Callouts & quotes from 37,061+ activist slides

"Given the operational benefits of the Sandell Plan, we believe the Proposals should be implemented as soon as possible in order to improve the probability of success under the Company's turnaround plan"

"Dollarama consistently produces operating margins materially higher than industry peers, and higher than historical industry norms. This gap has only grown more substantial through the last five years."

"The key difference is Sharp's singular focus on its domestic market, a trend already taking place in Sony's Mobile business. We suggest that Sony accelerate this transition to become more Japan focused"

"Growth hormone’s diabetogenic action is well-known in the scientific literature: “One study demonstrated 2–6 times higher incidence of diabetes mellitus than expected in the normal general population”."

"For example, a 2003 paper showed what was later renamed pitolisant alongside other drugs they chose instead, and then a 2008 paper stated their “lead structure” was one called FUB 637 – not pitolisant."

"Every physician we spoke to slammed how onerous and unusual Wakix’s centralized pharmacy is, stating that it’s actually more difficult to use than controlled drugs, thus negating any potential benefit."

"IonQ’s error rates need to be 100 times lower than they are now, and cast it as a physics problem with no way out: “don’t see how they’re going to get there”; “I just don’t see how it’s going to work.”"

"In a referral world, you should be doing a few things. You should be generating fewer leads because you're not convincing someone to fill out lots of forms. You're also not selling to multiple parties."

"QTT disclosed a total of RMB 76.7 million of total related party transactions in 2018, while Wutong disclosed RMB 134.3 million of related party transactions with QTT's main operating subsidiary alone."

"In conclusion we think that Ceres’ licensing business model is deeply flawed. The company essentially shifts all the risk to its licensees while relying entirely on them to commercialize a new product."

"We see that "Zuoyebang" single handedly dwarfed all other platforms in terms of download volume. However, it is still evident that GSX and Gaotu are performing quite terribly, as GSX is barely visible."

"In our experience, long-term contracts typically entail discounts. Enfusion no longer says that the majority of contracts are for a one-year term but that a typical contract term is two or three years."

"We fail to see why this should be the case – especially given the significant synergies between CHC and BCH – and believe that this illustrates a clear lack of focus and execution in the core business."

"Counsel noted a U.S. person may apply for a specific license to sell airplane parts to Iran, but given the sensitive nature that would be "almost unheard of" for such a specific license to be approved."

"SafeCharge and Smart2Pay have a higher relative cost of revenue than Nuvei's operation in the North American market due to costs associated with its merchant servicing model. — Nuvei 2020 Annual Report"

"Our agreements accelerate the race towards reducing carbon emissions by valorizing critical metals and supporting the increasingly high demand for electric vehicles ("EVs"). — Michael Vogel, LiNiCo CEO"

"From the 2009 proxy: "WCT Resources L.L.C., a limited liability company for the benefit of Mr. Ward's children, participated as a working interest owner in our development of the area" — SEC disclosure"

"A vote AGAINST this proposal is warranted given that the proposed amendment further perpetuates a dual-class structure and is strictly for the benefit of Class B shareholders. — ISS 2017 Recommendation"

""In Q3, we re-launched our CTR mobile app with enhanced search and functionality for our automotive customers. And now we have over 500,000 monthly visits." — Allan MacDonald, EVP, Retail, Q3 2019 Call"

"In 2016, adjusted EBITDA included a contract loss provision of US$7.5 million resulting from a change in the estimate of development and engineering costs to complete a firm fixed price program — Maxar"

"Cons Scams Medicare ... Created a program to capitalize on Medicare by scanning the majority of their scans in a state where Medicare pays more. — Advanced Patch Technician, iRhythm, 4/10/24, Glassdoor"

"“Home sales activity recorded over Canadian MLS® Systems increased 7.7% on a month-over-month basis in October 2024, reaching its highest level since April 2022.” — The Canadian Real Estate Association"

""[BlackRock] appears to have settled on a strategy of telling both sides what they wanted to hear, in an effort to keep everyone’s business" — Jonathan Skrmetti, Attorney General, US State of Tennessee"

""BlackRock is backtracking on its climate commitments, to the detriment of its portfolio, New York City’s pension funds, and our planet" — Brad Lander, New York City’s Comptroller, 21st September, 2022"

"Pai has been referred to as Enron’s “invisible CEO” and one of the “brightest brains” at Enron who helped Jeffrey Skilling turn Enron into the fast-paced energy-trading firm it was before its collapse."

"Our balance sheet has never been stronger or more liquid. As at the end of December 2014, our debt to capitalizations was at a historic low of 38%. Also we carried $5.2bn of liquidity headroom. — Noble"

"We estimate that retail sales during fiscal 2023 were approximately 55% from homeowners and 45% from Pros compared to approximately 58% from homeowners and 42% from Pros during fiscal 2022. — FND 10-Ks"

"(1) Converted using the exchange rates provided in the FMCN annual filings. Average exchange rates were used for income statement items, and period-end exchange rates were used for balance sheet items."

