Callouts & quotes from 37,061+ activist slides

"“diabetes is not an insignificant side effect...that is a very serious side effect in this patient population...and it’s very contrary to the articulated goal of therapy in the first place...we did see that as a side effect...clearly....and I think it is significant...I felt like it makes no sense to have this as one of your primary side effects for the drug, given its goal...it really did not make sense to me”; “it makes no sense...why would you even want to go down that route? It just made no sense to me...I think for a lot of people, they’ve kind of drunk the Kool-Aid, and they just want to believe that this is an insignificant side effect.” — Ex-Soleno employee #2, key role in clinical trial program"

"We will get our financial house in order. I have seen other CROs and there's nothing in pricing or operations-wise, that's unusual or concerning here. This is a disciplined operations organization that can deliver programs with quality... In general, what our goal is here 2024 is a year that we would like to return to the kind of performance you saw in 2022 by the time we exit the year. And then on top of that, as we exit the TSAs, we'd like to start moving toward those industry benchmarks of our competitors. I think we publicly said there are a couple of competitors who have a business mix, it's a little bit more like ours, and we would go ahead and target those over time. — Tom Pike, President and CEO"

"“So this is partially an issue of lack of maintenance and bringing maintenance to the right levels and understanding on how to run it... I am not optimistic -- this $150 million will not be paid out. Now I'd rather wish to pay them out, to be honest. But that's the reality there.” — Dr. Klaus Kleinfeld, Alcoa Q4 2015 Earnings Call, January 11, 2016; “Well, the good news on the isothermal, I mean, we have structured the contract in such a way that we have a performance clause in there... And so that's the performance part in the purchasing agreement with the seller, right? So in case that doesn't happen, I mean, we would not have to pay that.” — Dr. Klaus Kleinfeld, Q1 2016 Earnings Call, April 11, 2016"

""Further more, PSX's refinery assets are some of the best-in-class vs overall industry with a Nelson Complexity Index of 11.1" — UBS, January 2021; "... [We] remain skeptical of the ability to generate EBITDA/gal as VLO or MPC, with lower quality assets..." — Piper Sandler, February 2025; "We see a lot of potential in Phillips 66. ... So the message would be, be optimistic, be positive. I think what we're looking at is restoring the operating excellence that Phillips 66 has been known for historically." — Brian Coffman; "In a somewhat surprising tactic, PSX management talked down the potential [sum-of-the-parts] upside (i.e., [stating that the Company is] fairly valued)..." — Piper Sandler, March 2025."

""We didn't get much exposure to internal audit... I don't seem to recall any instances where, you know, there was a specific internal auditor engagement..." — Source D. "I didn't have too many interactions with them. And how should I say, I mean, they are not like the, you would expect the internal audit team to be a bit independent, right? And have some strength in auditing various businesses, etc. And my view was not that they were very independent and strong..." — Source G. "I'd never worked with them. Actually, they would have a team of, I think back in my day, two people sitting in that are logging Federal Audit, the two people sitting in Poland... but we didn't have much involvement." — Source C."

"“You cite increasing cash flow, earnings, taxable income and free cash flow as drivers of your dividend increases. ... We note that operating cash flow decreased in 2023 and income before income tax benefit (expense) decreased in 2022 and 2023 compared to 2021.” — SEC comment letter to CTO Realty. “The Company acknowledges the Staff’s comment and to be more consistent with its use of non-GAAP financial measures, the Company will update this information in future filings to reference Core FFO and AFFO as opposed to “cash flow”, “earnings”, “free cash flow” and “taxable income,” as Core AFFO and AFFO are clearly defined and reconciled to net income in the Company’s filings.” — CTO Realty response to SEC."

""We are encouraged by the initiation of the Fair M&A Study Group and the broad array of comments submitted by engaged market participants. As a result, we expect increased transparency into fair value opinions, increased independence of third-party [special] committees, and improved prices in transactions - all resulting in fairer M&A transactions for minority shareholders. We thank and commend the committee members for their efforts on this important issue," Fisher said. "I think the new guidelines have made a considerable advance from the current situation. Just like the old MBO guidelines, the new guidelines, though not binding, will be well respected in Japan's M&A practice," said Meti's Sakamoto."

