Callouts & quotes from 37,061+ activist slides

"We believe the new BDC (ACAP) will have inferior returns relative to peers because it has lower asset yields and a higher cost structure. As a result we believe this investment will continue to trade at a deep discount to its book value"

"Southwest’s Executive Chairman and its CEO, who have spent a combined 74 years at the Company, have presided over a period of severe underperformance, and they have demonstrated that they are not up to the task of modernizing Southwest."

"Spruce Point believes that this reflects the sell side's lack of understanding of the business' true underlying economics: analysts' price targets reflect a level of earnings power which the Company cannot sustain through the long-term."

"Our intermediate price target for Oatly is $6.40 - $14.90 (30% - 70%) lower, with up to 100% long-term downside as investors come to grips that Oatly will likely never make money in the notoriously fickle and deflationary food industry."

"Zebra frequently uses the word "backlog" on its conference calls and once in its Annual Report in a bullish tone. However, we warn investors that it does not have a defined meaning, and management won't quantify the value for investors."

"Zebra uses accounts receivable ("A/R") factoring arrangements. Receivables sold are recorded through cash from operations, and when measured as a percent of sales and total operating cash flow, we see greater usage intensity since 2022."

"Strategic mistakes of this magnitude suggest multiple breakdowns across the entire organizational design, including consumer research, product development, pricing, sales, distribution – and lack of coordination between all of the above"

"Today’s news that Rallye, Finatis, Euris, and Fonciére Euris have entered safeguard proceedings due to financial distress likely marks the beginning of the end for this financing structure, which has been a parasite on Casino for years."

"Running a strategy that prioritizes two conflicting principles - discipline and flexibility - has led to worst-in-class financial and operational performance before, during and after the East Palestine, Ohio derailment in February 2023."

"Not only do former HIMS employees question the massive costs of celebrity endorsements, but the fact that several celebrities received equity means that HIMS' reported acquisition costs are not capturing the true costs of these efforts."

"As we’ve demonstrated, Amdocs is at best a no-growth company, and at worst declining organically. If it received a multiple in-line with peers to reflect this reality at 1.0x-1.5x its share price would be approximately 21% to 45% lower."

"Southwest's Executive Chairman and its CEO, who have spent a combined 74 years at the Company, have presided over a period of severe underperformance, and they have demonstrated that they are not up to the task of modernizing Southwest."

"Spruce Point is concerned that Saputo has overpaid for transactions that have struggled (e.g. MG (Australia) and Dairy Crest (U.K.)), while recent M&A activity has become more opaque, and potentially much more expensive and problematic."

"Monster recently ran a promotion with Wawa in January – February for $3 per can, which is not much of a discount given they currently sell for $3.50 per can. Now Wawa is offering buy 2 get 1 free which lowers the price to $2.33 per can."

"Since the initial investment, Huntsman has invested an incremental ~$660 million into a business that has yet to perform in-line with the Company's initial expectations, and continues to be free cash flow negative on a cumulative basis."

"There are troubling consistencies with the reported office site counts and claims made by TaskUs. Its historic claim was 5 and 18 offices in 2017 and 2018. This has been revised in its SEC filings to 9 and 14 office sites, respectively."

"On the #StrongerSouthwest podcast, Gregg Saretsky, Elliott's nominee for Southwest Airlines' (NYSE: LUV) board and former WestJet CEO, discusses the importance of accountability during WestJet's drive for stronger financial performance."

"Spruce Point questions why MSCI bought Fabric which appears to have limited growth, is powered by its own Factor models, and whose co-Founder warned of dangers with indexing (MSCI's core business) – both since scrubbed from the website."

"Just a reminder that insiders recently disclosed a stock selling program dating back to Nov 2022 when the stock was in the low $20s, and that the last time PERI reported operating cash flow under $20m, the share price was single digits."

"But commercialization is a double edged sword: the rigorous testing it has catalyzed is coming up empty, driving rapid patient attrition and putting the company at risk of both losing Medicare coverage and being run over by competition."

"For illustrative purposes, Spruce Point has conducted an NPV analysis of the UBS technology project. Using conservative assumptions, we estimate a project Present Value of $209 million, significantly below the $1.0+ billion+ investment."

