Callouts & quotes from 37,061+ activist slides

"We have not established a formal cash incentive program for our executive officers. Instead we have relied primarily on the long-term incentive value of equity-based compensation. — Zillow Proxy Statement"

"Copies of academic transcripts, degree(s), certificate(s) or certified statements from institutions of academic qualifications. — Australian Institute of Geoscientists membership application requirements."

"The case was settled for $259 million in 2000 (a near record amount for that time period), and its executives avoided acknowledging any wrong doing. — Source: http://abcnews.go.com/Business/story?id=89101"

""There’s not a depth of auto experience in the Carvana executive team...Everything they’re experiencing is for the first time...they don’t know what they haven’t seen yet." — Former Carvana senior manager"

""I wouldn't say anybody is wildly over the moon...it's not like a miracle...I don't think anybody's used the term miraculous to describe that they're seeing...no, it's not a cure." — Trial investigator #5"

"“I have not really talked to colleagues...and one endocrinologist said she did not see a big difference...she just said a lot of her patients didn't respond” — Physician, KOL, and Vykat trial investigator"

"in vitro profiling in our laboratory (and others) suggests that BF2.649 has both a CYP 2D6 liability (IC50 = 0.4 µM) and potent hERG K+ channel blockade (IC50 = 0.49 µM). — Evotec researchers (2009 paper)"

"“I don't think those guys looked at tons of structures, to be honest. I think that's a pretty old structure.” — Longtime senior scientist at Johnson & Johnson, with global leadership roles in neuroscience"

"“They’re going to run out of narcoleptic patients. They’re just not seeing that many patients...It’s very difficult...we got all the low-hanging fruit.” — Ex-Harmony territory manager for an eastern state"

"we believe that will have a much greater payoff in the long run to meet our performance requirements and our acoustic requirements with no gears — Jonathan Wagner, Joby Lead on Powertrain and Electronics."

"“The A300 uses newly designed optics and high-brightness light source ‘URASHIMA’. It achieves significant improvement in defect detection performance compares to the A150 series.” — Lasertec Press Release"

"When Nuvei acquired SafeCharge in 2019, by far its largest acquisition for approximately $900 million - which we will explore later in this report - it was blessed by SafeCharge's Chairman Roger Withers."

"A few years later in Texas, a pair of businessmen named John Cooper and Richard Cesario were found guilty of fraud and each sentenced to prison for a “kickback scheme” that defrauded the U.S. government."

"Despite claiming to have high levels of visibility into revenue drivers and trends, Box failed to meet its commitments, but continued to claim that the business was on the right track and executing well."

"If Box’s goal was truly to lower the share count and boost EPS, Box could have replicated the intended impact simply by repurchasing $11-$66 million of stock via the Company’s $600+ million cash balance."

"A major bull case argument for Procept is that inflecting utilization will drive growth in consumable sales. However, we see numerous headwinds to increasing Aquablation (and resective procedure) growth."

"Based on our research we believe there is an opportunity for Tessera to deliver double-digit revenue growth, achieve best-in-class EBITDA margins of 60-70%, and create significant value for shareholders."

"Compared to the investor day guidance from less than 2 years ago, investors are now expecting UNP to grow volumes at only one-third of guided levels and grow revenue at half of guided incremental margins"

"If volume growth accelerates to UNP's potential, we believe investors will reward this higher growth with a valuation more in line with UNP's Canadian peers and other high-quality US industrial companies"

"It is prudent for CTC to reduce its leverage to maintain its current rating. A downgrade would result in a rating on the cusp of non-investment grade (junk) status and potentially higher cost of capital."

"Given the sheer number of red flags, we are not surprised that QS struggles to reliably make small-scale test samples that work, according to ex-employees, much less cells that are commercially relevant."

"We have submitted this proposal to give shareholders the opportunity to stand up for their rights and to communicate to the Board that the time for News Corp’s dual-class share structure has long passed."

"We Assume Even a Modest Push Into Launching OTT Channels (Beyond Noggin Aimed At Pre-schoolers for $5.99 A Month) Will Result in Additional Market Cap for Viacom of At Least $600 Million or $1.50 a Share"

"On the day the patent expires (the “patent cliff”), low-cost, generic products can enter the market. If generics enter, sales of more expensive, previously patented products usually decline substantially"

"The Company has labeled our reasonable request to eliminate gestation crates “completely unfeasible” – but the truth is many leading suppliers have already adapted to be in compliance with Proposition 12"

"We wish sell-side analysts – who haven't the tools, inclination, or interest to do the work – would respect the segregation of our jobs and not offer hollow reassurances to investors in these situations."

"The upper bound of management's 2019 revenue is not achieved through "share gains" or "above market growth" – you get to $14.3 billion just by taking the market growth forecasts provided by management..."

"Throughout his career, Mr. Wilson has worked with companies as an investor, a Board member, and an advisor, to address capital allocation strategies and to substantially enhance operational efficiencies."

"On the day the patent expires (the “patent cliff”), low-cost, generic products can enter the market. If generics enter, sales of more expensive, previously patented products usually decline substantially"

"Furthermore, we believe YY either transferred roughly RMB 1.326 billion to its WFOEs—the majority of which would have been transferred to its offshore WFOEs illegally—, or the cash simply does not exist."

"THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"We rebuilt the 2016 SSR pool by beginning with 2015 SSR pool and then adjusting for acquired properties and properties released after a period of vacancy to arrive at proper comparison to the prior year."

"BNY Mellon can scale its existing infrastructure to create a major passive asset manager, but successful execution requires new leadership, new technology, new product design teams and new marketing plan"

"Based on its (1) mix of emerging and developed market, (2) global scale and (3) significant marketing investments, we believe P&G should grow organic sales consistently at a 5% level on a long-term basis"

"Trian recommends that management explore share repurchases beyond GE’s initial guidance; we believe there is an opportunity to return over 40% of the current market cap to shareholders by the end of 2018"

"Trian recommends that management explore share repurchases beyond GE’s initial guidance; we believe there is an opportunity to return over 40% of the current market cap to shareholders by the end of 2018"

"Investors should be alarmed that unlike most of its peers, Samsara does not provide the most basic level of transparency on key performance indicators such as net subscriber additions and customer churn."

"Trian has a long track record to help investors judge, and its record of short-slate board participation and activism appears positive and constructive, and oriented towards longer-term value creation..."

"Retail’s leading position in a structurally attractive, fragmented distribution landscape amplifies the return on resolution of this cost issue, enhancing Retail’s position as a long-term secular winner."

"Phillips 66's conglomerate structure's leads to a low valuation multiple. Several recent midstream acquisitions were dilutive but could have been accretive for a standalone Phillips 66 midstream company."

"The implied value per TWX share represents a 30.2% - 48.5% premium to the current TWX stock price - implying aggregate incremental value of approximately $25 - $40 billion or $5.23 - $8.39 per TWX share."

"Based on the Comparable Company Analysis, a Broadband Asset Value multiple of 8.0x - 9.0x 2006PF OIBDA appears to be a reasonable range for TWC as a seasoned, fully distributed “must have” cable company."

"With the context of knowing the CEO's predisposition to embellish and exaggerate, and before getting too excited about the TASK story, we suggest evaluating the Company's ability to hit its stated goals."

"We believe that all of Herbalife’s payments to distributors are Recruiting Rewards, regardless of what they are called by Herbalife, and should be accounted for as commissions in HLF’s operating expenses"

"Phillips 66’s conglomerate structure’s leads to a low valuation multiple. Several recent midstream acquisitions were dilutive but could have been accretive for a standalone Phillips 66 midstream company."

"Given the trend toward expensive, human-intensive service delivery, we question whether Intuit’s Consumer segment should be valued more like a company such as TaskUs, which trades at just 1x NTM revenue."

"We find it concerning that accounts receivable has grown over 4x since 2018/2019, while the allowance for doubtful accounts has barely changed and remains far below past levels as a percent of gross A/R."

"We believe Intuit will see a material multiple de-rating over time, and thus we expect the shares to underperform those of its software peers, the technology sector, as well as the broader equity market."

"Diane D. Dalmy was a Colorado Attorney used by UEC who was later charged by the SEC for a fraudulent scheme to issue false legal opinions. The DOJ also brought a case which resulted in 2 years of prison."

"Despite its stock decline post a downgrade by Stifel, and PERI raising its outlook, investors should be spooked to see that both the CFO and President of Undertone sold stock around the time of earnings."

"Perion just changed its SORT® performance claims and removed the source of the recent performance. It also obscured an apples-to-apples comparison by creating many more verticals and re-labeling results."

"If any members of the Board had knowledge of these serious issues for longer than what is implied in the Company’s recent disclosures, we believe those directors should immediately resign from the Board."

"But we know that Aurora has basically settled on the current generation of self-driving architecture, and as a result, we’re confident that they’ll be boxed into an operational and economic disadvantage."

"BHP Billiton Group operates in a business sector where proper financial, strategic and operational discipline is key to building and delivering optimal shareholder value - and avoiding value destruction."

"The intrinsic value of BHP’s US petroleum business is obscured by bundling it with BHP’s other assets within an overly complex group structure while managed from a great distance, with insufficient focus"

"As such, the fair value determination of the Level 3 derivatives allows for significant management discretion in its valuation and makes this category of derivative extremely susceptible to manipulation."

"As shown below, changing the Company's cost of capital by borrowing at today's ultra-low interest rates and using debt proceeds to repurchase ADT's stock results in a significant increase in equity value"

"Bunge is a cash incinerating agribusiness roll-up which we estimate has a cumulative cash flow deficit of ($1.6bn) since 1999 while distributing $4.7bn and $3.9bn towards dividends and share repurchases."

"Based on our analysis, which adjusts from the sale of U.S. (Amcor) and European “EC” (Bemis) assets, we estimate that Bemis and legacy Amcor were declining 3.0% and 4.0%, respectively, through Sept 2019."

"Based on our analysis, which adjusts from the sale of U.S. (Amcor) and European “EC” (Bemis) assets, we estimate that Bemis and legacy Amcor were declining 3.0% and 4.0%, respectively, through Sept 2019."