"“In an average territory with an average team, they’re spending 40% of their time in the OR. They’re spending 40% of their time reprograming and patients visits and 20% of the time on sales... We take images of X-rays. We do inter-op tests to make sure that the leads are in the right area.” — Former district sales manager; “Inter-operatively, most doctors will say [to the rep]: ‘How does that look?’ ‘Do you think that the lead placement is fine looking at the X-ray?’ ‘Looking at your testing that you’re doing right now, do you think we’re good?’ And then the rep and the doctor will make that decision on if the lead should be moved up or down or if they think it’s good.” — Former district sales manager"

"Because all Confidential Information constitutes a valuable asset of the Firm, without the prior written consent of the Firm (which may be given or withheld in the Firm’s sole discretion) or unless legally mandated, no employee or member of the Firm may, while he or she is employed by or associated with the Firm or at any time thereafter, (a) disclose any Confidential Information to any person except in furtherance of the business of the Firm, (b) make any other use of any Confidential Information except in the business of the Firm and in a manner which at all times is intended to serve the interests of the Firm. . . — Code of Ethics of Distributor, Blackstone Group, filed with the SEC, dated 10/2011"

"“We are currently experiencing a minor shortage of Oatly, but we should be fine in a couple of weeks. Pricing would not change from your first order; it generally says the same price. We also have other great oat milks such as Califia Oat, Chobani Oat, Pacific Oat, and Chobani Oat. Pricing for these other brands vary between $1 - $2 dollars more or less.” — Spruce Point distributor check, Northeast. “Our stock of Oatly has been unreliable and unstable lately. We have been experiencing frequent shortages. It’s currently out of stock again, and it may be out of stock for a few weeks. For this reason, we brought in 3 other brands of Barista oat milk.” — Spruce Point distributor check, Pacific Northwest."

""ESG competition is definitely increasing, especially Bloomberg. MSCI was one of the first but that doesn't mean competitors aren't going to eat away at it. As early as 2023, people were leaving the ESG team. To grow, you have to have consistent sales. They were under target and didn't hit their goals. That business line was struggling." — Former MSCI executive. "It's less about brain power - lots of physics PhDs in quant land - and more about the difficult and unglamorous job of sourcing, curating, managing and QA'ing data and the 24/7 operations to ensure updates are there every day, on time, for every asset class, for every model, for every client." — Former MSCI employee with 18 years experience."

"“Look, in a business that's grown as rapidly as we have and with customers that are growing their own infrastructure to support kind of these growth rates. We're all working hard to get the bills and then get the cash in and so we can always do better.” — CEO Nielsen Q4'23: March 1, 2023; “We're working hard to make it lower. We realize how much capital is tied up with every day of DSO. When we're working on these large fiber programs, they're administratively complex. We're working hard, both ourselves and with our customers to simplify the administrative effort behind them. And I think as we get better at that, we have some real opportunities to bring the DSO in.” — CEO Nielsen Q4'24: Feb 28, 2024"

""To this day, I don’t believe in sequels. I can’t follow popular cycles. I have to move on to new things—there are many new worlds to conquer." — Walt Disney, 1966 Letter to Shareholders; "I’d say we’re leaning a little bit more into sequels and franchises, some that we feel great about like Toy Story as a for instance, obviously Star Wars, Avatar we’ve talked about. Marvel is starting to focus on some of its stronger franchises going forward. But I’ll leave it at that. And I think given the environment and given what it takes to get people out of their homes to see a film, doing that, leaning on franchises that are familiar is actually a smart thing." — Robert A. Iger, CEO & Director, February 2024"

"Defendants have displayed, reproduced, offered for download and distributed hundreds of Drawings on NACHI's website without authorization or permission from either Dearborn or Carson Dunlop — United States District Court Eastern District of Pennsylvania. In order to further his goals, Gromicko has published false and defamatory statements about EBPHI stating that its exam is a “joke” a “scam” a “stupid piece of crap exam” and “not even a psychometrically valid exam.” — United States District Court for the District of Colorado. Since January 2006, Defendants have refused and continued to send unsolicited commercial electronic email to Plaintiff — In the Circuit Court of the Seventh Judicial Circuit."

"it takes work on my office's part to get this drug approved...it's not like I write a prescription...here you go...see you later...and that's it, I'm done...we have to do a prior authorization...we're going to have to submit stuff...there's going to be administrative work - a fair bit...it's not going to be an insignificant amount...and it's a very small number of patients...it's a very niche group...that's the job, we're cool to do it...but am I going to go to the mat and do an appeal and do all this extra stuff and work super hard for a drug that I don't believe is all that powerful or effective to begin with?...no, it's just not a strong enough medicine to put in that much additional effort...."