"Instrument is plagued by “a lot of false positives” and errors; required “a lot of energy and effort” only to fail; seems to work for simple antibodies but only about 70-80% of time; only worked 10-20% of the time for more complex ones."

"BLI has no value proposition versus competing machines, especially at a $2MM price point; can get “a lot more functionality” from others for a fraction of the price; will get disrupted within 2-3 years by newer single-cell technologies."

"The net cash outflow connected with the acquisition amounted to EUR 0 million as the consideration of EUR 273.0 million was off-set with loans provided by the Group to Senales Invest, entity fully owned by the Group's main shareholders."

"We compare Rollins’ valuation with a broad set of residential and commercial service companies. We expect Rollins’ margins to contract and its top-line growth to normalize. As a result, we believe its excessive multiple should contract."

"We found that in Beijing, BEKE has 28 major and minor subsidiaries (including VIEs). These entities reported a total of only 14,236 employees per SAIC data, indicating that BEKE is exaggerating the number of its agent in Beijing by 90%."

"We have proposed a set of near and longer-term measures intended to rebuild investor trust and reduce the $25bn value gap between the company's market value and intrinsic value, equivalent to potential share price upside of up to ~170%."

"To better understand the materiality of this issue, PGNY completed 28,413 ART cycles in 2021. Assuming they all involved PGT at $5,000 per cycle, that represents $142 million of revenue, or about 40% of PGNY’s medical revenue that year."

"Our long idea is AerCap Holdings N.V., ticker AER. AerCap is the largest and, in our view, the best managed independent lessor. In a market with few bargains, we believe that the stock is cheap and offers a good risk-reward opportunity."

"Nevro had given him talking points to convince me to come back. So they admitted, yes, you’re getting explants, but they wanted to convince me I wasn’t getting that many. I’ve heard they’ve done this with a lot of other doctors as well."

"Spruce Point believes investors should carefully consider that in the past three years, related-party distributions have exceeded the total investment made in the Company through capex, R&D and acquisitions by approximately $44 million."

"If management becomes more bearish about a recovery, it can reduce capacity further and shrink the cost base. We believe that if the business were right-sized to the current sales base of ~$3.3bn, EBIT margins could be approximately 10%"

"CPI Hotels, following its transfer to CPI PG, assigned its receivable from MGI of €16.1 million to Vitek, seemingly extinguishing it. However, as discussed infra, Vitek appears to have then sold this receivable for money back to CPI PG!"

"We have identified three major property transactions with parties related to Vivion's principal controlling shareholder Amir Dayan. While it is not clear that wrongdoing occurred in these transactions, the facts strongly suggest it did."

"4% capital would require ~$270 billion to support the single-family guarantee business alone, >2x the capital held by both entities today. This would tie up ~$100bn+ of wasted capital that could be better deployed in other US businesses"

"Our checks on TransMedics procurement surgeons confirm the concerns raised by ex-employees, surgeons, OPO executives, and hospital staff – that a reasonable person may view them as generally unemployable by reputable transplant centers."

"The problem, compared to what you can do with NRP or other technologies, is that the heart on the TransMedics device is beating but it's empty...it's not doing any work...it's not supporting circulation...it's not generating a pressure."

"The foreign clinical trials that led to the approval of pitolisant are a poster child for the weaknesses and loopholes in the FDA's fast-track approval process, where a far lower standard of evidence is acceptable for a rare indication."

"We find it morbidly humorous at best, but highly concerning otherwise, that Longson was designated VP of Real Estate at PetIQ just several years after abusing a real estate financing entity to engage in fraudulent "inventory financing.""

"In our opinion, the paper exemplifies what we believe to be a 20+ year pattern of scientific and clinical dishonesty by the inner circle that pop ups repeatedly in Bioprojet’s key papers and trials, all of whom are authors on the paper."

"CEO Dominik Richter's private company borrowed massively against his HelloFresh’s shares to fund highly leveraged real estate investments by his brother Benedikt Richter, apparently triggering margin calls amid a steep share price drop."

