Callouts & quotes from 37,061+ activist slides

"Within Keisei’s peer group, “Adjusted PBR” has been recognised as an appropriate metric for capital efficiency, with Seibu Holdings MTP transparency having been endorsed by the TSE — Palliser Capital"

"The spread sheets linked to the Muddy Waters “report” clearly have significant discrepancies from the Company’s actual advertising kit, as the following charts indicate: — China MediaExpress Holdings"

"“U.S. investors are cautioned not to assume that Pioneer’s estimates of resource potential of mineral deposits reflect economically recoverable quantities.” — Pioneer Investor Presentation, Dec. 2014"

""I've visited over 1,000 factories and run three others. Running a factory is all about control. Guys who run factories are great at controlling people and conditions because they have to be." — Sean"

""[Avon's] apparent lack of succession planning is 'an extraordinary indictment of the board,'" said Mark Cohen, professor at Columbia Business School and former CEO of Sears Canada. — Reuters article"

"...with the right leadership, operating priorities and strategic focus, Phillips 66 can be a much stronger company.... — Energy veteran Greg Goff, former Andeavor CEO and Phillips 66 investor, 4/9/25"

"…things are functioning quite well [at Sole]. And also because common development work was being carried out, then we are now having very good synergies being generated. — Mr. Nagamori (January 2012)"

"The committee argued that “Welltower's competition for talent comes not just from other public REITs, but also from investment banks and private equity firms that offer similar incentive structures.”"

"An employer is required to strictly control the number of dispatched laborers not to exceed 10% of the total number of its labor force. — Labor Law of the PRC and Interim Provisions on Labor Dispatch"

""Having the largest PHA production facility in the world, Meredian will produce over 30,000 tons of PHA per year at the Bainbridge facility." — Michael Smith, VP Manufacturing & Engineering, Meredian"

""Data for September 30, 2020 excludes $166.3 million in high confidence, promised opportunities not booked into backlog until the execution of definitive documentation." — Q3'20 Investor Presentation"

"I’m very familiar with Vykat...I was monitoring all of the clinical trials and read all the publications...I feel like I know pretty much everything there is to know about Vykat. — Endocrinologist #6"

"Contributing to the increase (in software and payments) were higher payments revenue from continued adoption of Lightspeed Payments and payment referral fees earned through our partners. — Lightspeed"

"“Yeah, there were many side effects like blurry eyes or blurry vision, vomiting, nausea. There are hepatic changes. Yeah, there were a few side effects, actually.” — Longtime scientific leader at GSK"

"Conclusion: All five H1-antihistamines studied inhibited CYP2D6 markedly... — Inhibitory effects of H1-antihistamines on CYP2D6- and CYP2C9-mediated drug metabolic reactions in human liver microsomes"

"Such a blanket conclusion does not appear to be supportable. Section 303A.02(a) requires a board to make independence determinations based on all relevant facts and circumstances. — NYSE Q&A document"

"The CEO claimed Remitly has a "secret sauce" in paid search, yet in a letter to the SEC from 2021 said that commercial data available could be used to reverse engineer its media investment strategy."

"Allan Lacoste’s LinkedIn biography is no longer available. But the YouTube expose shows his LinkedIn biography which doesn’t mention any involvement with Electronic Commerce LLC or Tangram Payments."

"Mr. Maaranu even alleges that when he visited the office he saw org charts that included “Philip something from Nuvei...as a corporate officer” – potentially a reference that CEO Fayer was involved?"

"Spruce Point believes this is an unusually short earnout period. We observe that no contingent consideration was paid by Generac in Q1 2022 which suggests that Off Grid failed to hit its milestones."

"WCT Resources is just one of several entities controlled by members of the Ward family which appear to be active participants in the purchase and sale of land and mineral rights in the Mississippian"

"At last year's analyst day, management guided to $3.40 of EPS in 2015, driven by a 4% average growth rate in same-store sales, a 10% EBIT margin, and an $18bn share repurchase program (2011 to 2015)"

"AMT pulls the wool over investors' eyes by operating a de facto lending business overseas, often entering into transactions where it will overpay for towers in exchange for carriers overpaying rent."

"Given our observations and concerns about revenue reporting and quality, we observe that DY has been increasing its audit-related fees for audit review and internal control over financial reporting."

"We note that distributor acquisitions are a common signal of managerial aggressiveness in the face of financial strain, and a sign that management may be looking to paper over underlying weaknesses."

"As has been historically demonstrated, installing experienced operational leadership across the railroad industry has consistently and dramatically improved outcomes – it will be no different at UNP"

"If losses accelerate from increasing capacity through increased capital spending with no revenues, at 0.5x to 1.0x tangible book value, IPX's share price could see 70% – 95% potential downside risk."

"To believe Quantumscape’s timeline and financial projections, one has to assume that this “Nobel Prize-winning work” has already been done and that giant solid-state factories are around the corner."

"The transaction appears to be another de facto lending transaction, making AMT management’s pronouncements about growth potential misleading because additional tenants will not move the needle much."

"As of June 2017, Mr. Rehbeli, a Manulife expert witness, estimated that a $100 million deposit into the Carrier Fund would cause “an immediate reported loss to the insurer in excess of $45 million.”"

