Callouts & quotes from 37,061+ activist slides

"In the current melee the opposite seems true: illiquid assets are more valuable because it is easier to convince the accountants that they have not declined in value compared to liquid assets where there is more transparent pricing data."

"Despite an economic recession in 2001-2003, significant dips in McDonald’s system wide same-store sales growth and declines in McDonald’s stock prices, the Real Estate and Franchise business has grown every year over the last five years."

"We believe there are numerous reasons why HIMS revenue multiple is likely to contract closer to its e-commerce peer group and see potential for 25% - 40% downside risk, and more if regulators were to take issue with HIMS operating model."

"With ~$11bn of debt maturities coming due by 2012, we note that Simon has meaningful liquidity risk. We believe that Simon’s current valuation reflects a downward adjustment for liquidity risk and the likelihood of future equity dilution"

"PBF has 60% capacity coming from disadvantaged markets. This leads to the Company being a high-cost peer with almost no EBITDA during 2024 (mid-cycle approximation). As such, PBF trades at a substantial discount to other public refiners."

"DV refers to brands and customers interchangeably. However, one customer can have multiple brands. A DV former employee Spruce Point interviewed expressed a belief there was an internal misunderstanding of what was considered a customer."

"The nature of the above (right) transactions, and the fact that some of these agencies are Momo owned entities, creates uncertainty around accounting treatment and opens the door for potentially illegal activities (e.g. money laundering)"

"In light of our interview of a former TASK Business Development employee who claimed that TASK's technology offerings were a step behind peers, we find it notable that TASK recently retracted benefit claims related to its core offerings."

"A “substantial” amount of the product purchased from Herbalife is never sold at retail. For the purpose of our analysis, we conservatively assume that means 30%, though the true amount of Internal Consumption could be meaningfully higher"

"Firms such as Tyler Technologies, CentralSquare, and Motorola have spent north of $1B acquiring most of the strongest software vendors in the CAD, RMS, and AI verticals, leaving few (if any) remaining high-quality M&A prospects for Axon."

"PBF has 60% capacity coming from disadvantaged markets. This leads to the Company being a high-cost peer with almost no EBITDA during 2024 (mid-cycle approximation). As such, PBF trades at a substantial discount to other public refiners."

"Spruce Point is alarmed by the recent pattern of MSCI's investments and alliances which appear to financially benefit members of MSCI, Morgan Stanley and former Morgan Stanley executives in the sphere of CEO and Chairman Henry Fernandez."

"Growth in asset management and advisory does not require meaningful investment in PP&E, inventories, or loans/securities. Going forward, Lazard is committing to manage its capital to capture the value inherent in its high ROI businesses."

"Is it any surprise that Credit Karma uses a methodology that yields a more consumer-friendly result, even though it may not be indicative of how a consumer is viewed by an actual lender? Is disappointing consumers a sustainable strategy?"

"Based on global shipping import records from Mettler’s locations in China, Switzerland, Germany, Hong Kong and other locations, we find evidence of a substantial slowdown in 2019. This does not reconcile with the record high share price."

"As a result of the Company’s subpar performance, Autodesk shareholders have suffered. As shown below, Autodesk’s share price has meaningfully underperformed its peers, the software market, and the broader market over the last five years."

"Porch had inroads with some of the premier retail companies in America to credentialize itself and its services with consumers interested in home products and services. Yet, it's abundantly clear that these partnerships failed miserably."

"We believe Fairfax arranged and provided financing for Seaspan (which Fairfax had invested more than $1 billion into) to acquire APR Energy in February 2020, allowing Fairfax to remove APR Energy and avoid booking $109 million of losses."

"If Chinook wants to report a 91% positive effect using the 11 patients who have completed 24 weeks on the drug, then in the interest of basic intellectual honesty it must use the same denominator of 11 patients to report adverse effects."

"Cintas took on more exposure to the oil, gas and mining sectors with the acquisition of G&K Services. This may turn out to hurt it as pressures continue to rise with layoffs in the oil field as prices remain subdued and production falls."

