Callouts & quotes from 37,061+ activist slides

"The proxy advisors highlight troubling governance practices at Phillips 66, including selective or misleading communications and a leadership structure that prevents proper Board oversight."

"Nova’s control over Snow Lake Resources has a controversial history. A subsidiary Manitoba Minerals Pty Ltd is linked to an ASIC insider trading case against Nova’s former CEO Mr. Kimelman."

"Spruce Point believes that analysts overvalue AOS because they believe its margins are superior, sustainable, and that the recent growth setback is "temporary" and not of long-term concern."

"Massachusetts General indicated the lung product has no use case and that cold storage is superior – universal feedback across our customer calls; and that the device is dangerous to hearts"

"As the currency hedge benefit has reversed through the last two years, underlying gross margins have purportedly risen by *EXACTLY ENOUGH* to keep total gross margins steady between 39-40%."

"Booz Allen acknowledges the Amazon recruitment threat and has reported recent challenges. Using LinkedIn data we see that Leidos new hire growth has been marginally worse than Booz Allen's."

"The problem for Soleno: a combination trial of its tablet and diuretics would have made the risk of PH/CHF obvious and killed its chances, not to mention scaring off physicians and parents."

"BEA HK has a relatively lower proportion of customer deposits as compared with its peers, the bulk of which are more expensive time deposits, which in turn leads to a higher cost-of-funding"

"That would indicate a problem somewhere in the business. If your take rate was stable and transaction size fell or vice versa, that would indicate something's getting worse in the business."

"I don't want to have to keep asking the same questions and I don't want to be standing here till midnight. But I can tell you I won't be leaving until I receive acceptable answers from you."

"This leaves CoreWeave in a structurally disadvantaged position: it must price at a steep discount to win business but cannot achieve hyperscaler-like efficiencies to offset those discounts."

"The FDA relied upon an absurdly small Harmony PK study in CYP2D6 poor metabolizers (n=3) to conclude that steady-state plasma levels in such patients are twice those of normal metabolizers."

"We have been able to find none of this between Shenzhen Moxian and Shenzhen Moyi, leading us to the conclusion that there is no legally binding or enforceable VIE structure in place at all."

"Thus, we expect that one of the SDAX companies will officially replace HelloFresh in the MDAX in the next index review announcement on December 3, 2025 with effective date on December 22nd."

"Archer has failed to keep aircraft mass below 6,000 lbs and this example is one of many instances where Archer downplays Joby's accomplishments in order to falsely elevate its own standing."

"We estimate a grand total of 58% of IONQ’s total bookings reported in 2024, $54.6 million, were unfunded portions of federal contracts that had been awarded via a secret earmarking process."

"The loss of the PPB will be financially devastating for SGH. By downplaying the recent developments in Brazil, management has avoided serious questions about the long-term viability of SGH."

"Wir vermuten stark, dass es sich dabei um Notfallreaktionen auf Margin Calls handelte, die jeweils auf einen deutlichen Kursrückgang folgten und mit einer sofortigen Zusage verbunden waren."

"Misclassifying and improperly valuing inventory to evade impairment charges that would wipe out historical earnings is a tactic common to some of the most significant fraud cases over time."

"In frauds there is a limit and eventually the bubble must burst - one cannot outrun the fundamental accounting equation between the income statement, balance sheet, and cash flow statement."

"They did not show anything – I am really skeptical about that source from Isteq or from the Russians. As is, it would not work. It's nothing but a lab prototype, slightly more than an idea."

"In our view, residential, self-storage and warehouses provide attractive inflation hedges, while office and net lease real estate are likely to be poor stores of wealth amid high inflation."

"“unlike actively managed funds, which can and do sell the stock of a company they perceive as having poor corporate governance, index funds are the ultimate long- term investors” — Mr. Fink"

"The value of investments in public securities is determined using quoted market prices, discounted for illiquidity or restrictions on resale. — Allied Capital Corporation 2001 Annual Report"

"Investments are marked down only when we believe that there has been a permanent impairment of the value. Once we mark it down we don't believe we will recover the investment. — Ms. Sparrow"

""The teams in Germany are among our most intelligent. They bring our products to world markets at a fast pace. You should never change a winning team." — Dr. Klaus Kleinfeld, April 19, 2006"

""The idea that some of the acquisitions we've done, we've done venture investments first because we're going to understand more about that market." — CEO Burns, Innovation Day, May 14, 2024"

"“Being an S&P 500® index member is a validation of absolutely nothing. It means more financial scrutiny and more due diligence should be applied before investing, not less.” — CIO Ben Axler"

""with GameTap, Turner fills a need in the industry for a viable post-retail sales channel for games" — Dennis Quinn, Executive Vice President of business development at TBS, April 27, 2005."

