expense of profitability; committing to 35% EBT margins, capital return, and a possible SSgA spin can lift shares from $34 to ~$99 by 2014.
N4
V3
Jun 28, 2011
Muddy Waters
Spreadtrum Communications
SPRD
Spreadtrum's 229.6% 2010 revenue jump cannot be reconciled with MediaTek's flat year, zero cash taxes were paid on $75M of profit, and CFO/auditor turnover points to material misstatement — Muddy Waters is short.
N4
V1
Jun 02, 2011
Muddy Waters
Sino-Forest Corporation
TRE
Sino-Forest is a fraud: its Authorized Intermediary structure fabricates timber revenue, its Yunnan holdings are overstated by ~$900M, and equity is worth less than $1 vs. $18.21.
N5
V2
Apr 04, 2011
Muddy Waters
Duoyuan Global Water Inc.
DGW
DGW is a massive fraud overstating revenue by 100x; forged PRC audits, empty factory, and related-party tunneling to Chairman Guo imply the stock is worth under $1.
N5
V2
Mar 09, 2011
Elliott Management
Iron Mountain Incorporated
IRM
Iron Mountain's 44%-margin NOAM storage cash cow is being squandered on low-ROIC Digital and Int'l bets; capital discipline plus a REIT conversion can lift the stock from $25 to $52-$77.
N4
V3
Oct 13, 2010
Greenlight Capital
The St. Joe Company
JOE
St. Joe's Florida real estate empire is a value trap: developments are ghost towns, the airport catalyst is a bust, and the land is worth $7-10/share, not $24.54.
N5
V3
Jul 22, 2010
Muddy Waters
Orient Paper, Inc.
ONP
AMEX-listed Orient Paper is a Chinese reverse-merger fraud: tax records, shell-company suppliers, and customer interviews show revenues and profits are fabricated by orders of magnitude.
N4
V1
Jul 02, 2010
Muddy Waters
Orient Paper Inc.
ONP
Muddy Waters stands by its ONP fraud thesis: the Baoding factory is incapable of producing reported output, and the 'rejected $300K research fee' vendetta narrative is fabricated.
N4
V1
Jul 01, 2010
Muddy Waters
Orient Paper, Inc.
ONP
Muddy Waters reaffirms ONP is a fraud: SAIC-filed PRC financials, impossible equipment claims, and bogus acquisitions contradict ONP's SEC filings; Strong Sell.
N4
V1
Jun 28, 2010
Muddy Waters
Orient Paper Inc.
ONP
Orient Paper is a fraud — revenues overstated 27x in 2008 and ~40x in 2009, assets inflated 10x, ~$30M of investor raises misappropriated; fair value under $1 vs. $8.43.
N5
V2
May 26, 2010
Pershing Square
General Growth Properties
GGP
At $14, GGP implicitly prices spinco GGO at negative $1; PF GGP alone merits ~$15 on Simon's 6.6% peer cap rate, pointing to ~$20 combined intrinsic and ~43% upside by year-end emergence.
N5
V3
May 26, 2010
Pershing Square
NRSRO Rating Agencies (Moody's, S&P, Fitch)
Rating agencies caused the credit crisis through conflicted 'success fee' incentives; a 60-day new-issue moratorium plus pay-over-time fee structure would restore ratings integrity and market discipline.
N3
V2
Nov 19, 2008
Pershing Square
Target Corporation
TGT
Target's land is mispriced inside a 5.8x retail multiple; a <20% IPO of 'TIP REIT' followed by a tax-free spin re-rates the real estate at REIT multiples and lifts the stock from $37 to $67 now, $80 by 2010.
N5
V3
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Starboard Value
Fluor Corporation
FLR
Fluor's $4bn NuScale stake masks a transformed EPCM core trading at just 2.8x EBITDA; separating NuScale unlocks a re-rating to peer 6-13x multiples.
N4
V4