Callouts & quotes from 37,061+ activist slides

"An Ushio field engineer who services the light sources in Lasertec’s machines corroborated the color we received from the TSMC purchasing executive, confirming that TSMC bought six ACTIS EUV tools in total."

"Ferguson's North American footprint is >2x the average of the specialty distributor / broadline peer group but only 1 US based research analyst covers the stock (vs. an average of 14 analysts for its peers)"

"There is so little competition that the opportunities to buy fine companies with double-digit cash-on-cash returns are more abundant than at any time in my career, other than at the bottom of a bear market."

"Genius were selected after a competitive bidding process which saw the company oust Perform Group, which last renewed its deal with Football DataCo ahead of the 2016/17 season. — Sports Pro Media (May 2019)"

"The opinions expressed herein stem from an analysis performed by QVerity, Inc. based upon their education, training, and experience in behavioral analysis for use by our client Muddy Waters. — QVerity, Inc."

"Our research results mirror those of Daniels, et al, in their study "Investigating trends in interest for benign prostatic hyperplasia surgery options using Google Trends". — Spruce Point Capital Management"

"As you'll be aware, 2025 Brent strip is at around $75 per barrel, and other commodities and prices, including refining margins, are under pressure. Were these prices to play out, the rule of thumb impact in"

""The Company has been deficient in linking executive pay to corporate performance" — Glass Lewis. "ISS has given Darden a governance Quickscore of 10, indicating the HIGHEST POSSIBLE GOVERNANCE RISK" — ISS."

"“I do not believe you will find a client that has access to the machine that actually has 32 qubits with 4 million quantum volume as was stated in the statement.” — Former senior scientific employee of IonQ"

"There is a lot of hype in the market now as many players release highly selective descriptions and statistics for their quantum computers — Christopher Monroe, IonQ's co-founder and Chief Executive Officer."

"(1) A local planning authority ... may make a change to any planning permission ... relating to land in their area if they are satisfied that the change is not material. — Town and Country Planning Act 1990"

"“The Company has been deficient in linking executive pay to corporate performance” — Glass Lewis. "ISS has given Darden a governance Quickscore of 10, indicating the HIGHEST POSSIBLE GOVERNANCE RISK" — ISS."

"Organic order intake reached a record high level of $15.12 billion for the year, resulting in backlog as at December 31, 2023, of $14.1 billion, representing 11.8 months of revenues,(1) up 8.2% in the year."

"Martin Cremers, K.J. and Nair, V.B., April 2004. "Governance Mechanisms and Equity Prices" Yale International Center for Finance (ICF) and New York University Center for Law and Business Research — Footnote"

"“Many stakeholders commented that CN was generally more aggressive than CP in pursuing financial objectives, including cost cutting and other efficiency measures” — Rail Freight Service Review, January 2011"

"[A]wards are permitted to vest for below median relative performance which therefore fails the pay for performance hurdle ... A vote against has been applied — Legal & General Investment Management, 5/15/24"

"The award is modeled after the recently announced 2018 Tesla CEO compensation plan for Elon Musk, which the New York Times described as “about as friendly to shareholders as they come.” — Axon press release"

"MRV TO REVIEW HISTORICAL OPTION PRACTICES AND TO REVIEW ACCOUNTING FOR EARNOUTS AND PROFIT SHARING IN TWO EUROPEAN SUBSIDIARIES AND EXPECTS TO RESTATE FINANCIAL STATEMENTS — MRV Communications Press Release"

"Among our Index competitors are S&P Dow Jones Indices LLC (a joint venture of S&P Global Inc. and CME Group Inc.); FTSE Russell, a subsidiary of the London Stock Exchange Group plc; and Solactive AG. — MSCI"

"According to Morgan Stanley research, historical list prices for the Deluxe, Premium, and Self-Employed Online SKUs rose at 15%, 17%, and 9% CAGRs from 2020 to 2024 versus just 7% for Live. — Morgan Stanley"

