Callouts & quotes from 37,061+ activist slides

"Gregg Saretsky reflects on his journey through the airline industry, from working as a flight attendant and gate agent in college to serving as the president & CEO of WestJet, and how his experiences would add value to Southwest's Board of Directors."

"Mr. Goff’s more than 40 years of experience includes nearly three decades at ConocoPhillips (Phillips 66’s predecessor company), nearly a decade as CEO of refiner Andeavor (formerly known as Tesoro), and service on the Exxon Mobil Board of Directors."

"Twist used “shocking” discounts of 75% to lure customers aways from Danaher/IDT; “change in attitude” among customers toward Twist as they now return to Danaher, which allegedly used the phrase “Ponzi scheme” in internal discussions to describe Twist"

"Our research suggests that Kratos is a tiny player in the field of unmanned systems, with approximately 1% share of industry revenues and contract awards as a percentage of the DoD budget for drone procurement, research, development and construction."

"The Company's current gamesmanship around its directors follows the Company's previous failure to honor its representations made to Elliott - dating back to February 2024 - that it would appoint a mutually agreed-upon director with energy experience."

"We advocate for a strengthened senior management and Board composition that is both attuned to the demands of the consumer goods industry and equipped to steer Kao to fully capitalize on its market opportunities and lead in the consumer goods sector."

"While the portion of installation costs is not disclosed, assuming a nine-year contract period, Geotab’s proposal had an annual value of approximately $30 million, which equates to almost 20% of the ARR added from >$100K customers over the past year."

"HIMS' claims its AMG entities are solely “owned” by physicians. However, we find and believe that all HIMS AMGs are “owned” by a very small handful of physician “figureheads” under HIMS' control who have none of the traditional benefits of ownership."

"We are struck by the disconnect between Amdocs' European footprint and the value of its European assets, which suggests that it has made sizeable investments in software, computer equipment, etc. in locations in which it has little physical presence."

"In this instance, given the long record of falling short and the deep loss of confidence in Southwest’s leadership among shareholders and other constituents, it is simply untenable for the same Board and management team to continue to lead Southwest."

"In this instance, given the long record of falling short and the deep loss of confidence in Southwest’s leadership among shareholders and other constituents, it is simply untenable for the same Board and management team to continue to lead Southwest."

"Monster is trading in-line with its 5-year EV / NTM EBITDA multiple despite our belief that its business has fundamentally deteriorated over this time. As a result, we believe it should be trading at a discount to its long-term average of 23x EBITDA."

"Thus, unlike the coerced loan, presumptive contract rate, and cost of funds approaches, the formula approach entails a straightforward, familiar, and objective inquiry, and minimizes the need for potentially costly additional evidentiary proceedings."

"We question the alignment of values between ELF and Movers+Shakers in light of comments made on Glassdoor by former Movers+Shakers employees alleging that cult-like tactics are used and that the CEO said offensive things to multiple female coworkers."

"DV investors should be intensely worried about the lack of patent protection of its technology products and solutions. In fact, it appears that DV recently lost two European patents and its application pipeline is shrinking with no new patent growth."

"It appears that PepsiCo views structural change as a sign of weakness, an admission of failure and an untenable break with past traditions. Trian views structural change as the best path forward to generate sustainable increases in shareholder value."

"CHD reported $763.6m of operating cash flow in 2018. Yet, according to its bonus calculation, actual performance was $771m. So is it claiming better cash flow performance? The difference of $7.5m is exactly the amount of factored receivables in 2018."

"If elected, the Independent Nominees would evaluate the merits of Elliott’s value-creation proposals in conjunction with management, to determine whether and when to implement them in the best interest of long-term value creation for all shareholders"

"But no noninvasive diagnostic test or screening protocol has been shown to improve the means of detecting rejection, either through avoiding unnecessary biopsies (increased specificity) or by identifying subclinical rejection (increased sensitivity)."

"We value BR's ICS and GTO business at 1x – 2x and 2.5x – 3.0x 2022E sales, respectively, to reflect its below industry margins, and other challenges we've identified. As a result, our price target is $37.35 – $52.30, implying 65% – 75% downside risk."

"GINGKO BIOWORKS executive #1 challenged the machine’s purported value proposition: doesn't speed up overall workflows for pharma/biotech customers; throughput is a limitation; unclear if/when the Beacon is the right screening tool versus competitors."

