Callouts & quotes from 37,061+ activist slides

"IonQ represents key components such as its 2021 “Quantum Core” - comprised of the vacuum chamber and trap - as even smaller, roughly the width of three fingertips or a large postal stamp."

"In recent materials to Shareholders, Hess measures itself on a 10 year basis against only 6 of its 9 integrated proxy peers. Average market cap of these 6 is over 11x greater than Hess(1)"

"RBA shares have returned an average annual rate of 14.3% over Ms. Fandozzi's tenure, which is +409 basis points greater than the S&P 500's total return of 10.2% over the same time period."

"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 70% above current levels."

"As growth slows, companies should moderate expense growth such that margins improve and the combination of growth + profitability improves over time – Autodesk has been doing the opposite"

"We struggle to understand how this is a level 3 category loan when it's just lost it's entire office tenant and the sponsor is flagging potential to evaluate options including renovation."

"With lower capital intensity, a focused board of directors, a streamlined portfolio and a credibly reduced exploration budget, we believe Hess International can achieve a premium multiple"

"Based on accepted analytical credit adjustments made by Maxar's rating agency Moody's and reasonable year end projections, Maxar will effectively exceed its leverage covenant by year end."

"We strongly encourage the Board to incorporate return-based metrics in management's compensation framework and ensure bonus payouts are better aligned with satisfactory operating results."

"Spruce Point notes that PINC shares have been a chronic underperformer since the Company's IPO in Sep 2013, up only 35% since going public – lagging the XHE, XLV, and XHS since that date."

"Inconvenient truths are hidden under Directors and hand-waved away to be fixed later - the result is significant technical debt (in my opinion) in the core products while trying to scale."

"We are unable to reconcile repeated employee references to outsourcing with iRhythm management's numerous statements regarding hiring CCTs for its "Center of Excellence" in San Francisco."

"You are right, I mean the distributors are the left hand of the boss. Only the left hand is managed by this company called Yundong. This company is a private co, not a part of the ListCo."

"Beyond freshness, packaging and cleanliness of the product appears to be the second biggest complaint. One of the more disturbing complaints identified worms within the seal of the mouth."

"Zebra made a subtle change to recharacterize "warehouse" to "robotics" automation. We believe this is a tacit admission that Fetch Robotics offering is struggling to penetrate the market."

"Twist’s “chip” is a self-defeating technology with no way to win: any efficiencies it creates are destroyed by the workarounds required for its inability to make sufficient amounts of DNA"

"IDT initially lost customers to Twist but now having “substantial success at winning” them back, due to Twist’s quality/consistency problems and its inability to make sufficient lot sizes"

"We unified our dual listed company structure. In doing so, we removed a 10-20% discount on the 40% of the company that was primary listed in London, and it has made us simpler and leaner."

"P&G participates in very high quality consumer categories that have strong profitability, high barriers to entry, excellent global growth opportunities, and limited private label exposure"

"Kratos has a history of touting great opportunities with large “potential” markets. This time around, it has been promoting the Gremlin opportunity, which is still experimental in nature."

"However, we think the more problematic part of FND’s growth story is that it now talks about opening smaller stores and capex commitments and cost per square foot appear to be ballooning."

"Cognizant's stock price performance tells the story of deep underperformance across all relevant benchmarks, including its closest peers, over all time periods during the last five years."

"It is natural for growth to be relatively higher in acquisition periods, but these figures suggest that Amdocs' organic growth rate is lower than management suggests and analysts believe."

"The adjusted financials for 4Q16 were revised in the most recently reported quarter (4Q17) Globant shareholders were not privy to the actual $0.04 miss in 4Q16 EPS until 4Q17 was reported"

"Time Warner has underperformed its peer index by 51% under Parsons; splitting into four SpinCos (AOL, Content, Publishing, Cable) plus a $20bn buyback unlocks $30-45bn — a 35-54% premium."

"No US magazine launched by Publishing after 2000 has made a material impact on the revenue of the division and none are among the top 300 magazines in the US as ranked by Advertising Age."

"No US magazine launched by Publishing after 2000 has made a material impact on the revenue of the division and none are among the top 300 magazines in the US as ranked by Advertising Age."

"We believe Intuit has been slow to introduce synergistic offerings and that integration has been hamstrung by cultural issues (perhaps it was doomed?) and Mailchimp’s Atlanta HQ location."