"“Like for any CEO, the trust and alignment with the board are key ... I hope I will get it with the next board... I look forward to working with everyone in the coming years.” — Amos Genish, 24-Apr, TIM AGM"

"「知人の幹部に聞いたことですが、完成品の製造現場は床を埋め尽くすような在庫で満パンだそうです。つまり、最終的な品質検査を通過していない完成品の在庫が相当量あるということ。顧客の要望で出荷を延ばしているかどうかは、私にはわかりません。しかし、訪問した同僚いわく、出荷ドックには文字通りに隙間がありません」 — グローバルファウンドリーズの幹部として長年の経験を持ち、レーザーテックとマスク検査全般に関わっている人物"

"Sometimes, for example, we get zero, meaning we could not confirm a single recombinant antibody even though we are exporting 20, for example, with identifiable VH and VL sequences. — Pfizer senior scientist"

"In October 2019 we completed the acquisition of Mobius Imaging and Cardan Robotics for cash consideration of approximately $370 and future development and commercial milestones of up to $130. — Q3 2019 10-Q"

""So if we were to fall into a recession, even though you're kind of recession resistant, would that affect the lenders would think about lending to you?" — Linda Bolton Weiser, DA Davidson, November 2, 2017"

"“Amcor’s financial profile will be enhanced, and our existing capital allocation framework, or shareholder value creation model, will be maintained and strengthened with this transaction” — Amcor Management"

"Omnia is “a joke to most doctors” — KOL feedback. Nevro’s claims are so dubious and promotional that KOL’s labeled them “smoke and mirrors,” “so stupid,” and “just dopey.” — KOLs and former Nevro employees."

"“We expect companies to... demonstrate the right and well-balanced skillset required for achieving sustainable growth of the company.” — Guidelines for Exercising Voting Rights, (Japanese Equities) (Source)"

""The total consideration of the transaction was €261.2 million" — 2022 Annual Management Report (p.129). "The total consideration paid for shares was €320.9 million" — 2022 Annual Management Report (p.126)."

"Whirlpool Asia reported first-quarter net sales of $166 million compared to $187 million in the same prior-year period. Excluding the impact of currency, sales decreased approximately 4 percent. — Whirlpool"

"St. John: Game consoles will be dead by 2020 — WildTangent CEO. CONSOLATION PRIZE: THE GAME CONSOLE IS DEAD. WHAT WILL REPLACE IT? — Wired Magazine. The End Of The Game Console Is Coming — Business Insider."

"Issara news agency reported that from asking employees in the building of the MMP Corporation Company Limited about M I T Solution Co., Ltd. was informed that nobody knew MIT Solution Company Limited before"

"“This difference was not clinically relevant as it was lower than the pre-defined threshold of 3 points.” — EMA. “HARMONY 1-bis provides confirmatory evidence of pitolisant’s effect on EDS.” — FDA Reviewer."

"Unbiased conclusions on efficacy from this study could not be drawn (open-label study, no reference therapy, psychostimulant concomitant treatments, association of naive and already treated patients). — EMA"

"ADOMANI Sees $2.9 Billion in Settlement Funds, from Volkswagen Environmental Mitigation Trust, As Unprecedented Product Funding Opportunity in its Goal to “Help Yellow Go Green!”(TM) — ADOMANI Press Release"

"The net result of these models is to value RUN Power Purchase Agreements (“PPAs”) at ~$4.75 to $5.00 / watt. We believe that a far more realistic approach would yield a value of approximately $3.65 / watt."

"Since the beginning of 2013, HTA's same property revenues have grown on average by 1.9% y/y while same property expenses have decreased on average by 1.1% y/y, yet there is no commensurate margin expansion"

"Even recognizing that FIGS is projected to grow sales 26% in 2022, it still carries a substantial premium to peers despite our documented concerns around management and its exaggerated financial reporting."