"Although, we could debate whether Livingston had the requisite background to remediate a material weakness, we do note that Livingston's previous work experience included 7 years at WebMD from 1999 to 2006 which overlapped with Anevski and Schlanger."

"I remain of the view that higher rates will surprise by improving the economy on Main Street even though it is quite possible they would create some turbulence on Wall Street, as most equities are now highly priced and a select group are in a bubble."

"We summarize the key findings of each chapter that follows, which lead us to conclude that the bull case – centered on a turnaround and return to growth – is misguided, and that Nevro faces existential risks which the market has failed to appreciate."

"KOL's and former employees elaborated on the reasons for their skepticism, beginning with the center and the physicians who led the trial, offering opinions which implied that they were corrupt and paid to deliver only certain kinds of study results."

"Both the increasing rate of insurer denials and doctors therefore "not wanting to do spinal cord stimulators as much" were recurring themes of KOL interviews. Implanters indicated it's only a matter of time before reimbursement gets "hammered again.""

"In June of 2007, Wendy’s announced that it was pursuing a sale of the Company. Since then, amidst the fallout in the credit markets and concerns about the failure of the strategic review process, the stock traded down from $38 to a low of nearly $22."

"These highly generalized responses also constitute a Non-Specific Denial (2) and Convincing Statements (3). The reader is to assume that these eight points are declarations of innocence, but in fact do not contain any direct denial of any wrongdoing."

"We believe Leidos should write down the value of the business as impaired, and the Board should immediately terminate CEO Krone and CFO Reagan for abysmal due diligence failures, and misrepresenting the financial outlook of the business to investors."

"The association indicated that even the favorably-inclined families are at best “modestly positive” about the drug and its “modest effects,” and that word has already spread among families about patients developing diabetes during the clinical trials"

"It is in fact difficult to find a major player that *not* attempt an H3 program and fail, as the list of flops includes those by Pfizer, Merck, Astra Zeneca, Johnson & Johnson/Janssen, Abbott, Glaxo Smith Kline, Novartis, Sanofi, and Schering-Plough."

"ESS - the entire foundation of Harmony’s clinical trials and the key “evidence” of its purported efficacy - is a highly unreliable, unvalidated, subjective, patient-reported questionnaire that assesses chances of falling asleep in different settings."

"In this instance, given the long record of falling short and the deep loss of confidence in Southwest’s leadership among shareholders and other constituents, it is simply untenable for the same Board and management team to continue to lead Southwest."

"We note that the engineer appeared nervous at times while answering our questions, in a manner that suggested to us a coordinated attempt between Lasertec and its key customers to conceal that the “new” A300/Urashima announcement is essentially fake."

"In the absence of pellicle inspection capability, customers just default to their legacy KLA mask inspection tools: “because you don’t have a pellicle...so you just use the KLA tool” – negating the “EUV monopoly” thesis underpinning Lasertec’s stock."

"Under the current management structure and people, no. I would never put a dime in there. If you could see a mature management in the industry, absolutely, there's an opportunity....I have no confidence at this point and time. — Former GFL Employee 1"

""we do this from a position of strength" — Michael Dell and Silver Lake (Press Release, Feb 2, 2018). "opportunistic opportunities in the market to take advantage of the discount between the two securities" — Dell CFO (Earnings Call, March 13, 2017)."

"“I believe a sustained and rigorous focus on strategy and its execution, combined with a robust corporate governance structure, can help Hess maximize long term value for shareholders. I am excited to help Hess accomplish these goals.” — Rodney Chase"

"We note, however, that the group's reaffirmed commitment to its existing four-segment portfolio has resulted in a number of investors reappraising the scope for crystallization of the SOTP value. — Goldman Sachs research report dated 1 November 2024."

"Gregg Saretsky reflects on his journey through the airline industry, from working as a flight attendant and gate agent in college to serving as the president & CEO of WestJet, and how his experiences would add value to Southwest's Board of Directors."

"In price negotiations with TMC, TICO assumes a defensive position against price reductions. While it is permitted to pass on increased costs, TICO does not have the authority to implement price increases beyond that. — Former Automotive OES Executive"

"it is necessary that the Acquisition Proposal contains a ‘mechanism’ that ensures the employment of the Company’s employees and ensures that the Company continues to be a company where the employees find their jobs rewarding. — Unizo Holdings Company"

"“Elliott is asking the Board to devise a way to evade our governing documents, and the Board does not think that such actions would be in the best interests of the Company and our shareholders.” — Phillips 66 Definitive Proxy, April 7, 2025, Page 115"

"Taser's offer, if accepted, would breach this standard. The City Charter (chapter XIX) also declares that if the City enters into a contract induced by collusion or fraud, the contract is null and void. The City of Phoenix — Brad Holm, City Attorney."