"On Nickelodeon, you mentioned third party set top box data showing something different than the drop that Nielsen is showing. Can you just give us a sense of whether that third party set top box data is showing Nickelodeon ratings flat or up or just not declined as much as Nielsen? I'm just sort of curious relative to the 15% to 20% decline that Nielsen is showing. — Question. Because we're working very closely with Nielsen and MRC, I don't want to go into too much detail, but let's just say that we wouldn't have had to have any conversation with either of them based on the set top box data that they are examining. That's the reason everybody believes there's an anomaly — Answer (Philippe Dauman)."

"“There are doctors in the landscape with a lot of influence who are completely corrupt who are on board with Saluda. And they will corrupt people with Saluda. They own stock and options in Saluda and have consulting contracts. Saluda is everywhere.” — High volume KOL and Nevro implanter; “He's the ex-president of [society name redacted]. He's very well-published. He's also very feared by the physician community because if he wants you to succeed, he asks you to publish in a paper. If he doesn't want you to succeed, he ignores you. The physician community knows that. He'll be a key reason Saluda takes share. because most of the market is doctors who are sheep.” — Longtime executive in the SCS space"

""It's really difficult [to interpret Quantumscape's data]. I think it's basically the reliability of the data and of Quantumscape. They don't have a well-known institute standing behind them or real customer tests, so this is really, really early stage. It's back and forth, back and forth [between VW and Quantumscape]. This hasn't created trust, when I speak to the engineers." — Anonymous VW employee; "When you produce this battery in a factory you're producing millions of batteries a day. This is also something where our people are saying - it's nice to design something in the laboratory and make it work, but when it comes to scale, this needs to be proven and no one has done yet." — VW employee"

"Dear brothers and sisters, after sharpening our blade for ten years, today we entered NYC, my heart is pounding, awash in emotion, the great dream in my heart, friends fighting together shoulder by shoulder, there glorious future is before us, and in ‘13 you will see 9H. — Mr. Xu Zhou, 5/3/2011; 5/5, IPO day in New York, overflowing with excitement, the red five-starred banner waving in the wind, and the traders are grinning. Family and dear friends lend support, keep the price up throughout the night, keep the numbers across screen continuously flashing green. We are rejoicing. We are moving down the path to success, a brilliant future is dawning - - 9H is next, go go go! — Ms. Rong Xu, 5/4/2010"

"I want to say it's pretty high. It's about 25% to 30%. Again, it's not a drug that works right away, so a lot of these patients they're not de novo; they've been on drugs that work much more quickly, some of the SNRIs that we use, some of the amphetamines, things like that. You have to counsel patients. Maybe at two months, you might see a benefit, maybe three months. A lot of patients just don't want to stay on it. This is a younger population for the most part. They're busy; they don't want to try new things. So, it's about 25% that say, "It's not working. I felt better previously on something," or "I want to discontinue and try XYZ instead." — Neurologist in the New York, major academic center"

"Gross profit is our net product sales plus service revenue less cost of product sales and services. Our cost of product sales consists primarily of costs of raw goods, finished goods packaging materials, manufacturing, shipping and handling costs and costs associated with our warehouses and distribution network. Cost of services are comprised of all service and product costs related to providing veterinary services, including but not limited to, salaries of veterinarians, technicians and other clinic based personnel, facilities rent, occupancy costs, supply costs, depreciation and amortization of clinic assets, certain marketing and promotional expenses and costs of goods sold. — PETQ: FY18 10-K"

"Performance Metric Selected: Our Compensation Committee periodically reviews the appropriateness of the performance measures used in our incentive plans (including the 2016 Plan), the degree of difficulty in achieving the targets based on these measures, as well as certain strategic and nonfinancial objective criteria. In 2016, the Compensation Committee again selected Total Adjusted EBITDA as the performance measure used for determining whether bonuses would be paid under the 2016 Plan. The Compensation Committee also reviewed the target level of Total Adjusted EBITDA under the 2016 Plan and adjusted it as appropriate to account for strategic acquisitions throughout 2016. — 2017 Proxy Statement"

