Callouts & quotes from 37,061+ activist slides

"To find the answer, we undertook an intensive 5-month investigation encompassing over 20 in-depth research interviews, typically 60-90 minutes each; ~20 investigator field visits to Lasertec’s new Innovation Park."

"In economic substance, the Transaction is more easily understood as a purchase by Pershing Square Holdco of 11,764,706 shares at $85 per share for $1 billion from non-Pershing Square affiliate shareholders of HHH."

"We believe that Perrigo is deeply undervalued and significant opportunities exist to create value for the benefit of all shareholders based on actions that should be within the control of management and the Board."

"There is also no link between the appointment of Mr. Vilanek to the supervisory board and the acquisition of freeXmedia; freeXmedia was only a smaller part of the entire Ströer Interactive transaction. — Ströer SE"

""I would want to know revenue by merchant category node. If there is one thing I’d want to see is that. Because that would tell me what their portfolio mix really is, and how risky it really is." — Former Employee"

""Filed false and misleading financial statements." "Artificially inflated its revenue and gross margin recognition by fraudulently recognizing revenue on barter transactions..." — The North Face (SEC Filing Quote)"

"I would tell you that there’s no way in hell they can use $15 million worth of compute time. Yeah, there’s no way that can use millions worth of time. ... I mean, it just doesn’t add up. — Former executive of IonQ"

"Hess has 30% higher well costs on the exact same rock... whenever we are in a well with them, we always try to swap out even if it is into worse acreage. — Senior Executive of Major Bakken Operator (December 2012)"

"All three of these classical mechanisms [of AF] were proposed in the early 20th century and continue to underlie much of the contemporary thinking about AF mechanisms. — The 2017 HRS consensus on catheter ablation"

"Hess has 30% higher well costs on the exact same rock... whenever we are in a well with them, we always try to swap out even if it is into worse acreage. — Senior Executive of Major Bakken Operator (December 2012)"

"of patients undergoing elective or urgent non-redo cardiac surgery in North America, 11% presented with a history of AF. — Ad, N, et al Surgical ablation of atrial fibrillation trends and outcomes in North America"

"2023 was one of the most challenging years in Zebra's more than 50-year history. Broad-based softness across Zebra's end markets resulted in a significant decline in sales and profitability. — 2023 Proxy Statement"

""Our focus on network fluidity and Execution Excellence have transformed CP into a more resilient railway, better able to manage through and recover from uncontrollable events." — Fred Green, Q1 2007 Earnings Call"

""The midstream C-corps are on fire..." — Wolfe Research, October 14, 2024; "Midstream equities have followed last year's strong performance with continued gains in early 2025..." — Morgan Stanley, January 21, 2025"

""The midstream C-corps are on fire..." — Wolfe Research, October 14, 2024; "Midstream equities have followed last year's strong performance with continued gains in early 2025..." — Morgan Stanley, January 21, 2025"

"「ASMLがサイマーを買収した理由を調べていただければ、簡単にわかります。サイマーとしては極端紫外線光源の実用化に向けた開発について、自社の能力を上回る大規模で広範囲の投資を必要とすると判断した、と公表しました。サイマーはASMLの依頼を受けて光源の開発を進めていましたが、継続が難しいので開発を中止する、とASMLを脅しました。よって、ASMLがサイマーを買収せざるをえなくなりました。」 — 元サイマーの研究開発エンジニア"

"“Since launching AlloSure in October 2017, we have provided results to over 6,000 patients which equates to approximately 3% of the total number of living kidney transplant patients.” — CareDx Management (Q4 2018)"

"Radioescuchas como usted han descubierto como ganar dinero suficiente como para dejar su trabajo desde la comodidad de su hogar. ¿El secreto? Incomeathome.com [Ingresos desde el hogar punto com]. — GLENN BECK (VO)"

"A strong fourth quarter capped another great year for Broadridge, with record closed sales, 16% recurring revenue growth, continued margin expansion, and 14% Adjusted EPS growth. — CEO Gokey, Q4 2022 Press Release"

"“They don't trust it immediately because they never heard about it at their leading institution. If they don't have that many academics on board, that's a big problem for them.” — Bristol Meyers Squibb employee #1"

"“a lot of crow (was) being eaten around here.” “The Model 3 is profitable. I didn't think it was gonna happen this way, but the Model 3 is profitable. Over 30%. No electric car is getting 30% net, nobody,” — Munro"

"On her first earnings call, newly appointed CFO, Anat Ashkenazi, emphasizes her commitment to "build on the company's [efficiency] efforts" and "evaluate where we might be able to accelerate work" — Anat Ashkenazi"

"First of all – to be very blunt – AOL’s struggle in profitability is not because we can’t be profitable. It’s because it has to be set up properly. — CEO Tim Armstrong, Online News Association Conference, 10/28/10"

"a trained cardiologist at the study site will review the ECG output and provide an assessment of the intervals, segments, abnormalities of T-wave or U-wave morphology — Study Protocol and Statistical Analysis Plan"

"“they’re going to be super-pressured now because the regional sales managers will be their boss...what kind of pressure do you think they’re going to get now?” — Ex-field reimbursement manager working with Harmony"

""The overwhelming majority of Herbalife Distributors who pursue the business opportunity make little or no money, and a substantial percentage lose money." — FTC v. Herbalife International of America, Inc., et al."

"We believe that Remitly is dependent on keeping the perceived value of its equity high because it is among the most aggressive issuers of stock-based compensation at 12% of revenue and 78% of operating cash flow."

"As Phillips 66 acquired midstream assets at dilutive multiples, and management and Board focus has shifted away from refining, underperformance vs. Phillips 66's core peers (Valero and Marathon), has accelerated."

