Callouts & quotes from 37,061+ activist slides

"APD's share price increased by 66% (including dividends) since inception of our initial investment in May 2013, and 59% from our average cost basis prior to the position being made public, to date"

"What's also strange, is that ZJK's investment in subsidiaries are the same number as its shareholders equity. This could mean that the accounting and auditing of the company wasn't done correctly."

"Based on all of the evidence we collected, we believe that MOXC’s so claimed operating entities in China are not actually in operation, as none of their listed phone numbers or emails are working."

"We believe that current investor sentiment on Disney is low, reflecting the hard truth that Disney is a company in crisis and faces many challenges that weigh on the Company's investment prospects"

"We do not intend to make any changes to the HHC organization, its employees, or its long-term strategy. We would expect all HHH current employees to remain employed as a result of the Transaction."

"The IRS audited one of our investment funds covered by our 2018 insurance policy in an audit involving a review of the fair market value determination of our solar energy — RUN Q2 2021 10-Q, p. 75"

""The board is unanimously recommending this all-cash offer by Nuvei to buy SafeCharge at an attractive premium, which represents compelling value for SafeCharge shareholders" — igamingbusiness.com"

"In addition to strong organic growth, we have completed over 100 acquisitions since 2007, generally at an average adjusted EBITDA multiple of 7.0x, excluding platform acquisitions — GFL Prospectus"

"His leadership principles included focusing management on "making the complex, simple" and developing a strategic focus on three key elements: people, innovation and execution. — Bradley A. Alford"

"We found evidence that the use of virtual reality and interactive video gaming was not more beneficial than conventional therapy approaches in improving upper limb function. — Authors' conclusions"

""Investors are hesitant to believe PSX will improve refining operations given poor operations since Covid and limited benefits from its 2019 cost improvement program." — TD Cowen, December 4, 2023"

"Consistent with prior statements, CVX could be interested in acquiring the other 50% of the CPChem JV if the opportunity were presented at an acceptable valuation. — Wells Fargo, November 30, 2023"

"“...we've seen more clients continue to take a wait-and-see approach...” — CEO Jim Breuer; “...we expect to complete a 15 million share conversion of NuScale shares this month...” — CFO John Regan"

"Consistent with prior statements, CVX could be interested in acquiring the other 50% of the CPChem JV if the opportunity were presented at an acceptable valuation. — Wells Fargo, November 30, 2023"

""Investors are hesitant to believe PSX will improve refining operations given poor operations since Covid and limited benefits from its 2019 cost improvement program." — TD Cowen, December 4, 2023"

""We do not install solar panels. We only provide the financing. You need to request a quote on Sunnova.com and one of our partners will reach out to you." — Sunnova Customer Service Representative"

"[Stausholm] also said he thinks getting the necessary shareholder support – from at least 75% of shareholders in both London and Sydney – would “be impossible.” — Wall Street Journal, 30 July 2024"

"“...I came back fixing a lot of problems that the company has had and dealing with a lot of challenges. Some that were brought on by decisions that were made by my predecessor...” — Robert A. Iger"

""This settlement will require Herbalife to fundamentally restructure its business so that participants are rewarded for what they sell, not how many people they recruit," — FTC Chairwoman Ramirez."

""In evaluating a tendency or capacity to deceive, it is appropriate to look not at the most sophisticated, but the least sophisticated consumer." — F.T.C. v. Five Star Auto, 97 F. Supp. 2d at 532."

"Fabric co-founders, @BookstaberRick and @GovindaQuish recently met up in person for the first time in over a year! we are all looking forward to being back in the office soon. — Fabric @FabricRisk"

"In the beginning, HBOP ordered a corrugating medium paper machine, but now, it's ordering a kraft board paper machine. — Mr. Zhang, General Manager of Sales, Henan Qinyang First Paper Machine Ltd."

"“...we've seen more clients continue to take a wait-and-see approach...” — CEO Jim Breuer; “...we expect to complete a 15 million share conversion of NuScale shares this month...” — CFO John Regan"

"The ultra-luxury residential building along the Dubai Canal was sold to the family office of a European billionaire, making it one of Dubai’s most expensive penthouse purchase. — AHS press release"

"Vocera "continually missed... forecasts quarter after quarter [but] Bill (Zerella) was insistent on growth and took from backlog to make up the shortfalls." — Case 3:13-cv-03567-EMC Document 119-3"

"It is important to note that the SAIC financial are reported in units of ten-thousands or “万元”. This is a normal practice in China; however, the credit reports often display the data in thousands."

"The Walt Disney Company and ValueAct Capital Enter Into Information-Sharing Arrangement to Facilitate Strategic Consultation During Company’s Transformation — The Walt Disney Company Press Release"

"Fiscal 2017 performance targets consisted of adjusted EBITDAP, Corporate operating cash flow, Aerojet Rocketdyne bookings, and certain other individual goals and had a 12-month performance period."

