Callouts & quotes from 37,061+ activist slides

"In the following table we see a few of the leading brands and can observe a clear pattern of a division between highly rated brands with thousands of reviews and poorly rated brands with less reviews."

"Using various geographic features visible in the Sorena Turbine video, we can confidently geo-locate the MRO facility with FTAI’s module factory box to Sorena Turbine’s facility and address in Terhan."

"Towers: Owns ~40,000 wireless towers in the United States and provides critical shared infrastructure for wireless carriers; frequently considered the “best business ever” given the quality of revenue"

"Institutional Shareholder Services (“ISS”), a leading proxy advisory firm, recommended WITHHOLD votes for all incumbent directors with greater than one-year tenure in 2016, 2017, 2018, 2019, and 2020."

"in the form of development fees, or something else, which is in addition. So, probably at this point on they have a negative investment in the asset. — Interview with Former HASI Executive A, May 2022"

"“...Fuji Xerox is the only potential supplier that is not a direct competitor of Xerox and would therefore be aligned in its interests to provide competitive pricing for those materials” — Xerox board"

"The Planning Committee's decision was not vitiated by the failure to have regard to a material consideration. That is the counter-argument. — R (Barr) v North Somerset Council [2015] EWHC 1735 (Admin)"

"Vegetable lasagna topped with chicken doesn’t make any sense (if you wanted meat on your lasagna, you would order the meat lasagna), but, if you are going to serve it, you should prepare it correctly."

"“Elliott would like to commend the Board and management team for the significant steps taken to build a better Alcoa and maximize value for shareholders.” — Elliott presentation to Alcoa, Nov. 9, 2015"

"“I think there’s definitely a change in customer attitude happening. How quickly that happens, I don’t want to get wildly excited about it, but I think it’s happening.” — IDT ex-regional sales manager"

"“I think there’s definitely a change in customer attitude happening. How quickly that happens, I don’t want to get wildly excited about it, but I think it’s happening.” — IDT ex-regional sales manager"

"Our due diligence suggests that the underlying gross margins of P&G’s categories could be as high as 54%. This analysis takes into account P&G’s scale as well the premium pricing of its leading brands"

"“Trian has been very good for DuPont investors so far, and we think its proposal to strengthen the DuPont Board could extend that helpful boost longer term.” — CLSA “Gridlock” analyst report on DuPont"

""Trian has been very good for DuPont investors so far, and we think its proposal to strengthen the DuPont Board could extend that helpful boost longer term." — CLSA "Gridlock" analyst report on DuPont"

"“Trian has been very good for DuPont investors so far, and we think its proposal to strengthen the DuPont Board could extend that helpful boost longer term.” — CLSA “Gridlock” analyst report on DuPont"

"Common shares owned by Highland Park SA are controlled indirectly by Mr. Steyn but will be distributed by Highland Park to the beneficial owners in 2015. — AKG, Annual information form, 2015-03-16 p54"

"「先方の売り込み内容とは何かというと、追加で装置を購入すれば、いくつもの優遇措置を提示してくれました。例えば、保証期間を無償で伸ばすとか、保全整備・修理の料金を割引するとか、稼働率の最低限の保証とか。稼働率については、例えば60%〜70%を最低限の稼働率として保証して、それ以下になった場合、稼働時間の損失について補填してもらう、というふうな話だったようです」 — マーベル・テクノロジーの上席従業員"

"「先方の売り込み内容とは何かというと、追加で装置を購入すれば、いくつかの優遇措置を提示してくれました。例えば、保証期間を無償で伸ばすとか、保全整備・修理の料金を割引するとか、稼働率の最低限の保証とか。稼働率については、例えば60%〜70%を最低限の稼働率として保証して、それ以下になった場合、稼働時間の損失について補填してもらう、というふうな話だったようです」 — マーベル・テクノロジーの上席従業員"

"“[r]eturn on those types of investment” and high sales and marketing spend being “An infrastructure that we need to make sure that we can maintain that market leadership position.” — Inogen Management"

"Jan 19, 2017: The U.S. Department of Labor announced today that a subsidiary of Cintas Corp. has paid $1.3 million to compensate 81 fire sprinkler testers and installers for allegedly unpaid overtime."

"Cintas' commercial paper program has a capacity of $300.0 million that is fully supported by a backup revolving credit facility through a credit agreement with its banking group. — Cintas FY 2016 10-K"

"We strongly recommend that a thiazide diuretic be started concomitantly with the initiation of diazoxide due to risk of fluid retention and PH. — Pediatric Endocrine Society practice guidelines (2020)"

"Kao claims that "(the) current compensation system for Directors... is appropriate... the compensation system proposed by Oasis does not contribute to enhancing our corporate value". — Kao Corporation"

"“one of the challenges with H3R receptor antagonist design” as being the “similarity between the H3 and hERG pharmacophores.” — The histamine H3 receptor as a therapeutic drug target for CNS disorders"

"That's why Muddy Waters started spreading rumors that are factually totally inaccurate. There was no pre-acquisition, or even an interim acquisition or God only knows what. — Udo Müller, CEO of Ströer"

"While it is no surprise that FIGS bulls (and management) would cherry-pick the highest multiple high-growth apparel comp, lululemon, to promote it, we believe the comparison is divorced from reality."

"Spruce Point questions why did Generac record its initial investment in Pramac as an “Investing” activity, when its recent additional purchase of a 15% stake was classified as a “Financing” activity?"