"Based on our reading of the contract and basic principles of contract interpretation, we believe that Mosten's first claim has merit and potentially exposes Manulife to a significant amount of risk."

"In contrast, during each of these bear markets, the Pershing Square Funds generated strong returns with the benefit of our hedging strategies which we outline in greater detail on the following page"

"Management touts the international expansion potential as a significant portion of its growth opportunity, yet the international business hasn’t grown as a percentage of revenue since at least 2019."

"Spruce Point observes that Evoqua changed how it discussed gross margin post-IPO. At first, it gave a more detailed discussion about factors that drove costs, including the impact from acquisitions."

"We strongly believe our slate, with its legal technology and operating software expertise and experience running successful CEO searches, is best placed to hire, guide and oversee a world-class CEO."

"Our director candidates are committed to improving corporate governance and instilling a culture of trust and transparency between senior management and shareholders, by taking actions that include:"

"We strongly believe our slate, with its legal technology and operating software expertise and experience running successful CEO searches, is best placed to hire, guide and oversee a world-class CEO."

"The unfortunate implication for investors is that while AtriCure's core business has grown at a double-digit rate for over a decade, that growth will come to a screeching halt in the very near term."

"the things that we had to do in those days with respect to taking a deep dive and looking really critically at aspects of our business, I think are very much what needs to happen today at Southwest."

"Prisoners allegedly make 10-50 cents an hour, working for a “state-owned company called Arizona Correctional Industries” that “sells prisoners to private companies that want cheap or captive labor.”"

"Yet in 2010, Zolty was identified by name as “the primary source of the nominee entities and false documents” by U.S. federal attorney Wifredo Ferrer during a criminal trial for massive tax evasion."

"Muddy Waters caught DGW red handed (and hopefully red faced, but we doubt that Chairman Guo really cares). It replaced the genuine 2009 audit report in its SAIC file with a forged 2009 audit report."

"The survey found that investors rank Phillips 66 last among its peers on operational execution, CEO effectiveness, capital-allocation strategy and overall delivery against its value-creation agenda."

"The survey found that investors rank Phillips 66 last among its peers on operational execution, CEO effectiveness, capital-allocation strategy and overall delivery against its value-creation agenda."

"Since the Board announced its intended promotion of Mr. Shaw to CEO, Norfolk Southern has only changed for the worse and shareholders have only suffered, as evidenced by an objective review of data."

"NQ reported accounts receivable from YDT of $9.3 million as of FY 2012, but YDT’s financials show total accounts payable of $3.7 million, once again showing the fraudulent nature of NQ’s financials."

"Otherwise, in our opinion, the supervisory board commits a breach of duty of care for which its members are liable to the company pursuant to Sections 116 and 93 of the German Stock Corporation Act."

"[T]he HKMA might choose a hot and boring Friday afternoon in mid-summer, when most fund managers and top government officials had gone vacationing, and announce the floating of the Hong Kong dollar."

"The sole thematic ETF dedicated to tracking the biggest IoT players does not even have Samsara as a top 10 holding despite its $15 billion market cap and pure play exposure to industry fundamentals."

"The CGEN transaction provides insight to FMCN's standard operating procedures. First, massively overpay for the business. Next, crash the business. Finally, divest the business for no consideration."

"Under the failed oversight of the Board’s ESG Committee, Huntsman has reactively made a carbon neutral pledge and an unfulfilled promise of TCFD reporting in order to appease institutional investors"

"TWX, by any measure, is undervalued. There appears to be a significant valuation gap between the current stock price of TWX and the estimated intrinsic value of the underlying assets of the Company."

"The following is a summary of analyst valuations for the AOL business. Analysts assign valuations ranging from $13.7 - $21.7 billion, or $13.5 - $21.5 billion after the impact of corporate expenses."

"Four of the agencies our consultant interviewed gave the unsolicited opinion that Momo has a reputation as a (sex) cam site. We believe that this has directly contributed to Momo's advertising woes."

"We have to. This is just the same as Taobao fake sales. Everyone does it. Each month about 10-20% of our revenue is us spending money on broadcasters. We share the loss equally with the broadcaster."

"YOUR ATTENTION IS DRAWN TO THE IMPORTANT INFORMATION SET OUT ON THE FOLLOWING SLIDE. BY READING ANY PART OF THIS PRESENTATION, YOU ARE DEEMED TO HAVE READ, UNDERSTOOD AND AGREED TO SUCH INFORMATION."

"We note that Internal Revenue Code §6713 imposes a civil penalty on any tax preparer who uses tax return information for "any purpose other than to prepare, or assist in preparing, any such return.""

"Consider that over the past decade, Phillips 66 shares have managed to underperform Valero Energy ("Valero") and Marathon Petroleum ("Marathon"), its closest peers, by -138% and -188%, respectively."

"We estimate that the GSEs’ minimum capital levels were nearly sufficient to withstand their actual losses during the financial crisis, excluding the large credit losses from subprime and Alt-A loans"

"Shareholders expect the Board to expedite the sale process and capitalize on expressions of interest – especially since Forward Air already has multiple private equity firms in its shareholder base."