"In Heska's response to Qorvo arguing that such information should not be made available, the Company explicitly states that they are solely a distributor, which conflicts with the Company's characterization of its development activities."

"One Nevro patient, in a Facebook support group, described what her surgeon told her: that "the surgeon in his own words is 'merely the technician'" and the "rep from NEVRO [patient's emphasis] will instruct him where to place the leads.""

"But all the investors who think that way – well, they'd better not listen to what Scott Galloway, or someone like him, has to say. If you believe what they say is true, then the fire won't be burning much longer for companies like yours."

"With less than a third of long-term pay tied to business growth the new compensation scheme - aligned with K27's flawed targets - fails to link management incentives to long-term performance metrics essential for a successful turnaround."

"Limbach's stock-based compensation payments, which are at the high-end when compared to peers, coupled with warrant issuances and a public offering in 2021, have left Limbach's shares outstanding nearly 50% higher than they were in 2019."

"USCR is showing signs of desperation in its acquisition strategy, over-paying for questionable acquisitions (notably Polaris Materials, a money-losing Canadian microcap), and buying businesses with alleged association to organized crime."

"The timecourse of reported DEXA outcomes supports water retention NOT improved body composition, especially in the pivotal 16-week randomized withdrawal study where increased lean body mass cannot occur in 4 weeks invalidating the study."

"The endocrinologist indicated extreme skepticism of Vykat, stating that all 8 colleagues met with the Soleno rep a few weeks ago, with only one start form submitted between them across 50 patients, which hasn't gotten insurance approval."

"The “How Does WAKIX Work” page prominently features a video that graphically shows histamine being increased in the human brain. The “Mechanism Of Action” section on the site for healthcare professionals pushes this claim just as loudly."

"According to a recent class action lawsuit, by Generac’s own admission, some of its generators have the propensity to develop corrosion along the fuel line which can lead to fuel leakage and unit fire, which is a dangerous safety defect."

"The paper is striking in its honesty, which we attribute to Bioprojet already having terminated pitolisant by 2012, given its omission in Bioprojet papers around that time which mention other “lead compounds” for its H3 receptor program."

"In 2019 Vireo has come short of its dispensary rollout plan and gross margins have been significantly below expectations (16% in Q3/2019 vs 35% consensus and down 19% sequentially) Buildout in a number of locations have been put on hold."

"We believe this is a strong indicator that UFPT’s drape sales to ISRG have peaked. In our opinion, this is a significant problem for UFPT as their main source of revenue growth has disappeared with the company now facing declining sales."

"To calculate the annual utilization figure for already installed systems, we made a simple assumption that no reagent revenues are generated from the systems that have been contracted in the current quarter and up to two quarters before."

"The entire claims regarding insider trading made by Muddy Waters Capital in this context are completely unfounded, slanderous and the conclusions Muddy Waters Capital comes to on the basis of these claims are downright wrong! — Ströer SE"

""Targets for integration and migration were unrealistic. I think their understanding of the variances and the level of effort it was going to require to take the SafeCharge platform to North America was underestimated." — Former employee"

"“What’s your take on the dividend given all the capital requirements?” — Spruce Point Question; “I’m personally not a fan. It would make it sense to go away, but a lot of shareholders are accustomed to dividends.” — Former WTRG Executive"

"The internet is international. So with this digital business model we must quickly and rigorously tear down the boundaries in our heads and in geographical movement. I don't see that at the moment. Am I wrong? — Shareholder at Ströer AGM"

"As we have already explained in one of the previous answers, BaFin is checking the legal ramifications of the Muddy Waters report. In our estimation, legal action against Muddy Waters is currently not sufficiently promising. — Udo Müller"

""It all brings me back to my key message; through Execution Excellence we are transforming this railway into a highly efficient business. The more we do, the more we learn, and the more potential we are seeing." — Fred Green, Analyst Day"