""I know that when you are a new doctor, you get the worst Invisalign technicians out of Costa Rica that are designing your case. Sometimes, you are going back and forth with the technician as many as eight times before the case is right." — Dental Consultant; "I now have the capability of providing same day treatment with clear aligners which I could not do with Invisalign. I would have to wait at least two weeks. With Invisalign, I may need to wait 2-4 weeks to get a new aligners to continue the case. With braces, I can make the change immediately. With 3D printing in your office, you have an aligner the same day which will make case management simpler." — Orthodontist, Diamond Plus Align Tier"

""Buffalo Wild Wings senior management is taking the company down a path of no return. They recently “compressed” 50 home office and field employees in an effort to reduce costs…The firing of four dozen key employees may have slightly improved the bottom line for one quarter but did nothing to address the real issues still in play: Lack of menu innovation which has driven customers elsewhere. Inferior POS support which has cost Franchisees and corporate operators hundreds of thousands of dollars in lost revenue. No technology innovation in a changing climate where competition is cutting edge. No plan to effectively market to millennials" — Comment submitted to www.winningatwildwings.com, 4/17/17"

"“However, recently, I don’t know if you caught the announcement from GenScript with their new semiconductor synthesis platform and their ability to make, I think it’s over 8 million unique oligos, which even surpasses Twist’s ability to play in that space. GenScript is focusing on synthetic biology. I would argue that’s Twist’s core focus. If you look at all of their products, most of them are synthetic biology driven. GenScript just came out with a semiconductor manufacturing platform that’s extremely similar to Twist, so I wonder about the future uniqueness of their ability to play in both markets, NGS and synthetic biology, in the five-year stretch.” — Former employee now at a key competitor"

"Integration, compensation and transaction costs are substantial. The costs to implement the Transaction are substantial and include estimated integration costs of US$150 million, approximately US$65 million of compensation costs and approximately US$125 million of transaction costs(excluding GST). Both integration and transaction cash costs are expected to be broadly offset by savings in capital expenditure and working capital over a similar time period (refer to Sections 10.3.2 and 10.3.3 of this report). A significant portion of transaction costs (US$45 million) will be incurred by Amcor (stand-alone) regardless of whether the Transaction is implemented. — Amcor Scheme Booklet, March 13, 2019"

"I do think the side effect profile is a little troubling. That worries me about some of the side effects and also the fact that, having been on multiple town halls and other dissemination efforts from Soleno, a lot of side effects are not really being addressed in a way — people are excited and there's obviously a lot of hype. And I tell people, if your kid is already likely to have diabetes...we don't know a ton about what this drug is going to do. And so I have talked to a couple of endos who are telling me — it's interesting — that they're not comfortable prescribing it because of the side effect profile. I think that's telling. — KOL in the PWS field; involved with Soleno's clinical program"

"“The ACTIS A150 is an earlier version, and it has a lot of problems. When the company switched to EUV, it had to change the structure of the chamber, and there were some problems regarding the chamber structure and the source. Initially, they used the source of a company called Ushio, and later, they upgraded that source...The laser source tends to be unstable, and it’s hard to make it. Customers want better maintenance and stability...the problem was the light source...it requires more time for maintenance once the machine breaks down.” — Former Lasertec product engineer; 20 years in the industry and previously part of the EUV task force at one of the top 3 semiconductor companies in the world"

"We believe that investor caution on the stock has resulted from its sizeable ownership of Nordea. — Credit Suisse, 11 Dec. 2019; Nordea share price weakness is a near term distraction to Sampo's core dividend based investment thesis. — Merrill Lynch, 25 Jan. 2018; Sampo is weighed down by the loss of the investment story and Nordea's weak development [...] associated company Nordea is pulling back the Group. — Kauppalehti, 9 Jul. 2020; The shares have been weak due to its 20% Nordea holding, dragging on the dividend prospects which is key to the Nordics' safe haven appeal. — Citi, 29 Jul. 2020; Nordea and its dividend have been given too much weight in Sampo's share. — Antti Saari, 7 Aug. 2019"

"It's not going to be the goal for next year. — November 2022 conference (regarding 55% OR target). ...it may be over a longer period of time that those actually come to fruition. ...the biggest opportunity is to improve that service product that from it drives out that excess cost when we think about our locomotive and our workforce productivity. That's job #1 right now... — January 2023 earnings call. ...to your 55 question, I mean you've heard us talk that, that is still our goal, and I'll reiterate that again. We have not put a new timeline on that because of all the things that you've heard us talk about here today in terms of the challenges that we're facing. — January 2023 earnings call."

