Rhetorical patterns.
Twelve recurring techniques in contrarian investor decks, with the top-scoring exemplars from the corpus. Click any pattern to filter the full library.
Peer-gap charts
Visual benchmarking of the target vs. best-in-class peers on a single KPI. The workhorse of activist decks.
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.
Sum-of-parts reveals
Breaking the target into segments valued separately to expose hidden value.
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.
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.
Phillips 66 PSX
Phillips 66 is a conglomerate trading at a refiner multiple; replace four directors, spin Midstream/CPChem/JET, and buy back 80% of shares for ~75% upside to $183.
CEO quote contradiction
Using management's own words to expose broken promises or inconsistency.
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.
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.
Before / after framing
Explicit contrast: current trajectory vs. our proposed trajectory.
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.
Named villain
Assigns blame to a specific person (CEO, board chair, auditor).
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.
Fraud exposé
Short-seller theses alleging accounting, operational or outright fraud.
New Pacific Metals NUAG
Bolivia-focused silver developer New Pacific trades 17x peers on concessions likely acquired illegally under a now-ousted regime; Hindenburg targets C$0.37, 90%+ downside.
Herbalife Ltd. HLF
Herbalife is a pyramid scheme: distributors profit by recruiting, not retail sales
Herbalife Ltd. HLF
Formula 1 is a $2bn 'brand nobody's heard of' — sales economics defy any genuine consumer demand
Herbalife HLF
Country-level 'pop-and-drop' patterns are the signature of a pyramid scheme reaching saturation
SoFi Technologies, Inc. SOFI
SoFi's $1,054M reported 2025 EBITDA is ~90% inflated via manipulated charge-off rates, off-balance-sheet VIEs and subsidized seller-financed sales that feed CEO Noto's comp — real EBITDA is ~$103M.
FTAI Aviation Ltd. FTAI
FTAI is a dressed-up engine-leasing business posing as a high-margin MRO — whole-engine sales counted as three modules and intra-segment depreciation transfers fabricate the aerospace-aftermarket story.
Break-up / spinoff
Arguing for divestiture or strategic separation to unlock value.
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.
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.
Phillips 66 PSX
Phillips 66 is a conglomerate trading at a refiner multiple; replace four directors, spin Midstream/CPChem/JET, and buy back 80% of shares for ~75% upside to $183.
Phillips 66 PSX
Phillips 66 has underperformed Marathon by 511% under a complacent board; electing Elliott's four nominees and spinning Midstream/CPChem/JET unlocks ~75% upside ($103 → $183).
Phillips 66 PSX
Phillips 66 has squandered value through a failed midstream pivot and a captured board; electing Elliott's four nominees and separating midstream unlocks ~$40B+ of trapped value.
Phillips 66 PSX
Phillips 66's conglomerate structure has trapped value and lagged peers by 97% over 5 years; spinning midstream, fixing refining and refreshing the board unlocks ~75% upside to $183/share.
Governance / board
Challenges to board composition, director nominees, proxy contests.
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.
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.
Management change
Demands for CEO replacement or succession acceleration.
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.
Proxy fights
Active contests for board seats — the highest-stakes moment in activism.
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.
Canadian Pacific Railway CP
CP has the worst operating ratio of any Class I railroad while closest peer CN has the best
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.
Phillips 66 PSX
Phillips 66 is a conglomerate trading at a refiner multiple; replace four directors, spin Midstream/CPChem/JET, and buy back 80% of shares for ~75% upside to $183.
Top visual craft (4–5)
Documents scoring 4 or 5 on visual craft — the swipe-file anthology.
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.
Masterclass (N≥5, V≥4)
Specimens with top narrative and visual scores — the library's peak.
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.