"“such information to obtain a financial benefit that is separate from the benefit generated from providing the product or service requested by the individual” — FTC Warning Letter to Intuit"

"“Due to a wide range of equipment and materials required for the project, the requirements are not all listed one by one, and the specifics for the project may vary.” — Bidding announcement"

"Conclusions: The PROCO RCT provides Level I evidence for equivalent pain relief from 1 to 10 kHz with appropriate titration of pulse width and amplitude. — PROCO Randomized Controlled Trial"

"Only hours before NQ’s announcement, J Capital Research published a report titled “Time to Quit” that highlighted NQ’s failure to provide a date of earnings release as — J Capital Research."

"「圧倒的な強みがあり、圧倒的な成長戦略が必要なだけである」 — SMBC日興証券 (2023年10月3日); 「利益底入れを確認も、本格的な成長転換の確信には至らず」 — J.P.Morgan (2024年2月8日); 「花王には素晴らしい技術と面白い商品がたくさんあるが、経営陣がこのノウハウを高い収益を生む商品へと転換し切れていない」 — CLSA (2024年2月20日)"

"“the actual active drug smelled a bit, and it smelled differently from the placebo...and the message went around, and people could tell that it was the active drug.” — Trial investigator #3"

"“in general, the company did downplay the diabetes risk and also downplay some of the serious adverse events that were reported.” — Ex-Soleno employee #1, key role in clinical trial program"

"Most patients who receive pitolisant are unlikely to reach exposures seen with the 106.8 mg dose, as the highest recommended dose is 35.6 mg once daily. — FDA CDER Clinical Review, Dec 2018"

"“Identify” - Our financial reporting team maintains and regularly updates a full list of affiliate companies to facilitate our identification of related party transaction. — Qutoutiao, Inc."

"GoDaddy is a scale-leading infrastructure business trading at 11x FCF; replaying Starboard's Splunk/Wix/Salesforce margin-expansion playbook can close a 37% peer gap and re-rate the stock."

"We believe the time has come for Yahoo’s management and Board to narrow Yahoo’s focus to areas where it can demonstrate a high return on investment and a sustainable competitive advantage."

"Sipex's shares fell >70% post disclosure of an investigation into revenue restatement. Revenues were restated 35% lower and gross margin was revised from -8.9% to -24.8% or 1,590bps lower."

"Phillips 66 has materially overstated the costs associated with a spin or sale of its Midstream business to cloud the simple, clear math showing the potential value unlock of a separation."

"UMG’s current valuation represents a significant discount to intrinsic value and does not reflect the company’s attractive business characteristics and runway for sustained earnings growth"

"ANTA undertook a series of transactions shortly after its IPO that convince us that ANTA insiders always intended to defraud outside investors, and enrich themselves at investors’ expense."

"While there could be an innocent explanation for this, we believe this illustrates the hundreds of dials Eurofins could turn to create revenue and expenses were senior management inclined."

"However, as we show in the following slides, we find that the history of the business extends almost ten years earlier - and that it has been mired in legal controversy from the beginning."

"Not surprisingly, there have been many attempts to displace the Kroll process with a few making it to the pilot plant stage, but all failing to achieve scalability and widespread adoption."

"After Vitek Seemingly Creamed ~€36.7 Million in Cash Gains by Round-Tripping Land Plots, CPI PG Took Highly Questionable Fair Value Gains on Them, Padding Reported Asset Values and Profits"

"If all aspects of our value creation plan are implemented by the company, we believe that Viacom’s common shares may trade at between $65 – 95.90/share, or up to 135% above current levels."

"If all aspects of our value creation plan are implemented by the company, we believe that Viacom's common shares could trade at between $65-95.90/share, or up to 135% above current levels."

"These companies' stock prices have dramatically outperformed their competition because traditional multiple-of-earnings or cash-flow based valuations do not properly reflect Platform Value"

"Unfortunately, these were not identified or addressed by the Developer, in its communications with the Council; and they were not identified by anyone in the papers prepared for the Court."

"If PowerSchool was previously ignoring discounts in reporting its revenue, this could suggest that previously recorded revenue has been overstated and future revenue growth may disappoint."

"Over the past year, SE has traded down 5% versus comps which were up 21% - a 26% underperformance. Over a 3 year period, SE's underperformance has been much more dramatic - 72% below comps"

"The final tranche of Class B shares is due to vest on Sep 30, 2020 - the day before Premier's seven-year contracts expire (perhaps explaining why these hospitals haven't canceled already)."

"Since Martin Franklin joined Jarden in 2001, the company has achieved success as a well-managed consolidator of consumer products assets, generating a ~45x total shareholder return to-date"

"After more than a year of supposedly running a sale process for non-core assets and just weeks before the Annual Meeting, the Board suddenly received an offer. What a timely coincidence..."

"BlackRock proclaims itself as a defender of governance for the benefit of its clients, but does not concern itself with having below-average governance to the detriment of its shareholders"

"Glass Lewis believes that the installation of an independent chair is almost always a positive step from a corporate governance perspective and promotes the best interests of shareholders."

"According to this expert's words, the Company's revenues were in the range of $4 to $8 million in 2018. This is substantially lower than the $12 million of revenue Oatly recently reported."