Callouts & quotes from 902+ activist slides

"Below are summaries of projections from three sell-side analysts. All of these are tremendously intellectually dishonest in our view."

"Is Lowes transform old stock that CSTE were unable to sell, and is now being repackaged in the hope of avoiding inventory writedowns?"

"The terms of the settlement in no way change our business model as a direct selling company but simply build upon current procedures."

"Despite almost unanimous bullishness among analysts, the average sell-side price target is currently 16% below current price levels."

"Sell an overpriced, unadvertised white powder to strangers, from whom you are required to obtain name, address, and purchase details"

"Despite ONP’s response, our thesis that ONP is a fraud remains unchanged, and we reiterate our “Strong Sell” rating on ONP’s shares."

"Big Lots alienated shoppers who were seeking cut-price, name-brand goods after venturing into other areas, like selling frozen food."

"If the answer is yes, every whole-loan "sale" is a seller-financed transaction that fails the effective control test under ASC 860."

"GreenPower is limited to only selling in California since California’s state subsidy program doesn’t require Buy America standards."

"It sells a laundry list of IFC's for various lab tasks, available for as low as $55 each - while BLI prices them in the thousands."

"These companies need to buy sales growth by gobbling up smaller businesses that sell the healthy foods shoppers increasingly want."

"it will be a few more months before the stock gets crushed from what appears to be an inevitable tsunami of selling from insiders."

"Amcor sells itself to investors as being a global company, so why not act like one and benchmark itself to a world index instead?"

"the stock has underperformed and we have concluded we would not be able to sell it for much — Burford Capital 2019 Interim Report"

"We rate EDU a Strong Sell because it is probable that EDU will have a significant restatement, and that its auditor will resign."

"The competition is selling cars while BNY is proud of the fact that it sells the cheapest and fastest horse drawn buggy in town."

"The latest amendment opens up the door for more aggressive revenue recognition in regard to Baker Hughes reselling arrangements."

"Lean Shake and Formula 1 (750g) sell at almost the identical price on eBay. Further evidence that these products are commodities"

"Excluding the estimated $110M net tailwind to revenues that will not repeat in FY23, sell-side estimates look wildly optimistic."

"A direct selling company may not "have the . . . commodities purchase serve[] as the condition[] for becoming a sales promoter.""

"Goodyear sells an above industry average proportion of HVA replacement tires (Goodyear at 44% vs. U.S. industry average of 40%)"

"REZI’s “Exclusive Brands” growth story is not by accident. We believe it is because it has little edge in many brands it sells."

"We believe Leidos’ Thailand distributor M.I.T Solutions is an unusual entity that sells both Security and Planetarium products."

""We have a lot of diversity in our products. We have probably a 130,000 sellable products." — CFO, Bofa/ML Conference, May 2019"

"If they can sell the energy for more than they spend on the land and getting it out of the ground, they make a healthy living."

"Management should sell the company... But, it can't because the stock price is too high... (it would have to be a take-under)"

"Product revenues have been basically flat for 4 quarters – typically a death knell for a company that sells a box with chips."

"Below is a video of Inogen's largest reseller bragging about how his son bought a G-Wagon... from deceiving the sick elderly."

"Despite a widespread bullish tone among analysts, the average sell-side price target offers little upside to current levels."

"Insiders have been large net sellers whose share ownership is comprised mostly of option grants -> no real economic exposure"

"One indicated that the largest clinic he sells to had an 80% explant rate with Nevro's device and "won't let Nevro back in.""

"It appears sell-side analysts’ growth estimates are giving CTC the continuous benefit of its unsustainable accounting tricks"

"Wait, so selling detection systems to airports with air travel declining is a source of growth? Do you mean negative growth?"

"The sell-side analysts above don't say how they came to their Instrument revenue % numbers, but they have their own process."

""The investment banking profession will sell shit as long as shit can be sold" — Charlie Munger on SPACs, February 24, 2021."

"Chinese Distributors confirm that “Hourly Consulting Fees” are far more lucrative than selling products to retail customers"

"According to the prospectus filed in November 2019, insiders and former shareholders have been selling shares aggressively."

"We rate American Tower Corp. (NYSE: AMT) a Strong Sell and value it at $44.57 per share, representing a downside of 40.3%."

"Low conversion rate shows that website and mobile app user data does not mean Canadian Tire is able to sell to those users"

"As shareholders, and as customers, we would like to see Nintendo develop and sell games for the iOS and Android platforms."

"Huntsman won’t sell shares of Venator until its stock price is “significantly higher” — Huntsman Management (May 16, 2019)"

"Appendix – Relevant Articles from the Chinese Direct-Selling Law, Pyramid Sales Law and Criminal Law relating to Pyramids"

"Dozens of vendors like Sony, Thermo Fisher, and others sell cytometers, typically for $75-100K vs. BLI’s Beacon at $2MM."

"BLI has peaked; losing ground and “not selling many instruments”; competitors view their volumes as “a bloody disaster.”"

"At the Q2 2019 call, a sell-side analyst also noticed the lower than projected reagent revenue per system (utilization)."

"The issues cited represent serious and harmful corporate practices in service of continuing to sell a troubled product."

"In the past two years, we estimate insiders have monetized £1 billion, net, via selling, collaring, and pledging stock."

"Follow the money: the trust holding employee stock has been selling the past three years: from 3.6 > 3.3 > 2.9m shares."

"Management has indicated it would sell the International business (franchising) if it can't be fixed in a timely manner"

"ADP’s competitive weakness is masked partially by “sell-in” driven by recent industry trends toward HCM Beyond Payroll"

"Spruce Point frequently sees insider selling paired with accelerated buybacks among companies under increasing strain."

"Spruce Point frequently sees insider selling paired with accelerated buybacks among companies under increasing strain."

"Twist tried to get share by selling at “half or a quarter” of prevailing prices; giving money away to buy market share"

"Why did Ströer sell back such a large stake of ECE flatmedia back to the original seller so soon after acquiring them?"

"WMB has considerably outperformed SE in the relevant time frame with sell-side valuing WMB’s GP IDR at 25x+ Cash Flow"

"Regardless, this is not what TRE is really doing. It is lying about selling such large volumes of timber to the AIs."

"At issue: the pending expiration of the key patents preventing others from selling K-cups for use in Keurig machines"

"In activist short selling, such a kneejerk reaction from a company is often a strong validation of the short thesis."

"Contrary to Red Cat’s grandiose claims, the opportunity to sell Red Cat drones outside of the US Army is negligible."

"“the retirement plan for former Ernst & Young partners” — Muddy Waters Issues Strong Sell on Sino-Forest Corporation"