Callouts & quotes from 790+ activist slides

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow."

"Interview with Former Tax Equity Buyer at Major Bank, December 2021. NB: RUN Investor Relations estimated an 8-9% return to us. — Footnote 51"

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow"

"Management's focus on these initiatives and its discipline in maintaining a lean cost structure have produced consistent shareholder returns"

"Management's focus on these initiatives and its discipline in maintaining a lean cost structure have produced consistent shareholder returns"

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow"

"We are already closing in on some of the first proposed return dates in early/mid-April with no end in sight as to the public health crisis."

"New guidance demonstrates little commitment to restoring or improving returns on tangible equity, even in a normal interest rate environment"

"With a high bar for new store ROI, Bloomin' shareholders face a win-win setup: build stores with high ROIs or return capital to shareholders"

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"In Q3 2018, INGN lowered provisions in two categories, sales returns and bad debts and warranties. Doing so increased gross margin by 1.77%."

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"PSH’s 58.1% net return in 2019 was the fifth time Pershing Square funds generated net returns of 39% or more (on average, every third year)"

"We need management focused on achieving at least 38% revenue growth return and the Board focused on accountability and raising expectations"

"We generated substantial negative returns from Q3 2015 to Q1 2016 driven largely by our Valeant investment, and positive returns thereafter"

"A financial buyer could pay 40% to 55% above the current stock price and still earn a high teens to low 20s% rate of return over four years"

"We generated substantial negative returns from Q3 2015 to Q1 2016 driven largely by our Valeant investment, and positive returns thereafter"

"State Street's investor day provided little clarity on promised initiatives and underscored the lack of focus on total shareholder returns."

"Bloomberg calculates a WACC for Intuit of 11.5%. Thus, the Company's returns on capital have fallen short of its WACC the past three years."

"We need management focused on achieving at least 38% revenue growth return and the Board focused on accountability and raising expectations"

"We generated substantial negative returns from Q3 2015 to Q1 2016 driven largely by our Valeant investment, and positive returns thereafter"

"“Meaningful total shareholder return delivered by management’s transformative vision and focused execution since 2009” — Arconic Management"

"“Growth does indeed drive multiples, but only when combined with a healthy return on invested capital.” — Tim Koller et. al, McKinsey & Co."

"The project was underwritten by TECK to a $3.00 a pound copper price. The forward curve today is around $4.50, so the returns are better."

"Will represent a small percentage of fund capital in the aggregate and an appropriate "return on invested brain damage" — Pershing Square"

"Liu Yishou said if he didn't return to YY, he might have been gone forever. This time, he came back to ‘scam money.’ — Sina News headline"

"Significant excess capital could be returned to shareholders without disrupting the balance sheet or the future growth of BHP’s business"

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"We believe Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"We believe Southwest's stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"We believe Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream."

"We believe Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"We believe Southwest's stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream."

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream."

"We believe Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"We believe Southwest's stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"22% - 27% annual returns and 1.8x - 2.1x MOIC over 3 years in 80% AFFO scenario at exit yields of 3.5% - 4.0% (higher short-term IRRs)"

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream"

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream"

"Samsung Electronics has a sub-optimal track record when it comes to capital returns, which fall well short of some of its global peers"

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream"

"Our strong business performance has driven total shareholder returns that have outperformed our peers. — Autodesk Board and Management"

"The reality is that Parkland's long-term total shareholder returns compared to its industry peers remain very poor (see below table)."

"Spruce Point observes that Stryker stopped presenting Adjusted Return on Invested Capital (ROIC) as a metric to investors after 2017."

"The Board & Management’s myopic focus on EBITDA growth has failed: over the last 10 years, total shareholder return has increased <1%"

"It is possible for private equity to pay an attractive premium to stockholders and still realize suitable returns for their investors"

"Arconic wants to turn GRP into a "value-add" producer, but in doing so, it is sacrificing utilization and producing inferior returns"

"We will closely monitor PepsiCo’s performance and hold management publicly accountable for delivering top-tier shareholder returns."

"Listed real estate has generated a 9.9% average annual return the past 30 years, well ahead of private real estate equity at 7.0%."

"It is a weakness of CAPM to understate ERP when looking at high interest rate local markets coupled with low equity index returns."

"Crown Castle's new LTIP must incorporate relative returns to American Tower and SBA to establish the appropriate bar for "success""

"To return to an industry leading and profitable position, Olive Garden must address the basics of operating efficient restaurants."

"To return to an industry leading and profitable position, Olive Garden must address the basics of operating efficient restaurants."

"We are not telling P&G to stop investing; we are suggesting actionable ideas to ensure future investments drive an adequate return"

"Activist engagement could help realize latent potential and generate attractive returns with modest risk of permanent capital loss"