Callouts & quotes from 37,061+ activist slides

"Once the depth of the issues is understood the Trustpilot website is bound to see less visibility on Google, which will be the final nail in the coffin for a business that we see doomed to fail."

"Because the properties sold to Vivion seemingly constituted ~89% of the total sales value, it is reasonable to assume that Aroundtown realized a significant gain relative to its acquisition cost"

"I work a lot with the boots on the ground at Lasertec, and they complain about having to maintain their light sources, and they kind of wish that Ushio was maintaining more of the light sources."

"Note ONP’s use of plastic sheeting – ONP’s workshops are full of steam, which condenses and falls onto the paper. There is basic equipment that ONP could purchase to eliminate the steam problem."

"MDA 2012: "The increase was primarily attributed to the inclusion of backlog for SSL." Maxar 2017: "The 2017 amount includes DigitalGlobe backlog of $1.7 billion (2016 - nil)." — Company Filings"

"In the next few months, uLab is also going to offer their own lab to print aligners. So you can use uLab software to design a case and print in your office or send it out to them. — Orthodontist"

"Our subsidiaries’ mining operations have consistently been recognized with numerous local, state and national awards over the years for outstanding safety performance — AMR Investor Presentation"

"In August 2021, we received an expected $64.2 million federal income tax refund and a $5.4 million associated interest payment related to a net operating loss (“NOL”) carryback claim — 2021 10-K"

"In 1988, Fortune magazine ranked Triangle Industries as the best performer among all Fortune 500 industrial metal products companies based on "Total Return to Investors" over the previous decade"

""the organization is deemed a pyramid scheme if the participants obtain their monetary benefits primarily from recruitment rather than the sale of goods and services to consumers" — Unattributed"

"「ウシオの関係者に光源の問題を訊ねましたが、答えはありませんでした。私は問題がわかります。と言うのも、マスク検査装置の場合、開口数は非常に小さいためごく低出力の光源で十分で、スキャナーで使うような高出力は不要です。しかし、光源が不安定であれば、入っている光の輝度が変動します。つまり、安定性が問題になります」 — 極端紫外線リソグラフィーの名だたる専門家で、レーザーテックの顧客に近いA氏"

"「2019年、2020年にも買ったと思います」とTSMCの元幹部は説明する。「A150は高額で、約5000万ドルです。TSMCはそれくらいの値段で6台買いました。また、それはファブの生産ラインでなく、電子ビーム投影露光技術（EPL）で作成するマスク検査のために購入しています」 — TSMCの元幹部で長年購買の責任者を務め、同社へレーザーテック製の検査装置の導入を担当した人物、現大学教員"

"For the three months ended June 30, 2021, three customers accounted for 27%, 18% and 11% of revenue...four customers comprised 28%, 18%, 17% and 10% of accounts receivable. — Berkeley Lights 10Q"

"we definitely are seeing a shift to financing more deals than we have historically experienced, and I fully believe that, that will continue throughout the rest of this year. — Stryker (Q2 2020)"

"Olam's insistence that investors accept a “gestation period” for its investments seems akin to what a degenerate gambler might say to his friends and family in order to get more money to gamble."

"CEO Sunny Verghese has suggested that instead of shorting Olam, Muddy Waters should go long and work with the board to improve the Company. Thank you, Mr. Verghese, but we must politely decline."

"“a development milestone of $10.0 million recognized under our agreement with Merck and Co, Inc., or Merck. The agreement with Merck was acquired through the Merger.” — Chinook 2022 10-K, pg. 77"

"Its auditor recently cited as a "Critical Audit Matter" - Goodwill and Indefinite-Lived Intangible Asset Impairment Assessments for Reporting Units and Brands of Certain Product Groups — Auditor"

"“Best darn dinosaur of our age” — Jonathan Bush (referring to Epic Systems). “So this is the key. We're not going to develop a system to take them on. We are building a network.” — Jonathan Bush"

"「全地域で成長を遂げている...セラヴィに関しては、39%の成長率を記録し、ダーマ化粧品市場におけるクレンジング&ボディ部門の第1位に浮上しました。いたる所で成長を遂げており、米国では25%、海外では61%の成長を遂げています。」 — ミリアム・コーエン-ウェルグリン, ロレアル ダーマトロジカル・ビューティー事業部門 プレジデント, 2024年2月9日 2023年第4四半期決算説明会"

"One of Ishihara's current focuses is the launch of a social networking site called "NowNaw" in Japan. Ishihara describes NowNaw as "the American equivalent of TikTok." — Interview (October 2022)"

"“I mean, their biggest risk, I think is actually having people that don’t have licenses. I still don’t know how they did it.” — Transplant procurement surgeon previously working with TransMedics"

"In 1988, Fortune magazine ranked Triangle Industries as the best performer among all Fortune 500 industrial metal products companies based on "Total Return to Investors" over the previous decade"

"WAKIX is a histamine-3 (H3) receptor antagonist/inverse agonist indicated for the treatment of excessive daytime sleepiness (EDS) or cataplexy in adult patients with narcolepsy (1) — Wakix label"

"We start by un-levering the Beta for each company in our comp set. We divide each company's Levered Beta by one plus its tax-effected debt-to-equity ratio. — Financial Modeling Course References"

"The company rebranded as Sinch AB in early 2019, saying that the company “has used the Sinch trading name for its real-time voice and video products since the acquisition of Sinch AB in December"

"Net revenue for the New Age segment decreased by 13% from $11.6 million for the three months ended March 31, 2018 to $10.1 million for the three months ended March 31, 2019. — 2019 Q1 SEC filing"

"Хотел бы уточнить о возможности размещения четырех детей из ДНР в вашем отеле 22-27 марта 2026 г. для размещения их в семье. Милые девочки возрастом 14-16 лет. Красотки! — Unidentified Requester"

"we have other businesses that are doing well, that we're growing, that we're as a result less dependent on memory especially the commodity memory products. — SGH Q3 2019 Earnings Conference Call"

"Spruce Point estimates that for the first time since coming public, Remitly's transaction margin, or the difference of revenue per send volume and transaction expense per send volume, declined."