"“...we believe the restructuring is not value enhancing and actually adds more complexity, leading to two subpar entities, a higher dividend payout ratio, and significant tax consequences for taxable shareholders” — Citi REIT analyst Michael Bilerman"

"“Elliott is asking the Board to devise a way to evade our governing documents, and the Board does not think that such actions would be in the best interests of the Company and our shareholders.” — Phillips 66 Definitive Proxy, April 7, 2025, Page 115"

"Analytics is our long-term target to move from being a lower revenue generator in the low to mid-single digits to a medium revenue grower in the upper single digits over the long term. — CEO & Chairman Fernandez, Investor/Analyst Call, April 28, 2016"

"Legion Partners called it an “obvious and clear conflict was seemingly overlooked by a Board” and JANA Partners asked “is the board simply not sufficiently engaged to appropriately safeguard shareholder interests?” — Legion Partners and JANA Partners"

"We may need to issue ordinary shares or other securities in connection with possible acquisition(s) or for equity-based awards for talents in order to preserve and increase our market competitiveness and expand our business. — Perion Network Ltd. 6-K"

"“Retail media was clearly one of the biggest advertising trends of 2022 and it's showing no signs of slowing down. A recent forecast from the ANA projected the sector will hit $52 billion in 2023 — 18% of overall digital spend” — Q1 2023 Presentation"

"“commend[s] the Minister of Mines and Metallurgy and the President of COMIBOL for committed focus to complete this transaction. It is a benchmark achievement that shows that Bolivia is open to foreign investment.” — Gordon Neal, New Pacific President"

"As noted by Emory professor Dan McCarthy, Peloton's churn disclosure just "doesn't pass the smell test" as Peloton's 0.65% churn rate implies that the average customer keeps the digital subscription for 13 years! Can we take the under? — Dan McCarthy"

"“At this time, modest growth year-over-year [in Imaging] is expected after 2021.” — Grassman at Investor Day November 2020; “And we've de-emphasized our contract manufacturing and vaccines and pharmaceuticals.” — Wilson at Stifel Conference June 2021"

""All of our Point of Care laboratory and other non-imaging instruments and consumables are supplied by third parties, who typically own the product rights and supply the product to us under marketing and/or distribution agreements." — Heska 2020 10-K"

"“Compensation is an important engine for a company's growth...(is it) linked to the growth of corporate value?... Verification against the market and global competitors is very important.” — Takatoshi Yamamoto, Hitachi Compensation Committee Chairman"

"「彼らは低出力の極端紫外線光源の技術であるHHGを使って、実質的に“自前”の検査装置を開発しました。インテルもそうしました。インテルは公表しませんが、実際に開発済みです。結果として3社とも同じような技術を使うようになりました。HHG、出力は微々たるものです。みんな開発していました。水面下でする会社もあれば、堂々と開発する会社もありました。サムスンはまだその装置を使っています。TSMCも。インテルもまだ使っているんじゃないかと思いますが、インテルは非常にプライベートな姿勢です。」 — 半導体専門家"

"I think they're definitely taken it from Lumber Liquidators. I think they've taken it from Home Depot and Lowe's early on. I don't think that's the case as much anymore. I think Lowe's and Home Depot has finally caught up. — Former Industry Executive"

"I stayed in a really nice Fairmont this past weekend and not only were there escorts everywhere, some came into the private room where we were at a party and hit on my husband lol. I was SHOCKED but I’m honestly still laughing about it. — Reddit user"

""Direct-to-Consumer-Fertiggerichte sind eine aufstrebende Lebensmittelsparte, von der wir glauben, dass sie das Potenzial hat, sich im Laufe der Zeit zu einer Multi-Milliarden-Dollar-Kategorie zu entwickeln." — Uwe Voss, CEO von HelloFresh in den USA"

"If Solventum returns to these pre-spin performance levels, we believe shares could be worth ~$140 by year-end 2027... We view this as an undemanding case and expect management to be able to drive better performance than how it performed inside of 3M"