Callouts & quotes from 37,061+ activist slides

"Similarly, neither the FDA nor EMA ever mentioned the risk of drug-induced phospholipidosis, which causes inflammatory reactions – which are of course associated with elevated eosinophils."

"Limited details regarding medical history, concomitant medications and clinical course were provided; however, due to the temporal relationship, a causal role of WAKIX cannot be ruled out."

"Doesn’t even think the drug works and not enthusiastic: “...the main drawback is that it doesn’t work or works very little”; “not going to be like a miraculous wonder drug that goes nuts.”"

"Based on SMCI's recent 10-K and 10-Q disclosure we see the growing profile of a large customer. However, SMCI does not disclose this customer in its SEC filings or on its conference calls."

"Movers+Shakers employed at least one Ex-DOS member who defended Raniere’s branding of women, and the employment was during the time it was well known by the public of the cult’s practices."

"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"

"The deconsolidation of 58 Home seems to be artificially engineered to window dress financials. We also doubt that the idea that WUBA is not effectively exercising control over the company."

"Ironically, Archer is still copying the moves of Wisk, with Wisk also adding more propeller blades to their Gen 6 since the design Archer were accused of shamelessly copying in circa-2021."

"We compared Joby S4 and Archer Midnight general arrangement of components to see which would be expected to be more expensive in relative terms of raw component costs and production costs."

"In a video posted by Car News China, it is clear the video screen shown on the front of the car was photoshopped since YT’s hand becomes hidden as he waves it in front of the video screen."

"The facility was heavily fortified with 9 foot chain link fencing with barbed wire on top. Security cameras and as you know very aggressive security guards who were off duty Quincy Police."

"While Enfusion's recent 2024 revenue and Adj. EBITDA guidance came within market expectations, its new Free Cash Flow (FCF) conversion guidance implies a shortfall of FCF vs. expectations."

"ASML eventually licensed the technology in the late 1990's, making it – not Lasertec – a “monopolist” with the only working EUV source and “the sole benefactor of the critical technology.”"

"Lasertec’s inventory charade is not only brazen but hiding in plain sight – it claims that 100% of its $1+ billion in inventory is raw materials and work-in-process with 0% finished goods."

"Even if we assume that DSP can achieve its lofty and seemingly unrealistic expectations, we believe the Company still would be losing money in its VOIP business on a fully allocated basis."

"Party B accepts Party A's oversight and monitoring, and moreover shall follow Party A's regulations with regards reports to the parents about Party A's monitoring of the phone and website."

"The Merger Agreement provides that, at the Closing, USA Waste will offer to enter into Consulting Agreements with each of Bradley S. Jacobs, John M. Milne and Michael J. Nolan — Deal Proxy"

"If Mr. ten Doornkaat criticizes the fact that Ernst & Young audited its own figures, then he has a point that should be included in the next report. That is another point of vulnerability."

"There will be 8,000 to 9,000 retail store closures in 2021 according to Bank of America, well above average of less than 6,000 over the past 10 years and down from a record 15,000 in 2020."

"We may still launch that product outside the U.S. in small markets just to gain some experience. — Steven Pacelli, executive vice president of strategy and corporate development at Dexcom."

"“Overplanting” refers to the situation in which the installed generating capacity or nameplate capacity of the facility is larger than the generator’s grid connection. — Draft EN-3 §2.48.8"

""Having a classified board is not an accountability issue for Alcoa. The company's corporate governance policies hold directors accountable to shareholders." — Alcoa's 2011 Proxy Statement"

""[W]e are demonstrating leadership on the additive manufacturing front and we are entirely focused on shareholder value with an owner's mindset...." — Dr. Klaus Kleinfeld, February 8, 2017"

"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." — Google translation"

"Company press release entitled "Norfolk Southern presentation: We are creating a safer, more profitable railroad with long-term upside for shareholders," dated April 18, 2024. — Footnote 7"

"“If you asked me what business we’re in, we’re in the memories business. We create positive lasting memories by solving problems in factories, homes and workshops of the world” — WD-40 CEO"

"“Any statement which can be interpreted as hinting at the possibility of depreciating the announced rate would sabotage the scheme from the onset.” — Hong Kong government policy memo, 1983"

"the civil judgment (2007) Xu Min Er (Shang) Chu Zi No.2254 was issued on February 22, 2008, which supported Zongheng’s litigation requests but dismissed Xiangxieli’s counterclaim requests."

