Callouts & quotes from 790+ activist slides

"REVITALIZING PHILLIPS 66'S GOVERNANCE WILL REQUIRE CREDIBLE, EXPERIENCED DIRECTORS WHO WILL PUT YOUR RETURNS FIRST."

"This raises the concern that much of Fairfax's dividend income is return OF capital, rather than return ON capital."

"Specifically, the Company Would Have to Generate $79 Billion in 2030 Revenue to Achieve Peer Median Revenue Returns"

"Return to double digit revenue growth seems optimistic. Even analysts don't believe Zillow's 45% Adj. EBITDA target"

"An enterprise whose returns fail to exceed the cost of equity destroys shareholder value, regardless of its growth"

"Collectively, since 2008, Valeant has earned a >20% unlevered return (before tax efficiencies) on its acquisitions"

"We think that in the current environment Pioneer earns a negative economic return on its Capex. Let’s do the math."

"Management is expecting to return approximately 1/3 of the current ~$260bn market cap to shareholders through 2018"

"A standalone AOL should not declare dividends or directly return capital to shareholders in the intermediate term."

"Opportunity to return significant value to shareholders through a combination of dividends and share repurchases."

"PSH delivered strong 2020 performance with a net return of 70.2%, outperforming the S&P 500 by 5,180 basis points"

"PSH delivered strong 2020 performance with a net return of 70.2%, outperforming the S&P 500 by 5,180 basis points"

"Since 2002, TWX has returned significantly less capital to its shareholders than other major US media companies."

"In our view, BUR always intended to deceive investors about its Napo returns and its overall investing prowess."

"McGraw Hill’s three year total return of 2% was 29% less than the weighted average of its peers over the period"

"The price has gone up significantly by $800K, or 67% in three days, representing an annualized return of 8151%."

"Our analysis shows that diversification does not lead to superior risk-adjusted returns for companies like BHP"

"In 2020, PSH returned $367 million of capital through its quarterly dividend and opportunistic share buybacks"

"2020 was an outstanding year for PSH with NAV appreciation of 70.2% and a total shareholder return of 84.8%1"

"Dye & Durham's total shareholder returns have been disappointing over every relevant period, as seen below."

"HMA’s total shareholder return has sharply and consistently lagged other publicly traded hospital companies"

"Something doesn't seem correct here: Cintas produced a 35x cash return on investment and won't explain how."

"At the analyst day in December, the bullish highlight was that bookings growth would return to 30% in 2015."

"Financial regulation and increased competition from shadow banking led to a material reduction in returns"

"Unique culture which is extremely supportive of returning to our roots as a smaller focused organization"

"Unique culture which is extremely supportive of returning to our roots as a smaller focused organization"

"Unique culture which is extremely supportive of returning to our roots as a smaller focused organization"

"The computer returned 5 as the answer to 2 + 3 only about 50% of the time across each of the five runs."

"BHP's total shareholder return has consistently surpassed Rio's since completion of the BHP unification"

"Your tax return is secret by law. TurboTax wants you to give up your privacy. — Washington Post, 3/1/24"

"Lowering your cost of capital and increasing your returns on capital grows the value of the enterprise"

"We would review the Company’s investment strategy given the large focus in its lower return business."

"Return control to Vincent Bolloré’s Vivendi, an entity that oversaw massive value destruction at TIM"

"The amount of mercury disposed was caused by the large quantity of product returned from a customer."

"Despite claiming confidence in a return to historical gross margins, Box quickly lowered its target"

"Future capital allocation decisions by the Board and CEO determine returns for current Shareholders"

"A board focused on shareholder returns would not allow undervaluation of this magnitude to persist"

"Consumers are returning to malls as evidenced by positive mall traffic trends year-to-date in 2010"

"OUTR has already committed “to return 75% to 100% of free cash flow to investors” — Outerwall Inc."

"The Compensation Committee is clearly not focused on aligning incentives with stockholder returns"

"We believe that a strong push into Europe by Dexcom would be expensive and yield limited returns."

"We believe GE can return more than 40% of its current ~$260bn market cap to shareholders by 2018"

"HMA demonstrated 86% EBITDA growth in the 10 years ending 2012, but <1% total shareholder return"

"Customers returning to Genscript after trying Twist suggest its antibody offering is a disaster"

"Poor Total Shareholder Returns reflect... Poor Operating Results which are a consequence of..."

"Brinker’s focus on operations and shareholder value has led to 550%+ total shareholder return"

"Brinker’s focus on operations and shareholder value has led to 550%+ total shareholder return"

"More effective working capital management could unlock almost $2 bn to return to shareholders"

"ADT should borrow at 3% and invest / re-invest in itself at ~14-21% returns as much as it can"

"Under Dr. Klaus Kleinfeld, Alcoa had among the worst shareholder returns of any U.S. company"

"CP's low profitability and poor asset utilization result in low returns on invested capital"

"We did not have any detractors in 2019. Every portfolio company generated positive returns"

"Given its current $480 million valuation, the returns over that time will be electrifying."

"Lack of a coherent strategy results in assets that do not generate their potential returns"

"FND's sales return allowance declined in 2023, thereby improving net sales by ~$6 million."

"8 Year Compound Annual Return: PSH NAV Net of Fees & Total Return vs. Indices Total Return"

"Box's stockholder returns continued to lag that of its peer group and the broader market."

"Many commentators think that these high rates of return suggest the market is overvalued"

"What is an infinite supply of negative return investment opportunities worth? Not much."

"The Board has already committed to returning 75-100% of free cash flow to shareholders"