Callouts & quotes from 37,061+ activist slides

"The Federal Reserve Board has been unable to find any credible purpose for the huge balance sheets built by Fannie and Freddie other than the creation of profit through the exploitation of the market-granted subsidy."

"Phillips 66's (NYSE: PSX) entrenched Board, on learning that energy veteran Greg Goff supports Elliott's Streamline 66 plan, resorted to personal attacks rather than welcoming his four decades of industry experience."

"Excluding current board members elected as a result of the Company's settlement with Starboard, 75% of new independent directors / nominees since spin-off have had strong interconnections with existing board members!"

"Red Lobster's key operating metrics continue to get worse. This trend will create difficulties for standalone Red Lobster ("New Red Lobster") management, who will need to turn around the brand in the public spotlight"

"We believe that Darden’s total owned real estate is conservatively worth approximately $4 billion, and possibly far more, and that separating the real estate could create $1-2 billion in additional shareholder value."

"We believe that Darden’s total owned real estate is conservatively worth approximately $4 billion, and possibly far more, and that separating the real estate could create $1-2 billion in additional shareholder value."

"At best, we believe it was unethical for Mr. Ehrlichman not to disclose his work at HelpScore.com while ACTV was in the process of selling shares, and at worst this could be construed as securities misrepresentation."

"We understand that in the quest to achieve the highest possible valuation, Aurora wants to just provide the software and let everyone else do the dirty work of actually building physical equipment and infrastructure."

"So, for example, the chart above shows that at about 1000 miles of transit, the average cost of manned OTR ($2.16 x 1,000 miles ≈ $2,200) is about the same as a hypothetical autonomous delivery with no driver charge."

"Former employees indicated that 10X Genomics (ticker: TXG) is also a significant competitive threat, stating that both 10X Genomics and Abcellera deliver the same single cell information as BLI but at 5% of the cost."

"This could help FTAI transfer leasing equipment to Inventory at arbitrarily low costs. Recall, a lower carrying value for Inventory results in lower COGS and consequently a higher gross margin for Aerospace Products."

"These results are far more consistent with a frank hemodynamic effect of atrasentan: endothelin blockers increase kidney outflow more than they increase kidney inflow, without necessarily improving kidney filtration."

"We believe company research can yield differentiated macro insights and is highly synergistic with Pershing Square’s core equity strategy, which has a coverage universe spanning the vast majority of S&P 500 companies"

"While it appears more substantive on the surface as an entity engaged in legitimate - albeit failed - R&D, later sections discuss why we believe that Ginkgo uses it as just another front to create fictitious revenue."

"Spruce Point Believes Investors Should Be Cautioned Not To Extrapolate Recent Earnings Performance. We Believe There Are Numerous Business Risks And Cracks In The Growth Story That Are Not Being Adequately Discounted"

"This strongly suggests that organic growth since FY15 has been flat at best, and severely negative at worst. Management’s lack of clarity regarding underlying organic sales growth is suspicious to us in this context."

"As we show in subsequent slides, we believe that, with the Company having increased sales by just $100M over the same three years, Verint’s organic revenue growth was likely materially negative over this time period."

"We observe that prior to acquiring G&K, Cintas's cumulative sale and accounts receivables growth tracked each other very closely. However, we find that post deal closing, receivables are growing at nearly 2.0x sales."

"We believe Amcor is obscuring significant financial strain (organic revenue decline 3.0% - 4.0%, cash overdrafts and cash flow contraction) that will place its dividend and BBB investment grade credit rating at risk."

"The Company claims revisions did not have an impact on the operating results. Yet, there are clear revisions to net income, depreciation and amortization expense, with the net result being optically higher cash flow."

"It strikes us that it would be easier to overstate revenue than to commensurately overstate the number of employees, given the payroll and other taxes, social benefits, and insurance that employers generally provide."

"T. Rowe Price, Durable Capital, Delta Air Lines and General Atlantic were all material owners of CLEAR prior to the IPO. Today, they have all largely exited the stock and have been replaced by Vanguard and Blackrock."

"Whereas the nameplate capacity of the facility exceeds the generator's grid connection, to account for degradation in panel efficiency over time (for modern panel 0.3-0.5% per year), "overplanting" should be neutral."

"The Federal Reserve Board has been unable to find any credible purpose for the huge balance sheets built by Fannie and Freddie other than the creation of profit through the exploitation of the market-granted subsidy."

"Clearly, the Net Realized Gains amount of $87.2 million was the profit above its invested capital, and not above the Carrying Value. Therefore, it is clear that Net Realized Gains are Proceeds minus Invested Capital."

"‘Wow, yours is the only center that is having these issues,’ which is an outright lie… it’s just a fucking lie. It’s a lie that we’re the only center that’s having these problems but that was the communication to us."

"The previous surgeon – who just recently transplanted a liver from a donor over 70, after putting it on the pump – is a hair-raising example of the type of off-label misuse that the TransMedics device has normalized."

"When we asked if the CEO was the one pushing to conceal device/safety events, the ex-employee stated “yeah, yeah, absolutely” and alleged “a lot of changes” to replace compliance-minded staff with more amenable ones."

"Dollarama’s official “Comparable Store Sales” figure includes “relocated and expanded” stores as “comparable stores,” therefore picking up growth in traffic which can be attributed to relocation-related improvements."

"They were just surprised to see that it was so extreme, especially given the fact that it seemed to happen so quickly after they came off the drug. They didn't expect that. They expected it to be a slower withdrawal."

"The hour-long interview note started on a bullish note for Soleno as he has submitted 15 start forms, and then quickly collapsed as he confessed that he thinks the drug has minimal benefit and the data is “marginal”."