""Harvey Golub is everything that you would want in a director. And one of the things that I appreciate most about him is that he has always respected the space between the Non-Executive Chairman and the CEO roles. He challenged me. He held me accountable. But he did not try to do my job for me... ... And he has challenged us to sharpen our strategy, and better execute that strategy by holding us to high performance standards. He often tells us, 'This is what you said you would do. Are you delivering and, if not, why not?'" — Douglas Conant, former CEO of Campbell Soup Co; "Harvey Golub has done an absolutely sensational job, and we're probably $4 billion better because of it." — Warren Buffett"

"“Because I think the big ones are getting bigger and bigger and dominating more and more of the market, and big pharma is consolidating with a smaller number of vendors that have a better offering. And Twist is not a big vendor, and they cannot offer many different things. I think they have their market, which is laboratories in universities, smaller startups, and some part of pharma, but they will not suddenly grow like crazy...what could happen in the future is that they go bankrupt or they collapse because at some point, if they are selling everything at a lower price, I don’t know how they are going to compensate for that.” — Novartis, a large Twist customer, scientist in a leadership role"

"We targeted, although we don't have a specific date in mind but overall annualized basis we ought to be able to get [SCC] up over 15%. As you capture the new products Verifi will be a piece of that. We get good margins out of Verifi...But all in, businesses ought to be north of 15% EBIT margin business. — Greg Poling, President & CEO, August 2016; These are all high-margin specialty applications...You can see the margins for construction are best in class here running from 23%, to just under 26%. We maintain these margins because of the specialty nature of the product, the distribution network, and the fact that they specified for high-end applications. — Greg Poling, President & CEO, May 2016"

""Skechers doesn't really represent anything in Asia. They just follow the trend. They are like pirates. They just copy other brands and then flood the market with cheap product...They aren't going to be big forever...It's all comfort... no offense, but it's old. It's for mature customers. Comfort means old. You grow with your customers, who then die off...Unless the younger generation really embraces comfort, they are just going to die off. It isn't clear where they are going with their brand. They've abandoned the performance division. Skechers failed miserably in Japan. Americans think they know everything, but they don't." — Spruce Point Interview With Former Regional GM Familiar With Asia"

"“What Ginkgo's doing differently is that they are looking at hundreds of thousands of these manipulations, and they're doing them all at the same time using robotics... It's a high throughput method of brute force, trying to figure out the best set of enzymes to undertake a certain type of reaction to produce a final product.” — Former Ginkgo executive; “The unique about Ginkgo is their high throughput... So, putting the DNA into the yeast and then selecting the clones and then growing everything, it's very cumbersome, very time-consuming for people, and so, they've been doing a very good job at automating these steps. So now, you can just have a robot doing 24/7” — Current executive at Motif"

"“The backend of it is the fermentation and scale-up. I think that Ginkgo has no real differentiating technology when it comes to that... They try a bunch of strains and hope that one of them scales. That's the foundry in a nutshell.” — Ex-Ginkgo executive; “Every synthetic biology company that's ever started has tried to make vanilla and a few other marquee ingredients, but they don't have meaningful revenue, or those products were never commercialized.” — Ex-Ginkgo executive; “But it's really the market doesn't want what Ginkgo's able to make. I think it's as simple as that... I think there's a problem with the business model and what they have focused on historically.” — Ex-Ginkgo executive"

"waiting for the Army to announce, and they finally have, so now we can announce. And we expect growth in all of the USG sectors as well. NATO has been waiting patiently for this announcement, again, because if the US has invested all of this money to go through an entire five-year down select process, they're going to start adopting what has been approved by the Army because all the research development has been paid for and all the evaluations have been completed by them...we have several very, very large opportunities right now in NATO that have patiently been waiting for this announcement...a few of those programs that could eclipse the SRR program in size and dollars. — Red Cat Management"

""[Pure’s TCO analysis] is disingenuous at best... Transparency equals trustworthiness... there's a lot of shenanigans around their TCO calculator, and there's a lot of bias towards their own platforms, especially comparing not just workload profiles, but media types for workloads that they're not used for." — CTO at storage system competitor; "Do I agree with their TCO analysis? I think they do a lot of fancy manipulation within their TCO math...at the end of the day, if the Pure solution was indeed as compelling from a TCO standpoint as they claim, I don't think hyperscalers are stupid. I don't think enterprises are stupid, they'd all be running for this..." — Sellside analyst covering Pure"

