Callouts & quotes from 619+ activist slides

"Despite new directors added from 2019 to 2021, the Board’s troubling behavior remains unchanged."

"This indicates Fuyu is still under Chairman Yang’s control, despite Huishan having no ownership."

"Despite a commitment to “investments”, Management does not appear equally committed to “growth”"

"The investment community has become agitated with Kao’s lack of growth despite brand potential:"

"2024 consensus EBITDA is ~$65mm below 2021 levels despite capturing $400mm of EBITDA synergies"

"Added only after Pershing Square's involvement, despite significant operating underperformance"

"Despite claims of success, Phillips 66 has not closed any of the profitability gap with Valero"

"Despite the solid fundamentals, Class A Mall REIT stocks have declined 11% throughout the year"

"Despite claims of success, Phillips 66 has not closed any of the profitability gap with Valero"

"Despite a large premium offer, the Allergan board’s response was hostile and anti-shareholder"

"Despite a large premium offer, the Allergan board’s response was hostile and anti-shareholder"

"Despite a large premium offer, the Allergan board’s response was hostile and anti-shareholder"

"From FY17 - FY21, Bob Iger received $216mm(1) in total compensation despite Disney’s poor TSR"

"Management was paid 108% of incentive compensation despite missing all key guidance metrics"

"ROVI is selling investors HOPE its new strategy will work despite limited tangible evidence"

"Nearly twelve turns of EV/EBITDA multiple expansion despite just a 2.2% organic sales CAGR"

"Despite making huge investments ahead of the bust, JOE has taken only modest write-downs"

"Operating expense has INCREASED since spinoff despite multiple restructuring initiatives"

"Despite significant investment, we believe Patch has minimal revenue and massive losses."

"Despite all of these grand claims, as of February 2021, the Hezhou E-Port doesn’t exist."

"Despite the $4.2 billion increase in invested capital, Goodyear's NOPAT declined by 42%"

"The Hello App Appears Derelict, With Longstanding YY Links Despite Supposed Bigo Origin"

"Performance compensation increased 10% in FY2020 despite organic revenue growth of 1.3%"

"Despite its scale, Darden spends more than twice the % of sales as the industry median"

"Despite similar sales mix, geography, unit count, and store size: Dollar General has -"

"Despite claims of success, Phillips has not closed any of the profitability gap to VLO"

"Despite its scale, Darden spends more than twice the % of sales as the industry median"

"Despite claims of success, Phillips has not closed any of the profitability gap to VLO"

"Despite ~$2bn in annual R&D, and $3-4bn in annual capex - far more than any competitor"

"Despite claims of success, Phillips has not closed any of the profitability gap to VLO"

"Smartphone - Failure to exit business despite recurring losses. — Jefferies commentary"

"Despite constant promises of revenue growth reacceleration, Box has failed to deliver"

"Despite constant promises of revenue growth reacceleration, Box has failed to deliver"

"Despite Disney’s share price peaking in 2021, it currently trades near its 8-Year low"

"Despite the turmoil in the credit markets, GGP’s operating performance remains strong"

"Despite Disney’s share price peaking in 2021, it currently trades near its 8-Year low"

"Actual Income Taxes, Net of Refunds Keeps Rising Despite Negative Effective Tax Rate"

"Almost no change in Q4 revenue and small inventory decline despite facility approval"

"Despite ~70% of AP's COGS originating in Leasing, less than half were ever on lease."

"Despite having ~4.5x the peer average revenue, Darden is among the least efficient."

"Despite having ~4.5x the peer average revenue, Darden is among the least efficient."

"Higher revenue and margin, despite significantly lower industry aircraft production"

"Higher revenue and margin, despite significantly lower industry aircraft production"

"Operating margins have severely eroded despite a robust macroeconomic environment."

"Marathon's integrated strategy has failed despite enormous runway to make it work"

"Despite poor performance, executives continue to be paid well above target levels"

"Despite poor performance, executives continue to be paid well above target levels"

"$70 million, or 11%, higher than March 2011 Quarter revenue, despite seasonality"

"NEOs Have Been Paid $1 Billion Despite Total Shareholder Return Underperformance"

"Despite these clear results, Phillips 66 attempts to demonstrate outperformance."

"Despite these clear results, Phillips 66 attempts to demonstrate outperformance."

"NEOs Have Been Paid $1 Billion Despite Total Shareholder Return Underperformance"

"Despite claims of success, Phillips has not closed the profitability gap to VLO"

"Despite improving operations, Taubman shares have fallen over 25% year-to-date"

"Adjusted EBIT has contracted by ~30% since 2016 despite restructuring efforts"

"Despite revenue growth, adjusted EPS has declined over the past several years"

"Despite Content Spend Doubling Since 2018, Consumer Products Revenue is Flat"

"Despite Content Spend Doubling Since 2018, Consumer Products Revenue is Flat"

"The Company has primarily focused on SCC despite strong positioning in SBM."

"Despite this, at year-end UNP missed 5 out of its 7 service metric targets"