"I can tell you that we have not seen anything in the post-marketing setting that is different from the clinical trial setting. So there are no new safety signals. — Soleno Therapeutics CEO"

""A barrage of embarrassing revelations followed....with respect to Revenue Ton Miles per employee, 'a telling snapshot of labour productivity', CN finished 'dead last'" — The Pig That Flew"

"「トロフィーは誰も出入りしないキュービクルに置いてあります。当社としては騒いだりするような出来事ではありません。PRのためにニュースリリースを出しますが、社内では特に話題になっていません。ところで、今の時代においては、インテルは決して最先端な企業ではありません。したがって、インテルが賞をばらまいても、誰も……。全く価値のないものです」 — マーベル・テクノロジーの上席従業員"

"「アクティニックのような新しい技術の場合、微調整が難題です。......見逃している欠陥がないことを確認するために平行して他の装置も使用しなければいけない。もし（マスクに）致命的な問題があれば、問題のウェハーを出荷できなくなります。下手をすれば何十億ドルの損失を招くことになるのです」 — 半導体製造装置企業の上席幹部として長年の経験を持ち、レーザーテックのCEOに親しい人物"

"And Stryker had a big inventory problem anyway, before COVID, where we were sitting on piles and piles of inventory in certain business segments. — Former Stryker Supply Chain Professional"

""We really focus more on the overall operating margin of 20 or above, low 20s kind of thing is really how we focus anything on 2012 and beyond." — Thomas George, CFO, 2/24/11 earnings call"

"Despite legal challenges by Epiq, the Missouri Jackson County Circuit Court has ruled that Villere & Co. can nominate a competing slate of directors for Epiq's upcoming 2016 annual meeting"

"the "essential purpose of [a registration statement] is to protect investors by promoting full disclosure of information thought necessary to informed investment decisions." — SEC decision"

"Speaking to the Times, Anderson said that while he accepted Tesla's prospects were uncertain, its value was much higher than $420 a share, probability-adjusted — Anderson (Baillie Gifford)"

"“No, I won’t [use it] because of Zafgen...we find out oh, six months from now...they all of a sudden have cardiomyopathy or seizures....I’m concerned about safety.” — Trial investigator #1"

"People discontinue it for side effects or lack of efficacy or what is perceived as efficacy, I should say. — Neurologist in the UK who also practiced in the US; used Wakix in both settings"

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old). They will What kind of bed do you have? — Vladimir"

"Remitly has a majority of “Buy” recommendations from analysts whom we believe fail to conduct a rigorous forensic analysis that challenges the glowing narrative being spun by the Company."

"In December 2019, PSH sold its total return swap position in HHC and acquired common stock and equity forward contracts. Pershing Square now has a 15% beneficial ownership interest in HHC"

"GFL will play with its numbers. If one division is outperforming to forecasts, they'll transfer some of those dollars to a division that isn't performing so well to bolster those numbers."

"We find it concerning that GFL is restating permitted landfill capacity from year end 2019, along with its Quebec fixed level capacity from 15 years to 9.8 years – a meaningful reduction."

"Spruce Point cautions investors to be wary of companies that go through frequent name changes and corporate “re-branding” as we believe it is a tactic to cover a dark history of problems."

"Even though AMT should be using inflation-linked escalators in Brazil, which accounts for 13.8% of AMT's international tower base, its average rents are declining in local currency terms."

"When combined with the improved free cash flow generation of Dollar Tree and improved capital allocation policies, we believe Dollar Tree could ultimately be worth $150 per share or more."

"It is instructive to recognize that Crown Castle’s tower peers have chosen not to pursue low-return small cell projects and have instead decided to allocate capital to higher-return areas"

"Tessera's stock price had dramatically underperformed the broader equity markets, the PHLX Semi Index, and all three of the Company's Proxy Peer Groups over almost any measurement period."

"We believe CCI should embrace its previously communicated payout structure now rather than artificially deferring it to 2018-2020 – don't wait to get where the Company is eventually going"

"3M’s MedSurg segment used to deliver leading organic growth. Today, peers and end markets are performing better than in prior periods, yet Solventum’s MedSurg business is performing worse"

"We estimate that pass-throughs embedded in gross bookings have increased materially (from ~27% to ~37% of gross bookings) given the PEO's growth, inflating bookings growth by ~200bps p.a."

"Because ADP participates in SMB, Mid-Market, Enterprise, and International, ADP’s structural margin potential can be best estimated by benchmarking against competitors in each sub-segment"

"Spruce Point sees Penumbra's U.S. ischemic stroke sales flattening through the next several years as large competitors in the medical device space take share and pressure Penumbra prices."

"Canadian Tire’s business model is an interconnected web of risk held by Canadian Tire. The model is highly dependent on debt financing and is much riskier than a traditional Dealer model."

"Analysts have not critically evaluated the impact of Mercury’s relationship with Supermicro and the increased exposure stemming from its recent acquisitions of Themis and Germane Systems."

"Spruce Point believes that this is an egregious overestimate, and we are stunned that the CEO of a near-billion-dollar public company could be so far off on one of his own business lines."

"We believe investors should exercise caution because the shares may be significantly overvalued, with potential downside risk of 70% - 95% under certain scenarios outlined in this report."

"With an early lockup expiration that we believe is fast approaching and insiders so achingly close to the final lap, the CEO seems to be furiously pumping the stock on TV at every chance."

"They don't follow any protocols that are commonly adopted in the field. What does discharge energy percentage mean? What's the denominator? What's on top? And how is this comparison made?"