""Would you buy a company that wasn't transparent about their projected revenue? It's obviously a negative number or they'd be having a parade around it." — Former TASK Business Development professional"

"“At UCLA, we have a strong affiliation, where we’ve established the Mark Hughes Cellular and Molecular Nutrition Laboratory at the Center for Human Nutrition.” — Michael Johnson, Herbalife CEO, 11/7/07"

"“misrepresentations -- which tend to bear directly on the economic viability of the transaction under consideration -- are both likely to deceive and material.” — FTC v. Minuteman, 53 F. Supp.2d at 258"

"I started on, you know, just a corporate finance job. I left there, went to London when we were just getting started in Europe, set up finance and all the accounting and stuff for, Europe. — David Cush"

""[BlackRock] appears to have settled on a strategy of telling both sides what they wanted to hear, in an effort to keep everyone’s business" — Jonathan Skrmetti, Attorney General, US State of Tennessee"

"“BlackRock is backtracking on its climate commitments, to the detriment of its portfolio, New York City’s pension funds, and our planet” — Brad Lander, New York City’s Comptroller, 21st September, 2022"

"Per FTAI IR and accounting, all intact engines (serviceable or unserviceable) are recorded in Leasing Equipment, at inception, in line with the guidance it has received from their Auditor. — Footnote 1"

"Phillips' leaders...insist that shareholder benefit from its structure and that operating improvements have materialized, despite evidence to the contrary. — Elliott's Streamline66 presentation 2/11/25"

"“it interacts with everything” — Prescriber #9. “I was very excited initially based on the mechanism of action” — Prescriber #10. “most of the time, I don’t think it’s doing anything” — Prescriber #11."

"“I couldn't count how many of those referrals were [off-label] excessive sleepiness. I couldn't count them. And everyone knew. Everyone knew that.” — Ex-field reimbursement manager working with Harmony"

""locals are skeptical of a company that said has gone from proposing a large-scale thermal coal mine to focusing on local sales of coal for home furnaces." — Powder River Basin Resource Council (PRBRC)"

"During Q2 earnings season, GFL talked up a bullish recovery, especially in July, when most competitors were signaling caution, GFL then later recalibrates expectations around working capital benefits."

"In addition, in ONP's financial reports, their Top 10 Customers in 2008 and 2009 are also largely different. Of the 10 major customers that made the list in 2008, only two made the list again in 2009."

"Wide-ranging Issues Identified At Peoples Encompassing Accounting Systems, Internal Controls, Cost Allocations, Manual Processes And A Lack Of Formal Budgeting Policies Across A “Complex” Organization"

"In our Mid and High cases, we believe EBIT margins could be ~8.3% to 9.3%. In our Low case, if same-store sales remain flat, we believe Lowe’s can maintain current EBIT margins through cost reductions"

"AMT has, in its conference calls, stressed the growth in Adjusted Funds From Operations (“AFFO”) as one of its most important metrics, and this appears to have been followed by ATL’s telecom analysts."

"Per FTC guidance, disclosures like these “should be provided before the consumer makes the decision to buy, e.g., before clicking on an ‘order now’ button or a link that says: ‘add to shopping cart.’”"

"HLF took on substantial leverage in 2014 to fuel an aggressive buyback program and bolster its falling share price. With a $1B credit facility maturing in March 2016, Herbalife has fewer options today"

"XPO’s inability to deliver a game-changing acquisition in 2018 despite repeated promotions by management and brokers leaves more negative headwinds than positive tailwinds to future financial results."

"We believe CCI is equally frustrated with its valuation and may be considering a proactive change to its capital allocation plans – we share our thoughts on potential strategies in the following pages"

"We see 75-90% downside to PETQ on lower-than-expected services growth and margin contraction in the products business, as well as on multiple contraction as the market’s understanding of PETQ evolves."

"By executing plan "Streamline66," we believe the Company can achieve a ~$200 stock price (with the possibility of substantially more upside if Phillips is able to execute a plan similar to Marathon's)"

"MPC shareholders can own the various distinct securities to construct their own diversified portfolio: management should not be made stewards of portfolio diversification on behalf of the shareholder."

"We think that you realize, as we do, that Nintendo's competition is no longer just the PlayStation 4 or the Xbox One. Nintendo's competition now includes Angry Birds, Candy Crush and Puzzle & Dragons."

"According to JP Morgan's analysis, Hess International Co's leverage would fall within the range of Hess's applicable proxy peers and would receive an investment grade rating from the rating's agencies"

"CPI PG has thus far failed to provide alternative explanations for the evident self-dealing and asset stripping of its controlling shareholder that appear to be hollowing out the value of the company."

"We are alarmed that the rate of increase in cloud storage costs is in decline. We find no indications that Tempus expected to be able to leverage cloud costs at scale, so why are costs not keeping up?"

"We believe it will be challenging for PowerSchool to expand in these markets in a meaningful way without diluting margins because of the structural differences in education funding in foreign markets."

"Their main objection was that our capital intensity was too high – they said their wells were more productive than we gave them credit for, and $15 per BOE would make more sense as a long-term target."

"Our research suggests both pillars seem unrealistic: it appears that DigitalGlobe is more likely to see prices decreases on the NGA contract and opportunities outside of U.S. government appear limited"

"Being an S&P 500 company is a validation of absolutely nothing, and can be a wasteland of corporate mediocrity. The bigger the Company, the worse the research is from sell-side analysts. Buyer beware!"

"Based upon publicly available disclosure, the separation of Alcoa and Arconic was the most expensive separation of a company with a below $50 billion market capitalization in at least the past 5 years"