Callouts & quotes from 37,061+ activist slides

"Competent competition from growing industry players – Dollar Tree Canada, Miniso, and Amazon, among others – could be the straw that breaks the camel's back for Dollarama’s profitability or growth (or both)."

"Given the transformational shift in Sony’s gaming segment from a cyclical hardware-driven business to a recurring software-driven business, we believe this business warrants a higher valuation multiple today"

"The console game market is becoming inherently less cyclical, because new consoles have: (1) standardized PC-based architecture, (2) full backward compatibility, and (3) greater reliance on recurring revenue"

"The physician implied the Soleno presentation was “manipulative and questioned if it was “ethical” as it “overemphasized the horror stories” that is not representative of the hyperphagia of most PWS patients"

"In periods where acquisitions added businesses with lower ARPUs, LSPD reported stable ARPU. ... a feat that could only be accomplished by a material organic increase in its ARPU from its prior customer base."

"LSPD promoted the acquisition of Crank Logic, a business analytics developer, and the end of December 2017. However, there is very little evidence it actually paid anything and actually acquired the Company."

"Other pictures corroborate our observations, the docking ports are unused, and the large exterior container is filled with only a few cardboard boxes. No evidence of the necessary raw materials was observed."

"As the discrepancy between accounting income and cash flow widens, funding the dividend becomes tricky – consensus earnings estimates for 2025/2026 imply a dividend that is unrealistic vs. cash or cash flow."

""Heather: My first experience with scrubs was when I was premed in college. I'm 5'8" and 116 pounds, and there I was, working on cadavers in these extra-large, boxy, unisex scrubs." — Inc. Magazine Interview"

"“Alleged unethical behavior is not new in the Bolloré empire; revealing structural mismanagement of such risks, further magnified by lack of effective board oversight.” — MSCI ESG Research LLC, June 21, 2018"

"We agree with a recent Financial Times assessment of Petersen, which noted that Section 7 of the YPF bylaws refers to shares traded on the Buenos Aires stock exchange, denominated in pesos. — Financial Times"

"“Premiums” are used to pay the life insurance premiums. Premiums should only be deposited if they are to be used to pay life insurance premiums and should not be deposited for investment purposes. — Manulife"

"“A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors.” — Warren E. Buffett"

"“The Company’s revenue was from 2 significant customers for the three months ended September 30, 2021 and from 3 significant customers for the nine months ended September 30, 2021.” — IonQ Q3 2021 10Q Filing"

"Q: [With respect to Fila] In 2014 you went from wholesale to retail, and then when you say you went from wholesale to retail, everything is self-owned and self-operated? — Suki Wong (ANTA Investor Relations)"

""We've reviewed what the costs would be of unifying the DLC, in particular the DLC into Limited, and the tax costs would be in the mid-single digit billions of dollars." — Peter Cunningham, CFO, 31 July 2024"

"“The crucial factor is that there should be confidence that the anchor currency will be managed responsibly by its central bank.” — Tony Latter, Former HKMA Deputy Chief Executive and co-architect of the peg"

"Because drug products compounded in accordance with section 503A are exempt from CGMP requirements, there is an inherently greater chance of a production mistake or contamination. — FDA Guidance for Industry"

"“...operating priority is simply execution...I use data to drive decisions, I set clear targets...I set the competitive benchmarks and I continuously raise the bar.” — Ellen Kullman, May 2, 2013 Investor Day"

"「ステージは、極端紫外線を発生するために使われるプラズマ反応によって発生する錫の飛沫とオフガスに加えて、汚染の3つ目の要素となる粒子発生の原因になります。そのすべてが結像光学系の変質と、検査の対象となるマスクへの粒子の付着の原因になります。これは掃除ができません。極端紫外線の光源には化合物の単層が重なり、いずれ機能しなくなるために交換しなければいけなくなります」 — KLAで極端紫外線マスク検査を担当した元幹部"

"Not for the Beacon and not at that price point...I can buy a couple of IsoLight's or IsoSpark's from IsoPlexis. You can buy other pieces of equipment that give you a lot more functionality. — Lonza scientist"

"Move over, protein. Fiber is on pace to be the next "it" nutrient of the year. Consumers — particularly Gen Z — are fixated on stomach health, leading to the "fibermaxxing" trend taking hold on TikTok. — CNN"

"“There will come a time that once we run out of using those credits, to continue using the foundry services, we would have to pay cash for that, but we're not at that point yet.” — Senior Genomatica employee"

"The Kent Island and Consolidated Mechanical transactions did not have a material impact on revenue for the year ended December 31, 2024 due to timing of when these entities were acquired. — Limbach FY24 10-K"

""This is a fact of organ transplant, all aviation and logistics costs are fully reimbursed...there is no limit" — TransMedics CEO (as cited in Congressman Paul Gosar letter to TransMedics CEO, Feb 21, 2024)."

"“When [redacted] asked, he said all of them have the ACIN through the OPO, through the New England OPO. How did he do that? I don't know.” — Transplant procurement surgeon previously working with TransMedics"

"“someone actually met and showed me where to go...it was like, figure it out yourself...I would wander through until I found the OR...a long time, like hours...overnight.” — Former TransMedics OCS specialist"

"“hypereosinophilia is often but not uniformly associated with eosinophilic infiltration of tissues that can potentially lead to irreversible, life-threatening organ damage.” — Unattributed medical literature"

"Ms. Huber stated, 'I am extremely proud of the work we have done at MSCI in the past year and a half, during which the share price of the company has increased approximately 50 percent.' — MSCI Press Release"

"“A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors.” — Warren E. Buffett"

"“we call it a lab tool, R&D tool...not a production tool...because you have a lot of limitations for productivity.” — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC"

"It therefore appears that in 2022 alone, Sunrun claimed ITCs and other tax benefits on 14,390 systems that didn't exist, which equals approximately $205 million of inflated ITC and other tax benefit claims."

