Callouts & quotes from 790+ activist slides

"We believe Bristol-Myers can improve returns on R&D through more external partnerships"

"HMA returned <1% total shareholder value from 2003 to 2012 – making it a “Lost Decade”"

"Returning capital and addressing operational challenges would yield significant return"

"If a company cannot find these opportunities, it must return capital to shareholders."

"Phillips 66 Annual Report tells a different story about relative shareholder returns"

"Buffalo Wild Wings senior management is taking the company down a path of no return."

"Phillips 66 Annual Report tells a different story about relative shareholder returns"

"Box would have to have annual returns of ~35% for the KKR Financing to be accretive"

"ADP’s total shareholder return is in-line with Paychex but trails Ultimate Software"

"Since Hess has paid limited dividends, exclusion of dividends distorts peer returns"

"We object to oil fracking because the investment can contaminate portfolio returns."

"The GSEs' guarantee business has recently returned to a high level of profitability"

"5 Year Compound Annual Return: PSH NAV Net of Fees vs. Indices Total Return in USD"

"BWLD should cease investing in high risk initiatives that have earned low returns"

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

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

"Pershing Square, L.P. Net Returns vs. S&P 500 (1/1/2004 through 12/31/2017)(1)"

"Our Total Shareholder Return Over the Past Decade Has Been Impressive — Darden"

"Management’s best investments = 4.3% return on incremental invested capital"

"Poor shareholder returns, persistent undervaluation and governance concerns"

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

"The Company is expected to generate worst-in-class returns on R&D and M&A."

"Family Dollar has a strong track record of earning high returns on capital"

"$83mm Total Compensation Paid to NEOs Despite Negative Shareholder Returns"

"Using 12x our 2026E EBITDA estimate returns $16, -77% from current levels."

"The Company is expected to generate worst-in-class returns on R&D and M&A."

"Nestlé makes the very best returns for its shareholders. — Third Point LLC"

"Only 4 of 24 firms showed a net positive return since report publication."

"Nearly all (~97%) book inventory is returnable to the publishers at cost"

"2025 Return: PSH NAV Net of Fees & Total Return vs. Indices Total Return"

"The Company is expected to generate lower returns on R&D already spent."

"3 Year Compound Annual Return: PSH Net of Fees vs. Indices Total Return"

"Darden needs to follow Brinker's asset-light, return-focused philosophy"

"The Company is expected to generate lower returns on R&D already spent."

"ACAS' net return to shareholders has been poor compared to other BDCs"

"A major source of past revenue is unlikely to return to past levels."

"Total return to shareholders including dividends: negative 18%(1)"

"2023 Return: PSH NAV Net of Fees vs. Indices Total Return in USD"

"Approximately $750 million deployed for $28 million in returns"

"Apple has a number of ways it can return cash to shareholders."

"Bottom quartile among peers in returning cash to shareholders"

"Analysts want Hess to return cash and halt failed exploration"

"Valuing pro-forma FCF at 16x, implies a ~90% unlevered return"

"Valuing pro-forma FCF at 16x, implies a ~90% unlevered return"

"PSLP / PSH Net Returns vs. S&P 500 through December 31, 2021"

"Significant opportunity for low-risk, high-return innovation"

"PSLP / PSH Net Returns vs. S&P 500 through December 31, 2020"

"bonds constitute “return-free risk” — Jim Grant (referenced)"

"2018: Return to Our Roots — PSH Annual Investor Presentation"

"New initiatives have generated minimal-to-negative returns"

"2024 Return: PSH NAV Net of Fees vs. Indices Total Return"

"HASI's Rosie JV Preferred Return Takes Effect in 2035..."

"Correct answer of 2 returned only 59% to 70% of the time"

"Correct answer of 5 returned only about 50% of the time"

"He didn't return to complete his undergraduate degree."

"2021 Return: PSH Net of Fees vs. Indices Total Return"

"2022 Return: PSH Net of Fees vs. Indices Total Return"

"CN's return on equity has fallen significantly"

"Base case within three years is a ~3x return"

"IR Shareholder Returns Outperform The Market"