"Doesn't bind b/c of speciation issues; never tested it against the proper receptor; amateur hour; Schwartz used “old-school pharmacology” with rodents and lacked ability to test properly against the human H3 receptor"

"Notice that there is a theme among the negative (and even some positive) reviews: clinic managers pay outsized attention to profits over pets, and employees are encouraged to upsell patients to expensive medications."

"It is obvious that impairment charges would have a material impact on WUBA's shareholder equity, even if only 25% of the total goodwill was impaired, which would account for 13.3% of the company's shareholder equity."

"The following two case studies will exemplify why these delays (and many more to come) show that Archers current timelines for Type Certification in 2026 and operation at scale by early 2028 are virtually impossible."

"We can see that a Tommy Xie works for AIBOT in a PR picture advertising an EVTOL contract (though to be fair its hard to be sure that this is the same person since he looks a bit older and heavier in the PR picture)."

"New, independent oversight is drastically needed to ensure that current investments are measured properly with an appropriate risk-reward to provide shareholders with the highest probability of success in the future."

"Dennelind apparently recognized the lack of commercial rationale for this acquisition in the first place, but we wonder if this hasty divestiture is related to the company's difficulties repatriating cash from Nepal."

"FYI- Not sure if this helps but by my relationship ending with GFL will cost me over $15m in future bonuses and etc. I had an incentive bonus plan to grow the company, plans were to double the business. — Chuck Rizzo"

"“In the portable generator market, our primary competitors include Briggs & Stratton, Honda and Techtronics International (TTI), along with a number of smaller domestic and foreign competitors.” — 2009 IPO Prospectus"

"These new models in our EnterpriseSeries rackmount server line further expand Mercury’s capabilities in the C4ISR market — Scott Orton, Vice President and General Manager of Mercury’s Trusted Mission Solutions group."

"I resigned because I do not believe that the current course is the optimal path forward for the company [Newell]. I am not comfortable with recent events and have come to believe that change is needed. — Kevin Conroy"

"We have no Business Tangible Property or M&T Returns for Iperionx or any of its Subsidiaries for 2023, 2024 or 2025. We have a personal property bill for vehicles For 2024 and 2025. — Halifax County, VA FOIA Response"

"We have no Business Tangible Property or M&T Returns for Iperionx or any of its Subsidiaries for 2023, 2024 or 2025. We have a personal property bill for vehicles For 2024 and 2025. — Halifax County, VA FOIA Response"

""Anadarko, perhaps Hess' most comparable peer..." — Wood Mackenzie (September 2012); "In particular, we believe Noble Energy provides the most appropriate benchmark..." — Bank of America Merrill Lynch (April 1, 2013)"

"“...The key to [profitable growth] will be [that] we will be able to live within our means and deliver, I think, very attractive financial returns on a going forward basis as I said.” — John Hess, Chairman & CEO Hess"

"Following his appointment in 2022, Shaw took decisive action and began implementing a balanced strategy to deliver safe and reliable service, continuous productivity improvements, and growth. — Norfolk Southern Board"

""We expect that most of our cash generated from operations will continue to be used to fund capital expenditures and the working capital required for our growth over the next few years." — GMCR 10-Q for Q3 2011, p.39"

""Elliott has a good case.... Investor returns under Chief Executive [Dr.] Klaus Kleinfeld, who took over at Alcoa in 2008 and now runs Arconic, have been poor." — Robert Cyran, Reuters Breakingviews, February 1, 2017"

""We need to make sure that this business is also a competitive business which achieves on the long-term, higher than cost of capital returns, which we will be able to achieve." — Dr. Klaus Kleinfeld, January 11, 2010"

"“Based on secondary market trading, if Simon were to issue debt today, an issuance of five year unsecured debt could potentially be completed at a cost of 5% or less” — Credit Suisse Equity Research, December 4, 2009"

"We see a lot of potential in Phillips 66. ... So the message would be, be optimistic, be positive. I think what we're looking at is restoring the operating excellence that Phillips 66 has been known for historically."

"Q3'16 CEO: "Kratos has made in the unmanned aerial systems area since 2013, which aggregate to over $50 million in internal research and development, contract design development and capital expenditures" — Kratos CEO"

"MedSec’s medical advisor, Dr. Hemal Nayak, who is a cardiac electrophysiologist, has advised his patients to disconnect their Merlin@home units. He is no longer implanting STJ devices until the problem is remediated."

"“So, the error that we’ve seen is people will go to the Medicare data...but it doesn’t represent the entire market. It represents about 60% of the market.” — Bloomberg transcript from conference presentation 1/9/2019"

"“The OptoSelect chips replace typical well plates. Each OptoSelect chip contains thousands of NanoPen chambers, which are like wells on a microplate. This is where cells are deposited, where they grow…” — BLI website"

"Deal does NOT benefit Mobis: We stand firm on our view, which prompted our recent downgrade of Mobis, that the proposed Mobis/Glovis deal does not benefit Mobis' existing shareholders. — Morgan Stanley, 18 April 2018"

"Imagine having no Rules or boundaries to what you can have in life ! Why not work hard and earn your worth ! — Jason Soaris. Dream big, head high and go for it! The only one who holds you is yourself. — Céline Cracco"

"It's just a branding play of the app that existed before. So the Super App is essentially just Zillow's CRM, and the app was always there. It's just evolving the app a little bit more. — Former Senior Zillow Employee"

"A May 2025 paper by lead investigator Jennifer Miller and Soleno’s Neal Cowen shows a shocking 16 lb steady and linear increase over 3 years of Vykat – brazenly asserted to be LBM but which we think is clearly fluid."