"AS OF THE PUBLICATION DATE OF THIS REPORT, GRIZZLY RESEARCH... HAS A DIRECT OR INDIRECT SHORT POSITION IN THE STOCK (AND/OR OPTIONS, SWAPS, AND OTHER DERIVATIVES RELATED TO ONE OR MORE OF THESE SECURITIES) OF THE COMPANY COVERED HEREIN."

"Southwest's Executive Chairman and its CEO, who have spent a combined 74 years at the Company, have presided over a period of severe underperformance, and they have demonstrated that they are not up to the task of modernizing Southwest."

"Southwest's Executive Chairman and its CEO, who have spent a combined 74 years at the Company, have presided over a period of severe underperformance, and they have demonstrated that they are not up to the task of modernizing Southwest."

"When an investigator visited the office building listed for Metaverse Horizon, he discovered that there has never been a lease associated with the specific address listed, and that the office space had never been developed or decorated."

"Our Analysis of Historical Compensation Indicates CTO Never Would Have Hit Its Threshold for Bonuses If It Had Included Recurring Capex in Its AFFO. Management Has Inflated Its $8 Million Performance Bonuses With Its Made-Up AFFO Metric"

"While most companies have been able to raise prices to offset inflationary forces, Enfusion has indicated that price changes did not impact its results. This outcome is despite the former CFO claiming that the Company had pricing power."

"Rather than admitting that the Urashima light source is simply an old, re-packaged Russian EUV source no one else wanted, Lasertec appears to be misleading investors with a new name and claims that it is a Japanese-developed technology."

"...And as we enter the quarter, we don't have too much visibility. We can be even flat in some cases. So we don't have enough information to give you visibility into what's going to go up and down. — Eyal Waldman – Q4 2017 Earnings Call"

"“We still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets.” — Mike Hennigan, CEO of Marathon Petroleum"

"“Absolutely. It's kind of like a body certifying a gasoline car to have 200 miles per gallon on a test strip... I'm just not sure this would translate into a commercial product.” “Yeah, I don't buy this, for sure.” — Former R&D employee"

"“This is not a good way to judge that you've killed the dendrite problem [laughs] for the simple reason that if you have this in a large vehicle-size battery... you'd want to charge the whole battery at a current.” — Former R&D employee"

"If we assume that only 1/3 of [the 64M] households would be willing to buy a Keurig machine due to higher price points, the total available market is roughly 21mm homes. — SunTrust Robinson Humphrey research note published July 21, 2011"

"“The valuation of inventory could be impacted by changes in public and consumer preferences, demand for product, changes in the buying patterns of both retailers and consumers and inventory management of customers.” — Skechers 2021 10-K"

"[...] price is still totally indefensible, in fact one could and should argue that today's ¥18,800 bid is actually currently at a bigger discount than the original ¥16,300 bid was on the 3rd June. — CLSA (John Seagrim), January 14, 2026"

"“We have a long history here with Alpine,” Fischer said in an interview during a visit to Tokyo. “There is a biased process to achieve a biased result, in terms of Alps taking over Alpine at too cheap a price.” — Seth Fischer, Oasis CIO"

""It's no exaggeration to say that any company could die overnight. It has become an industry joke that almost all of the people in charge of content-audit departments have white hair" — Chen Taifeng, a vice-president at Yixia Technology"

"50% is the largest discount/profit in the industry. Paid in 7 different ways! WORLDWIDE, Herbalife has created: More people making $100,000 per year AND More Millionaires than any other company! Highest Payout In The Industry Up To: 73%"

""[T]he organization is deemed a pyramid scheme if the participants obtain their monetary benefits primarily from recruitment rather than the sale of goods and services to consumers" — Dr. Peter J. Vander Nat, Senior Economist at the FTC"

"「TSMCの生産ラインにおいては、生産性に関しても経済性に関してもKLA製のほうがレーザーテック製よりも性能がいい。だから、TSMCにおけるその関連の商売の約3分の2がすでにレーザーテックからKLAに移行している、と私は見ています。TSMCにおけるレーザーテックのシェアは減少しづづけている、と言わざるをえません。その一方、KLAのシェアは増えづづけています」 — TSMCの元幹部で長年購買の責任者を務め、同社へレーザーテック製の検査装置の導入を担当した人物、現大学教員"