"We note that many companies require disclosure of past bankruptcies as part of their code of ethics given its materiality in assessing the business acumen of a corporate officer. FIGS does not."

"According to local media, as reported by the Comstock Residents Association, convicted securities fraudster Jeffery Jolcover is an officer of DWC Resources, a Company owned by John V. Winfield."

"If Firstleap collected tuition of roughly 15,000 Rmb from each of the 25,265 students enrolled, that means it received prepayments of 379 million Rmb, or about $58 million, from those students."

"While we acknowledge Procept discloses this IP risk in its SEC filings, we believe it is relatively uncommon for a medical device company and, more importantly, warrants a discounted valuation."

"Zoetis' share price has increased 44% (including dividends) from the inception of our position in July 2014, and 28% from our average cost basis prior to the position being made public, to date"

"Largest component of Jacob's compensation is tied to a non-standard metric that imparts no measure of economic value creation. Even worse, XPO won't provide the exact detail of the calculation."

"Consequently, despite billions in capital investment and shareholder dilution, the US-listed miner percentage share of network hashrate has remained stuck in the low-mid 20s during this period."

"Given recent press suggesting a Verizon towers sale could be imminent (including a potential announcement in the next 30-60 days), we felt compelled to reach out to fellow shareholders publicly"

"REITs operating across a wide range of real estate subsectors are currently levered at 6.1x net debt / forward EBITDA on average, with generally higher business cyclicality than CCI in our view"

"Curiously, it's biggest capital priority is buying land and real estate. As we will show, its recent real estate purchases was at a significant premium, and is not even close to being utilized."

"Our belief is that the true-up were a "kick-back" or reversal of the Royalty and License Fee collected from dealers in order to compensate them for slowing business and increased wage expenses."

"Darden's stock price has materially underperformed both the broader equity markets, its Proxy Peer Group and its closest direct competitors over the last 1-, 3-, and 5-year measurement periods."

"Although many additional opportunities are difficult to quantify, we have clearly identified at least $215 - $326 of annual EBITDA improvement that can be implemented to drive shareholder value"

"Opportunity of ~70 basis points of margin improvement based on redesigning Goodyear’s brand strategy. Achieving this improvement would equate to a 26% increase in Goodyear’s current stock price"

"The real reason FMCN counted 30,500 cardboard posters in the LCD network is that Muddy Waters caught the company with its pants down, and management is now trying to lie its way out of trouble."

"Regardless of their recent claims of success, the Company is nowhere near meeting its 2022/23 Analyst Day Targets, repeating the failure of Phillips’ 2019 “AdvantEdge66” cost-cutting initiative"

"As a whole, we view a Mosten victory at this trial to be a “Sword of Damocles” that will hang over Manulife’s entire insurance business as Mosten ramps up its fundraising after a trial victory."

"Target currently owns approximately 213 million square feet of retail square footage (1), more than any other publicly traded retail real estate company in the U.S. today based on our estimates"

"I must say I was kind of appalled by this prospectus that IonQ put out...the kind of stuff they're putting out there is just a no-no for a research paper, you would get killed if you said that."

"IonQ’s CEO appears to be misrepresenting his MIT educational credentials, while promoting a narrative that he’s a child prodigy who began programming at the MIT Artificial Laboratory at age 16."

"A new (as of Q3 2023) CYA disclosure warns investors that GAAP income covers only 27% of the dividend (below), seemingly telegraphing BXMT's recognition of the unsustainability of its dividend."

"However, this claim of a scientific breakthrough is Ambry's own characterization, based on their internal data and not an independent, peer-reviewed publication at the time of the announcement."

"The Board cannot be trusted to right the ship given its historic disregard for sound governance and inability to address long-term underperformance or fix its culture that lacks accountability."

"Although many additional opportunities are difficult to quantify, we have clearly identified at least $215 - $326 of annual EBITDA improvement that can be implemented to drive shareholder value"

"According to a former high level Xylem executive we interviewed, digital sales are dilutive to margins. Yet, Xylem’s CFO suggested recently that a higher digital mix would bring higher margins."

"Today, however, poor execution and leadership’s stubborn unwillingness to evolve the Company’s strategy have led to deeply disappointing results for shareholders, employees and customers alike."

"Furthermore, we expect a substantial re-rating lower in the share price once investors critically analyze the findings of our research and determine that MAXR’s “earnings” are accounting magic."

"Most analysts value Pioneer through shorthand methods like a multiple of EBITDAX. We think the proper valuation is a long-term discounted cash flow of the resource opportunity. So we built one."

"SOFI is a financial engineering treadmill. Its reported EBITDA of $1,054 million is inflated by approximately $950 million through manipulated charge-off rates that feed into Fair Value models."

"Regardless of their recent claims of success, the Company is nowhere near meeting its 2022/23 Analyst Day Targets, repeating the failure of Phillips’ 2019 “AdvantEdge66” cost-cutting initiative"