"Specifically, during the year ended December 31, 2016, we identified material weaknesses in our internal controls over revenue recognition, cost of goods sold and services delivered and the reporting of deferred revenue. — Axon 2016 10-K"

"It’s got great bones. With the right amount of capital and the right discipline, [Phillips 66] should be able to trade like a midstream company does. — Michael Heim, Elliott nominee for Phillips 66’s Board and Co-Founder, Targa Resources"

"Speaking in unusually blunt terms, [the chairman of PricewaterhouseCoopers global] told the Financial Times yesterday that Arata’s limited size reflected the availability of staff who met the firm performance standards. — Financial Times"

"“For us, the instrument probably works 10% of the time, maybe 20%, if we're lucky. When it's working 10% of the time, it's great, but the rest of the time, it's just immensely frustrating.” — Leading academic institution/ex-BLI scientist"

"The selection for this channel for the more detailed reply appears intended to help Chairman Larry Chen protect his personal reputation in China, rather than provide more or useful information to international investors and shareholders."

"HbA1c = (FG+46.7)/28.7. The HbA1c values in red were calculated from the fasting glucose values in the new Shoemaker et al (2025) presentation, which are identical to the fasting glucose values in the original Miller et al (2024) poster."

"“China is 1.3 billion people, you can recruit for a long time there before we had what was called the classic 'pop-and-drop' in that marketplace.” — Michael O. Johnson, Herbalife Chairman and CEO, HLF Q2 2008 Earnings Call, Aug. 6, 2008."

"“distributors can make it [to President's Team] even faster today than we did [that is, faster than three years].” — John Tartol, senior Herbalife distributor and board member. “More Money Than You Can Imagine.” — Herbalife testimonials."

"A sad rip off... This game looks great and is initially fun to play. I spent $46 to get 2000 star points... It feels like you are focussing more on ripping people off than giving them a great product and value for money. — Anonymous User"

""This 100 bus order represents our largest order to date. This is further validation of the compelling nature of GreenPower EV products and the acceptance of our product by the market in general!" — Brendan Riley, President of GreenPower"

"Если у сопровождающих есть какой-либо документ о том, что они несут ответственность за детей — будут выданы документы, с подписью и мокрой печатью от глав ЛНР и ДНР о направлении детей республик на усыновления. — Mercure Rostov on Don FO"

"Through either one or two degrees of separation, GFL’s CEO has been closely associated with people that have been involved with various business scandals, some of which have involved charges (and convictions) for fraud and imprisonment."

"Through either one or two degrees of separation, GFL’s CEO has been closely associated with people that have been involved with various business scandals, some of which have involved charges (and convictions) for fraud and imprisonment."

"Although Tessera’s IP segment is currently profitable, its financial performance has deteriorated substantially over the past few years and its profit margins are far below the margins of other intellectual property licensing companies."

"Across all the relevant markets, we estimate a licensing opportunity in excess of $400 million with a potential current annual run-rate of between $35-$40 million and growing based on applicable device shipments and technology adoption."

"This consistent underperformance is troubling and puzzling, given both the strong performance of Mellanox’s peers and the tailwinds provided by the Company’s favorable exposure to many of the most attractive end markets in the industry."

"Within a year after MPWR claimed inventory growth was a result of needing to meet "current demand and future growth", $10.5m (7.7% of inventories) was written down unexpectedly, and a wafer supplier agreement was terminated in Dec 2018."

"In other words, not only does Dell want to acquire your DVMT shares at a 30% discount, but incredulously, they also want to pay for it by using Dell equity at an inflated valuation that assumes the full economic value of the VMW shares!"

"While IonQ represents it as its current system, a former physicist indicated they don’t have any machines “developed with that in it” and that “the ones now are about probably like a cubic foot of volume. So, they’re much, much bigger.”"

"Pure was seeing declining revenue growth rates, particularly in its product segment, before receiving a solid boost from COVID. Yet, as enterprise IT spending has normalized, Pure's revenue growth rates have resumed a troubling decline."