""While this letter presents Elliott’s perspectives, Shareholder Nominees will form their own, independent views on the Company, its assets, and its strategy. These five accomplished individuals bring deep knowledge and experience in areas that are severely lacking in the existing board." — Elliott Letter to Shareholders, January 29th 2013; "Shareholder Nominees are completely independent, would constitute a minority of directors, and, unlike Hess's nominees, have not preapproved any plan. If elected to the Board, each of these executives will bring substantial expertise, experience, and independence that we believe is sorely needed at Hess." — Elliott Letter to Shareholders, March 26th 2013"

"‘The BoD regularly reviews its leadership structure’: failure to correct confirms lack of independent oversight — BlackRock Board of Directors. ‘BlackRock has delivered industry-leading growth’: this is no longer the case since 2009, at least from a TSR perspective — BlackRock Board of Directors. ‘One-size-fits-all approach to board leadership may not suit each company’s circumstances’: our request is based on an in-depth analysis of BlackRock’s governance — BlackRock Board of Directors. ‘Independent oversight is carried out by the Board’: according to BlackRock’s BoD, even Ms. Susan Wagner, (BlackRock’s co-founder with Mr. Fink and Mr. Kapito) is independent — BlackRock Board of Directors."

"Currently, the Company has a combined Chairman and CEO leadership structure, a classified board, and over-tenured directors. A plethora of these problematic governance practices appear to be a driving force in the Company's underperformance. — Egan-Jones, May 1, 2025; These issues stack on what we consider to be fairly disconcerting corporate governance considerations, including a dubious commitment to good faith engagement, a questionable and counterproductive realignment of key oversight roles and a late-stage candidate pivot which seems to call into question the board's prior candor. These issues should, in our view, be of significant concern to P66 investors. — Glass Lewis, May 10, 2025"

"“There are two different practices now for TransMedics. There's the one that they do, which they bring the machine to the donor hospital. They procure the organ. They put the organ on the machine at the donor hospital, and then they transport the whole device with the organ to your center. And then, there's a practice which is logistically easier, it's certainly a lot cheaper, which is you procure the organ the old-fashioned way, put it into an ice bucket/chest. You transport it back to your institution, then you put the organ on the machine, and then you do the pumping at your own hospital.” — One of the top liver transplant surgeons in the world, based at a leading Midwest academic center"

"“We have tried to be very mindful of not saying things that we would not feel good about saying...we really didn't want to lead the community astray”; “we've tried to hold the line in that regard...I hear that there's been some pushing, but then when we've had our boundary, they've been respectful”; “wanting us to say something a little more strongly than we want than we felt comfortable saying from the science perspective”; “we shared that it was really important that our representatives don't come out and say that this is a cure, or that there are no side effects or that everyone should be on it.” — Longtime researcher involved in PWS clinical trials at one of the two key PWS associations"

"We are on board with [Third Point's] assessment of CPB's current situation. As evidenced by our earnings estimates, which are well below consensus, we are not constructive on Campbell's fundamentals... Campbell probably has more challenges/weaknesses in its immediate future than any other company we cover. We also agree with [Third Point] that the board of directors “exacerbated” Campbell's problems by apparently not having a succession plan in place. Given these problems, plus the fact that the Campbell shares are +28% since bottoming in early June (group median +5%), we concur with [Third Point] that a sale – if achievable – is the best way to create value for shareholders. — J.P. Morgan"

"“If we turn to Amazon, which is an emerging channel, it’s continuing to grow at 36% over last year. Monster’s growth is at 55% and is continuing to lead the category sales in the Amazon section. 4 weeks numbers are very similar with Monster’s growth at 62% and continuing to still be the leading brand in Amazon.” — Monster Management (Jan 2023); “But I’ve said in the past that we have a large unmeasured channel, channels, food service, Amazon.” — Monster Management (Jan 2024); “Monster has become more dependent on selling through Amazon due to Amazon’s market share increases. Higher gross margin however lower contribution margin due to the costs to service Amazon.” — Former Monster Employee"