"Is it a coincidence that with special and unaudited adjustments in the proxy statement, WTRG's management exceed its “maximum” threshold on EPS, its biggest weighting toward its short-term incentive bonus?"

"Almost 25% of Generac's manufacturing capacity by square foot in Wisconsin is dedicated to portable generators. A price war in the product category is particularly harmful for overhead absorption of costs."

"XPO’s CEO Brad Jacobs Known Business Associates Include Two Convicted Felons, A Director Whose Firm Was Just Sanctioned By FINRA, And An Audit Committee Director With A Role Promoting A $700M+ Ponzi Scheme"

"XPO's CEO Brad Jacobs Known Business Associates Include Two Convicted Felons, A Director Whose Firm Was Just Sanctioned By FINRA, And An Audit Committee Director With A Role Promoting A $700M+ Ponzi Scheme"

"Notably, the fee was last reduced below 25% in 2003 and remained below that threshold for four years. However, since 2007, the Board has consistently opted to charge the maximum fee of 25% to the Exchange."

"In light of these challenging circumstances and considering their fiduciary responsibility to policyholders, the Board took action on December 11, 2002, announcing a reduction in the management fee to 24%."

"Paychex is an ADP competitor that has reached its mature growth phase; yet, ADP trails Paychex significantly across all metrics: revenue productivity, gross margin, and operational profit margin (ex-float)"

"Our adjusted EPS figures remove what we believe to be unsustainable benefits to EPS. After considering these adjustments, the company’s underlying organic EPS growth is performing worse than at face value."

"According to the independent expert report, Keisei’s true ROE over the past 3 and 5-year periods falls well below investor and proxy advisor thresholds which can trigger votes to hold management to account"

"New unit growth is accelerating after a pause that allowed management to refocus on improving core operations. Management now believes that with the current model FDO can grow units 5-7% per year by FY2013"

"To be entirely clear, we at Bluebell Capital Partners believe that the energy transition, and achieving net-zero emissions, are among the greatest necessities (as well as opportunities) facing this planet."

"To believe in the IPX story you must believe that a small group led by Australian mining executives discovered something that has been overlooked for years by everyone else in the global titanium industry."

"IPX has shifted the narrative from Phase II being spherical or angular powder to now just angular powder. They have also reduced the capacity estimate from 2,000 to 1,400 tpa at slightly higher capex cost."

"Comments by solid state experts slam the QS cycle life claim: “definite red flag”; not an industry-standard battery test; Dept of Energy doesn’t even allow use of such ambiguous data by battery researchers"

"We believe that, if elected, Ron’s extensive academic and real world experience as an independent board chair would ensure fair process, fair dealing, and diligent care for the benefit of all shareholders."

"However, we believe that recent sales growth offers a false image of patient base growth, and that Dexcom’s patient growth opportunity will be severely limited over the coming ~18 months at the very least."

"As CGMs move inevitably and inexorably towards near-complete commoditization, a bet on Dexcom is effectively a bet on the Company’s ability to match Abbott’s scale in production and low-cost manufacturing."

"But when it became clear that Autodesk would miss its financial targets, management reversed course – harming the Company, its customers, and its shareholders – to protect and potentially enrich themselves"

"The effect of conforming DigitalGlobe’s accounting policy for payments received from customers that contain a financing element is to increase deferred revenue with an offsetting charge to finance expense."

"Arconic wants investors to focus on the cyclical disappointments in the non-aero portion of the Firth Rixson business, but, consistent with a familiar theme of management excuses, even this does not add up"

"Spruce Point finds that AMR’s CFO Eidson has engaged in undisclosed stock sales contrary to SEC guidelines which mandate that a Form 4 must be filed with two business days following an insider transaction."

"We believe CEO Blackford has too frequently been shown to sugar coat or, frankly, be incorrect about key issues related to both the Company’s business prospects and the regulatory processes, in particular."