"Company-owned stores earn higher "dollar" profits, but the superior multiples achieved by franchise earnings, coupled with the substantial capital savings, result in greater value creation from franchising."

"Because the evidence of hidden franchising and fraudulent financials is overwhelming, it is probable that EDU will restate historical earnings. It is also probable that EDU's auditor, Deloitte, will resign."

"GFL restated its Adjusted EBITDA a second time in Q2 2020 to make the USA Waste segment's margins look much better by +2.1% (210bps). The boost came from allocating more costs to the “Corporate” or account."

"Carvana ties up the customer in the purchase process before giving him a chance to inspect his vehicle, making it more costly for the customer to shop elsewhere if he is ultimately unsatisfied with his car."

"Allergan shares increased 94% (including dividends) from inception of our position in February 2014, and 89% from our average cost basis prior to the position being made public, to close of the transaction*"

"Phillips 66 underperformed the average of core peers Valero and Marathon by 8%, 32% and 97% over 1-year, 3-year and 5-year periods, respectively – no amount of statistical manipulation can change this fact."

"Despite a significantly better customer experience, streaming video services like Netflix are priced at ~$15 per month or less whereas traditional Pay TV packages cost greater than $80 per month in the U.S."

"CTC's press release cites the reason for the reduction in the incremental allowance as "improved customer default rates" despite the quarterly report mentioning "increased regular and insolvency write-offs""

"Between Jaenicke’s departure and the loss of its CISO and CIO, Mercury appears to have very few (if any) well-tenured executives or employees with deep knowledge of or experience in the cybersecurity space."

"A transparent and well-communicated capital allocation process that ensures the highest-returning utilization of capital combined with a fair shareholder returns policy will help create a compelling D2 plan"

"The private market is an ideal setting for athenahealth and its employees to focus on long-term strategic initiatives and pursue the Company's broader mission without the distraction of quarterly reporting."

"Spruce Point has a track record with InnerWorkings, which was co-founded by TEM’s CEO and run by a TEM board member. We also have a track record with another promotional AI company touting big partnerships."

"We are alarmed by the Q1'25 surge in accounts payable, which cannot be explained by the Ambry acquisition which included just $0.2m of additions. Tempus may be stretching out payables to generate cash flow."

"We value the Company’s acquired, related-party, and core revenue separately. Our analysis yields an implied valuation range for the combined Company that is significantly below the current market valuation."

"We believe BOOT’s valuation inappropriately reflects the valuation of a fast growing, high-quality specialty retailer and lifestyle brand when in reality it is a poorly organized and governed shoe retailer."

"Warning: After posting the presentation on Aug 7, 2023 that students were customers, PowerSchool disclosed in its 10-Q one day later that the Chief Accounting Officer had resigned effective August 11, 2023."

"But, there is a serious point here. I can fill my Tesla with electricity from my wall at the equivalent of 3 cents per mile and the only reason for me to go to a gas station is to buy Funyuns and Slim Jims."

"Beneficial ownership by insiders at MDA declined every year to virtually zero ownership. Even post the DigitalGlobe acquisition, insiders own a miniscule 0.50% of the stock, and have almost nothing at risk."

"Even when it was painfully obvious to external observers that Firth Rixson would not achieve management’s projections, management continued to insist that Firth Rixson was “on track” to achieve 2016 targets"

"As a crowning revenue inflation achievement for David Li's checkbook, Bigo continually hid the fact that one-third of its business at the time of acquisition came not from overseas, but from mainland China."

"Election Proposal- to elect, without a stockholders’ meeting, each of the following individuals to serve as a director of Edgewater: Frederick DiSanto, Jeffrey Rutherford, Matthew Carpenter, and Kurtis Wolf"

"The fact that a purportedly independent distributor would have a single file of ANTA email addresses, commingling people supposedly independent from ANTA with people working at ANTA, is evidence of control."

"Darden's recent Bylaw amendments and the Board's decision to ignore shareholders and sell Red Lobster underscore the Company's disregard for shareholder interests and call into question the Board's motives."

"Spruce Point does not believe that WSP is helping its case for transparency or working to thwart tax evasion allegations by including heavily redacted corporate structure charts within its credit agreement."

"Despite what is clearly a challenging retail environment, we believe the execution of the real estate strategy outlined in the attached presentation can create meaningful and lasting value for shareholders."

"Land & Buildings urges its fellow shareholders to WITHHOLD on CEO and Chairman Mr. Chad Williams and Chair of the Compensation Committee Mr. William Grabe at the QTS Realty Trust May 3, 2018 Annual Meeting."

"I believe that management should aim to reduce headcount to around 150,000, which is in line with Alphabet's headcount at the end of 2021. This would require a total headcount reduction in the order of 20%."

"We believe the stock is undervalued at <14x 2015 pro forma earnings. We see a path to ~$40-$45 of implied value per share by the end of 2017 and will seek to work with management to help realize this value."