"“So, then their advice to us was, ‘Why don’t you wait a couple of hours,’ which we did. And the right lobe still didn’t feel much better. So, we declined that liver...the trust was fractured at that point.” ... “Magdy was the one who told us about that. So, then we called other colleagues around the nation...And they said, ‘Oh, we’ve definitely seen that before. Sometimes it’s a procurement issue; sometimes it’s pressure on the pump. We’ve definitely seen that before.’ So, it’s just a fucking lie. It’s a lie that we’re the only center that’s having these problems but that was the communication to us.” — Chief of transplant surgery at a major transplant center; high-volume TransMedics user"

""I don't think the HQ-CT score is very good, if I'm honest, because I think sometimes the perception of appearance and the level of hyperphagia is different to, say, another caregiver with the same child... it is possible to manipulate it." — Trial investigator, pediatric endocrinologist; "The other fundamental issue is actually the HQ-CT score. It's not a great marker... It's a subjective score... it will vary depending on who's done it, whether it's the mom, the dad, or grandparents... If they've got such a high score, is it just purely a placebo effect goes down for the score from 23 down to 15, is that really the drug?" — Trial investigator, endocrinologist, key opinion leader for PWS"

"“You bring up a very good points, but if you review the studies and look at the studies, this information is not suggested in the study. Correct. I have that correct. You are hearing information that a lot of people haven't heard. Having noted that, I always am a benefit-risk person in terms of prescribing a drug. I've spoken to — I know the study people as well, and maybe it's biased.. Maybe that's a biased impression that I'm getting. Maybe that's a biased impression that I'm getting. If they have an issue with the study, they really should be publishing a letter about it in the journal that published the study.” — Division Chief for pediatric endocrinology at a major NE academic center"

"“So, they would take back the A150 and then they would give us an A300 at a reduced price from the retail price.” — Senior employee at Marvell Technology; “If they haven't taken any reserves or impairments against their total balance sheet, then with the cost of their inventory - we've seen it before, where the valuation that they place is not what it actually is, and they defer out when they're going to do that impairment because they don't want to record a hit on their gross margin. This is a common thing, unfortunately, that I've seen across multiple companies in the space. That's what I've actively seen to be done to try to manipulate earnings.” — Senior employee at Marvell Technology"

"“I think -- well, it's inevitable that for every CEO, the success is measured through -- with total shareholder return... And the purpose of the pharma company is to bring breakthrough products that change patients' lives. So the operational measurement of success will be our ability to have a constant flow of breakthrough innovation... So a way to measure it, for us, it is we have put out there a list of 15 potential blockbusters that could come by the year -- in 5 years, so it is by 2022 when we put it out in '18. And I think my focus would be to make sure that we deliver more than our fair risk adjustment of this number, and that will be success.” — Albert Bourla, Pfizer Chair and CEO"

"“The other thing we can see is current density of -20 while on the positive side it’s only a 7 or 8. It’s very asymmetric. So, it means plating and depositing. I don’t understand the reason why this profile is demonstrated. I don’t even know what positive and negative means. But basically, you’re depositing and stripping mass. I don’t know why this cycling performance is considered cumulative track cycles in terms of laps because, again, nobody in our field is using this type of protocol to show data because when we show cycle data, it’s usually 80% depth of charge under constant current conditions and how long it can cycle and we say 20% depth of charge” — Solid-state battery researcher"

"“Yes, that's what they call the dendrite issue. So, that's a challenge. That's the two-dimensional. Then you go three-dimensional, and you start stacking these up. They're going to cut these sheets; they've got to mass-produce these sheets meters and meters and meters long per minute, and then they're going to cut them up. Right now, a standard electric vehicle battery, it's about a foot and a half in length, so they're going to cut that in foot-and-a-half long sections and stack 40 or 50 of those stacks on top of each other to make a 50Ah battery that's in the BMW I3, for example. They need to get to meters-long, and then they need to start getting to 40 or so stacks.” — Former employee"

""Buffalo Wild Wings restaurants are the place people want to be, where any excuse to get together is a good one" — BWLD 2016 10-K, p. 1; "Buffalo Wild Wings is an established and growing owner, operator, and franchisor of restaurants featuring a variety of boldly-flavored, crave-able menu items" — BWLD 2016 10-K, p. 1; "Buffalo Wild Wings restaurants create a welcoming neighborhood atmosphere that includes an extensive multi-media system, a full bar and an open layout, which appeals to sports fans and families alike. We differentiate our restaurants by the social environment we create and the connection we make with our Team Members, guests and the local community" — BWLD 2016 10-K, p. 1"