"The average age of the clean energy business acquired by Generac is 14.9 years but according to the CFO they are still start-ups. We interpret his comments to mean these are money losing investments."

"Scott Jolcover also owns a brothel in Nevada called the Playmate Ranch and Spa, which we believe doesn't look good from a governance perspective as ABML claims to seek a major stock exchange listing."

"We believe Commvault’s current value does not reflect its leadership position in the Data Management software market and that there exists a distinct and significant value opportunity at the Company."

"One disposable handpiece is used per procedure, making Procept's disclosure of handpiece units sold (ignoring the time lag between invoice and use) a rough proxy for Aquablation procedures completed."

"Despite its uptake, the long-term science around Aquablation remains unsettled. Thus, the procedure receives only a conditional recommendation and a lower evidence level grade versus TURP by the AUA."

"XPO has bridged the gap between $6.1bn of acquisition costs and $5bn of capital raising with $817m of asset sales, and $364m of factoring receivables through XPO Logistics Europe created in Oct 2017."

"It's hard to value XPO correctly when the smartest guys on Wall Street have no idea what XPO's true share count is, and conveniently ignore the deep in-the-money Series A Convertible Preferred Stock."

"Tessera has repeatedly licensed outsourced semiconductor assembly and test companies (OSATs) instead of higher value OEM and manufacturer licensees despite OSATs having far lower revenue and margins."

"We would understand if margins declined due to investments in growth, but organic growth is worse than when Solventum was inside of 3M, and the Company has not created an expectation for improvement."

"Investors have given management full credit for the cost savings plan as CTC’s market capitalization increased ~C$750 million over the following week after the announcement of the C$200 million plan."

"Do PetIQ shares really deserve such a lofty multiple if most of its projected sales growth is slated to come from a new and unproven business line for which management is issuing aggressive guidance?"

"Do PetIQ shares really deserve such a lofty multiple if most of its projected sales growth is slated to come from a new and unproven business line for which management is issuing aggressive guidance?"

"Palliser has more than doubled the size of its shareholding in Keisei since last year’s AGM and now holds in excess of 4.5% - signaling our firm belief in the long-term value prospects of the Company"

"Despite c.30% of shareholders supporting our unique proposal to address capital allocation issues at last year's AGM, the current Keisei Board and Management team have ceased to engage with Palliser."

"Given the large box sizes of Olive Garden stores, we see an opportunity to drive profits by potentially using 8,000 square feet of space to create different dining experiences and test several ideas."

"One former employee indicated that a 98% fidelity level renders the computer error prone and useless, adding that a minimum of 99.99% fidelity is required before any useful applications are possible."

"...InternationalCo would be forced to assume all of Hess' existing debt and therefore restrict InternationalCo's financial flexibility, future growth rate, and ability to return cash to shareholders."

"Result is Hess is penalized twice: Penalty #1: Multiple-based valuation undervalues Bakken; Penalty #2: Hess given lower multiple than peers due in part to higher capital intensity and cash flow gap."

"Spruce Point observes that BOOT's last 10-K revised language around management's judgement in estimating future sales price and auditing adjustments (plural emphasis) to inventories for obsolescence."

"DNMR's announcement that it intends to replace 30% of DNMR's PHA with Novomer's PHA seems to be providing false hope to customers and investors that there is a pathway to a more competitive offering."

"Our research on Novomer causes us to think that the $152 million cash Novomer acquisition is based more on hope than realism, and could signal that DNMR has concerns about scaling its own technology."

"Given the large box sizes of Olive Garden stores, we see an opportunity to drive profits by potentially using 8,000 square feet of space to create different dining experiences and test several ideas."

"The Company has never given investors a clear picture as to what are the direct and indirect manufacturing costs related to this business, so that investors can understand trends in its gross margin."

"The contradictions and apparent hypocrisy of BlackRock’s actions, have unnecessarily politicized the ESG debate, alienating a plurality of BlackRock’s customers with very different views on ESG risks"

"Zebra continued to talk up a positive tone on Matrox after it no longer reported inorganic contribution. It later admitted that 50% of sales were tied to semiconductors, which is a material exposure."

"We question why the street is valuing O Realty at the highest amongst its peers when its occupancy, lease duration and near term lease renewals all reflect a status at the bottom of their peer group."

"We question why the street is valuing O Realty at the highest amongst its peers when its occupancy, lease duration and near term lease renewals all reflect a status at the bottom of their peer group."

"Twist’s chip is an albatross around their neck – “a boat anchor”; much more expensive and error-prone than the legacy DNA synthesis methods that competitors use; chip is impossible to quality control"

"Develop a program that gives investors, advisors, institutions, high net worth individuals, potential employees and the press the belief that BNY Mellon is one of the few globally great institutions."

"Though there will continue to be store closures in 2010, there will be store openings as well. More than half the companies we reviewed were either planning to add new stores or roll out new concepts"

"This is demonstrating that a lower cost (not lower quality) MBA is gaining market share and that 2U's competition can ramp a program very quickly even when they are garnering lower tuition take-rates"

"Given that the Fitch Group’s chairman has sat on Casino’s board since 2003, and that Mr. Naouri is on the board of the controlling shareholder of Fitch, how is it appropriate that Fitch rates Casino?"

"In 2008 and 2009, attracted by its safe-haven status and undervaluation, investors flooded into HKD, pushing the rate to 7.75 and forcing the HKMA to print money to defend the strong side of the band"