"CPG is a street fight at the shelf (...) How do you do that with a largely Japanese board that has nobody from marketing, nobody from E-Com, nobody from supply chain on there? — Anonymous Investor"

"“...I came back fixing a lot of problems that the company has had and dealing with a lot of challenges. Some that were brought on by decisions that were made by my predecessor...” — Robert A. Iger"

"Consistent with prior statements, CVX could be interested in acquiring the other 50% of the CPChem JV if the opportunity were presented at an acceptable valuation. — Wells Fargo, November 30, 2023"

"“Investors are hesitant to believe PSX will improve refining operations given poor operations since Covid and limited benefits from its 2019 cost improvement program.” — TD Cowen, December 4, 2023"

"SEC Charges Five Individuals and Three Entities in Multi-Year Microcap Fraud Scheme — Securities and Exchange Commission v. John S. Clayton et al., No. 2:24-cv-00918 (D. Utah, filed Dec. 11, 2024)"

"“I don't like the Transmedics people that much - I was a [redacted] when they did the initial trial... they completely changed.” — Transplant cardiologist at one of the top centers in the US/world"

"An improved process is needed to consistently accomplish fact-finding and causal analysis for events to achieve alignment of facts, issues, causes, and corrective actions. — Atkins Nuclear Secured"

"it’s so strange how there is so much variation in results...we saw an immediate positive change...so many others have seen nothing...maybe it just takes longer to kick in — Anonymous Facebook User"

"This in many ways defeated the purpose of the financing arrangement by withdrawing the immediate cash flow benefit that it would have otherwise recognized from the sale/leaseback. — PLUG 2015 10-K"

"We estimate the cumulative in situ value of Secondary Magnetic REOs at less than $0.60 per tonne; after factoring in aggressive recovery and payability ratios, REE *(revenue) would be <$0.25/tonne"

"Please note that according to hotel policy and Accor Standards, we are unable to confirm accommodation for guests under the age of 18 unless they are accompanied — Mercure Larnaca Finikoudes Hotel"

"Remitly no longer shares its “Revenue Contribution By Cohorts” slide which is a powerful analysis for investors to gauge its ability to harvest revenues from new and existing customers over time."

"Spruce Point believes that Remitly is playing a dangerous game of slowing customer support and operations expense, either in response to anticipated slowing customer growth, or to boost earnings."

"Our approach to activism varies depending on the situation. We seek to engage with our portfolio companies in a manner that will maximize the certainty and magnitude of shareholder value creation"

"Earthworx also connects GFL, Mr. Dovigi and Director Dino Chiesa, to Gordon Churchill of Port Perry. Mr Churchill, in addition to Mr. Villa, were both referenced as directors/owners of Earthworx."

"Southwest's poor financial performance has cost employees tens of thousands of dollars on average due to lower profit sharing and declines in the value of Southwest stock held by retirement plans"

"Spruce Point believes ABML has made deficient disclosures with respect to its paid promoters. We observe the Company has expanded its paid service providers from 1 (2018), 5, (2019) to 11, (2021)"

"Applying that fraction to the 379 million Rmb in prepayments from before gets us to about 223 million Rmb of deferred revenue, or $34 million. Uh-oh: that is 25% below the $45 million TAL booked."

"RTC Plan calls for Crown Castle to achieve a capex revenue ROI in excess of 40% on annual fiber discretionary capex of $600M (versus $1.4B), which turns fiber into a cash flow generative business"

"High payout ratio maximizes share price, lowers cost of capital, and allows for higher long-term growth in our view - creates unique pure-play pass through of repackaged U.S. wireless credit risk"

"The financial patterns from 1999 to 1H 2004 mirror those of 2021 to 1H 2024, featuring comparable surplus reductions, high combined and loss ratios, and premiums-to-surplus ratios exceeding 100%."

"It is misleading to combine M&S with refining results when convenient to show higher EBITDA/bbl, but then exclude M&S when including it would show that opex/bbl is significantly higher than peers"

"Major Push To Grow Credit Card Business, And Fuel Retail Sales Growth, Has Resulted In Risky Lending Practices Which Should Worry Investors And Pose A Significant Threat To Overall Credit Quality"

"Since Allied recognized $65 million in non-cash earnings last year that it paid out in dividends, Allied had to finance that payment by shrinking the portfolio, borrowing money or selling equity."

"The case of the Peng brothers' complicated related party relationships reveals the extent to which the “left-hand, right-hand” cancer has metastasized throughout all aspects of ANTA’s operations."

"If we can increase same-store-sales by an average of 3% for the next 3 years, just getting Olive Garden back to its $4.8 million AUV of just a few years ago, the impact would be ~$10.50 per share"

"If FDO raised an incremental $1.5bn of debt, bought back stock at $60, and closed only half the productivity gap, the company would earn ~$5.50 of 2012 EPS and trade in the high $70s at a 14x P/E"

"This new forecast does not provide much specificity in guidance, and unlike in 2023 where IPX showed projected annual powder production, the current forecast provides no such production guidance."

"I would say that a conventional lithium-ion battery at -25°C and a solid-state battery at -25°C; I would pick the lithium-ion, the conventional battery, any day for a low-temperature performance."

"Mark's experience on an executive team that manages the lowest-cost operator in an unconventional resource play and operates with a sharp focus on ROCE will be a great resource for the Hess Board"

"The pace of household formations has been outpacing the rate of housing starts, with 1.7 million households formed annually between 2017-2019, 34% above the rate of housing starts of 1.2 million."

"Adjusting for these distortions and recognizing that space and power differences have little impact on the overall TCO math, flash-based solutions suffer a 5-6x TCO disadvantage relative to HDDs."