"“A Perplexing Disappointment” — Morgan Stanley; “We think investors will likely be disappointed...management had pointed to this study as something to look forward to...” — UBS; “If you’re looking for certainty in immuno-oncology, Bristol-Myers Squibb’s latest trial data won’t help.” — FiercePharma; “There is no denying that this is a disappointing outcome.” — Evercore ISI; “BMY: another lung trial fails – SCLC indication can get pulled” — Evercore ISI; “Bristol-Myers cancer efforts aren’t in good shape.” — Bloomberg Intelligence; “This marks the second Phase III failure in 2L SCLC in 2 months. BMY SCLC market share is at risk…The failure of CM-451 is a significant miss for BMY.” — Cowen"

""Do you have a view on why Stryker consistently writes-up of inventory during its acquisitions? We've noticed multiple large revisions on the Wright transaction." — Spruce Point Question; "I'm not exactly sure why they wrote it up on the Wright acquisition, but I've seen in some other acquisitions that I've done with them. Inventory is given a certain number, but once we got in there and actually looked at what existed, inventory is super hard to track... And we've been burned before significantly about that, where we assumed certain inventory existed, that didn't exist and we overpaid and we get there and you know, it was a fraction of what we assumed." — Former Stryker M&A Professional"

"“I think -- well, it's inevitable that for every CEO, the success is measured through -- with total shareholder return... And the purpose of the pharma company is to bring breakthrough products that change patients' lives. So the operational measurement of success will be our ability to have a constant flow of breakthrough innovation... So a way to measure it, for us, it is we have put out there a list of 15 potential blockbusters that could come by the year -- in 5 years, so it is by 2022 when we put it out in '18. And I think my focus would be to make sure that we deliver more than our fair risk adjustment of this number, and that will be success.” — Albert Bourla, Pfizer Chair and CEO"

"“You're right. We had recaptured all the share within two quarters of some of the share gain as we were going disciplined to the last price increases back in early -- finished in early '19. We did recapture that. We may have lost a little bit.” — AVY CEO On LGM Market Share, Citi Conf, Sept 14, 2020; “So overall, if you look at just the impact of mix and deflation in price that's already baked in, that's definitely been a benefit, but a lot of it's cycling off where we were a year ago, and you got to count in the restructuring as well. So not answering your question directly, we don't have pass-through contracts and so forth. This is a competitive industry.” — AVY CEO, Q1'2020 Conf Call"

"Because I think the big ones are getting bigger and bigger and dominating more and more of the market, and big pharma is consolidating with a smaller number of vendors that have a better offering. And Twist is not a big vendor, and they cannot offer many different things. I think they have their market, which is laboratories in universities, smaller startups, and some part of pharma, but they will not suddenly grow like crazy...what could happen in the future is that they go bankrupt or collapse because at some point, if they are selling everything at a lower price, I don’t know how they are going to compensate for that. — Novartis, a large Twist customer, scientist in a leadership role"

""We have transformed before, adding things like WiFi, larger bins and in-seat power, and we will continue to adapt as needed." — CEO Bob Jordan, April 2024; "...We’re not convinced [these] drive share shift when Southwest fails to offer a pricing advantage vs. a nonstop competitor." — J.P. Morgan, April 2023; "In-seat power, larger overhead bins and Wi-Fi are table stakes..." — Cowen, April 2024; "...Management reduced [their guidance] to $1.0 to $1.5B (vs $1.5B) of pre-tax profit improvements from network optimization and other initiatives. However, on our revised outlook, we’re now modeling $0 benefit in 2024... Network optimization so far has been inadequate..." — Seaport, April 2024"

""Kate [Lumen CEO Kate Johnson] has painted this picture of the demand for the fiber as solely tied to AI...that's not the whole picture, these companies have been buying fiber IRUs since I first got into Level 3 [many] years ago...it's the best marketing effort I've seen in a long time from them...Why would you ever talk about taking down 10% capacity from Corning?...They're trying to paint the picture of 'AI, AI, AI' and 'we're the best company positioned now for infrastructure'...believe me, that's a fantastic f-cking story what they're doing right now, but that is not going to solve the overall business balance sheet the way they need to." — Former senior executive, Lumen and Level 3"