"Pramac’s Italian financial statements suggest channel stuffing or accelerated booking of revenue well ahead of cash collection. We observe its receivables to sales ratio is over 40%, or nearly 3x Generac’s ratio."

"Investors in Comstock Mining (LODE) should come to grips with the fact that it has failed investors before in its previous efforts to become a mining company while under the management of CEO Corrado De Gasperis."

"In light of the foregoing, a proportion of a tower company's real estate does not rise and fall with the market, as per NAREIT's definition, but diminishes over time in line, to a large extent, with depreciation."

"Spruce Point is wary of companies which grant board seats to well-known and well-connected politicians with limited or no experience in the company's industry (e.g. Theranos, Kior, Waste Management and WorldCom)."

"At best, the system automatically executes the resection based on the treatment plan, but it doesn't actually "do" anything that a surgeon could not do manually and must be watched over by a Procept clinical rep."

"Sipex results were restated through 2003. It’s clear that leading up to the restatement, Days Inventory Outstanding (DIO) were bloated in the 130 – 145 range, much like MPWR’s DIOs are bloated above normal today."

"Even if you assume our research is entirely wrong, the current implied upside of 16% represents a very poor risk / reward in light of Chinese end markets slowing, and the extreme overvaluation of the share price."

"We fear that management is simply looking to move into a sexy and easily-hyped business line to continue to promote the Company, and we have little confidence that MVI will amount to anything but a waste of cash."

"Bluebell Capital Partners Limited (“Bluebell Capital”) are writing to you in relation to our continued investment and/or economic interest in the common equity shares of Glencore Plc (“Glencore” or the “Company”)"

"We note that individuals who were formerly associated with True Science and its “third-party” purchasing agent partners / wholesalers appear to still be involved in the pharmaceutical distribution business today."

"In our view, BP is worth at least 50% more than the value currently expressed by BP’s stock price, and the discount is primarily due to an ill-conceived strategy aimed at drastically shrinking BP’s core business."

"We consider BP's decision to invest in this field to be a strategic mistake, driven by irrational considerations or PR, and we see the following red flags which indicate that returns on capital have been ignored."

"In our view, this should be an open and shut case. We see no ambiguity and the contract clearly states that Mosten has the right to invest and that investment can be made at the guaranteed rate of 4.0% per annum."

"The findings of the recent Audit Committee investigation demonstrate that Autodesk’s leadership team apparently took actions to intentionally mislead shareholders in an attempt to reach certain financial targets."

"The findings of the recent Audit Committee investigation demonstrate that Autodesk’s leadership team apparently took actions to intentionally mislead shareholders in an attempt to reach certain financial targets."

"The findings of the recent Audit Committee investigation demonstrate that Autodesk’s leadership team apparently took actions to intentionally mislead shareholders in an attempt to reach certain financial targets."

"The findings of the recent Audit Committee investigation demonstrate that Autodesk’s leadership team apparently took actions to intentionally mislead shareholders in an attempt to reach certain financial targets."

"In 2019, PowerSchool lost Chicago Public Schools, one of the largest school districts in the U.S., as an SIS customer. Based on FOIA data obtained by Spruce Point, the SIS contract was worth at least ~$400k/year."

"Spruce Point questions why management expanded its TAM post-IPO to reflect the personalized learning opportunity, when it already claimed to be developing personalized learning capabilities in its IPO prospectus?"

"It is incredibly perplexing that even after isolating the largest variable cost on the PnL (purchased transportation), Forward Air would effectively achieve a ~9% incremental margin on what is mostly fixed costs."

"Although there are ~400,000 shareholders of Arconic, more than 80% of the shares are held by less than 5% of holders. We believe the Company's excuse that it could not achieve a supermajority vote is not credible"

"We further believe that these apps operated in order to help inflate Bigo’s topline, boosting both its historical and recent contributions to YY, yielding both ongoing revenue inflation and past fair value gains."

"In contrast, our proposal at the BlackRock AGM is entirely based on the specific analysis of the lack of independent oversight, affecting in practice the malfunctioning of corporate governance within the company."

"How sticky is Dropbox’s customer base if A) most customers believe that it would not be difficult to switch away from Dropbox, and B) nearly half of all Dropbox users already have exposure to competing platforms?"

"The second mechanism by which we believe Twist is misclassifying COGS as capital expenditure is its “DNA Data Storage” program, which the CFO indicated accounts for another $40MM of spend and is utterly vaporous."

"Whether dwelling on a problem, hiding a problem or dribbling out partial solutions to a problem while you wait for a high tide to raise your boat - dithering and delay almost always compound a negative situation."

"Note the differences, the seal appears to have been photocopied, cut and glued. The seal number is the same as the one on the genuine report; however, the insignia lacks the clarity of that on the genuine report."

"WD-40 represents a highly asymmetric risk / reward given current extreme valuation and lack of analysts exercising skepticism or having conducted a rigorous forensic analysis of the Company's financial condition."

"On the contrary, we believe that BHP continuing to own certain US petroleum assets, such as BHP’s US onshore division (“US Onshore”), is a distraction for management and investors which inhibits shareholder value"

"C3 materially changed its TAM claim during the IPO process from $170 to $271 billion. In addition, its historical TAM claims don't appear to have been achieved and keep getting pushed out farther into the future."

"C3's apps on Microsoft's Azure marketplace contain just one review since 2019. The core C3 AI Suite is currently being promoted for free. C3 is not even listed as a "Featured" partner under AI + Machine Learning."

"As Phillips 66 acquired midstream assets at dilutive multiples, and management and Board focus has shifted away from refining, underperformance vs. Phillips 66's core peers (Valero and Marathon), has accelerated."