"The “Streamline 66” plan starts with simplifying the portfolio to address Phillips 66’s inefficient conglomerate structure and unlock trapped value not reflected in the stock price today."

"The answer seems quite clear. The information circular detailing New Pacific’s acquisition of Alcira showed that the entity had total assets of only $84,131 just prior to the acquisition."

"Spruce Point observes some sharply worded changes to BR's Code of Business Conduct and Ethics Policy in May 2022 that strongly suggest it is dealing with active audits and investigations."

"What the Texas DOT data indicate is that Aurora is deployed along the Dallas-Houston corridor and testing along the Fort Worth-El Paso corridor (we circled these lanes in red). That’s it."

"For us, the instrument probably works 10% of the time, maybe 20%, if we're lucky. When it's working 10% of the time, it's great, but the rest of the time, it's just immensely frustrating."

"We find evidence that around 2018 taxes peaked and have been in decline since. This could be the result of lower capital investment into the business, and depreciation of existing assets."

"Multiple industry executives in touch with Lasertec told us that the company's claims around the "new" ACTIS A300 and its purported High-NA capability are simply false and just vaporware."

"BMC's management projected +20% ESM license bookings growth when the year ended with -11%. This represents a profound failure to understand BMC's underlying business trends and challenges"

"Instead, the results we see are much more consistent with a confounding effect of atrasentan on the surrogate biomarkers used by the trial, which would not reflect any real renal benefit."

"Almost all of SONAR’s positive conclusions are based on or inflated by measurements of creatinine, apparently due to the expense and difficulty of using more accurate biomarkers at scale."

"Carvana can grow modestly in line with the industry while preserving unit economics, or aggressively ramp unit growth and destroy its recent profitability achievements. It cannot do both."

"We believe the combination of underspending on capital expenditures and R&D has benefited PBH’s historic cash flow but will result in increasing financial struggles as acquisitions stall."

"We believe sustained, long-term success in the HCM market requires great technology, deep domain expertise and world-class services. To win in today’s HCM market, you have to have it all…"

"Based on FY16 numbers, we calculated an average per farm CapEx spend of approximately RMB 107 million (see Table 3 below), suggesting that the dairy farm CapEx inflation increased in FY16"

"A former MPLN executive described MPLN's Payment Integrity unit as "years, years away" from industry leaders in Payment Integrity, directly contradicting MPLN's claims about the division."

"Zoetis launched its fecal analyzer product, the VETSCAN IMAGYST, in September 2020. Thus, based on its current launch timing, Heska will come to market over a year after a top competitor."

"We can't reconcile Heska's claim that Lacuna had “over 25” pathologists at the time of the acquisition, and by our count there are only 20 today, a mere five months after the transaction."

"A strategic review of the Security business and an evaluation of the spend and strategy around the Switching business are both appropriate and timely given the failures in these two areas"

"The purported momentum the CEO hypes on earnings calls is a mirage: massive market share losses, impending defections, and other signs of a sinking ship with the CEO backed “in a corner.”"

"Molton Brown has excellent brand equity and there is huge scope for margin improvement by expanding into less seasonal categories and reviewing its manufacturing and pricing architecture."

"Based on the City's assessor, Danimer's Kentucky facility remodel is only 10% complete. While there may be margin of error from the assessor's judgement, 10% is still far from completion."

"PHA biodegrades at less than 50% in soil after one year. What value does a biodegradable plastic have if its most favorable condition is when someone leaves trash on the side of the road?"

"The conversion price and resale rights are designed to allow institutions involved in the PIPE to buy stock at a steep discount and instantly flip it to retail investors for minimal risk."

"We believe compensation cooperation rules act as an artificial lift to commission rates and without them, commissions could compress over time to levels seen in other developed economies."

"Company-owned German and Austrian retail business under the JET logo is currently being marketed at a “potential value of $3bn assuming a 10x multiple” according to sellside estimates(2)."

"Despite acquiring five companies which generated a reported ~$140 million in aggregate total revenue between 2021 and 2024, Limbach ended 2024 with revenue ~$50 million below 2020 levels."

"Limbach previously provided very robust modeling guidance for investors in its investor presentations but ceased disclosing this information after its November 2023 investor presentation."

"This lack of transparency raises questions about the actual strategic or financial significance of these verticals and leaves investors unable to assess their contribution to performance."

"In our opinion, payors – the government and a few private ones – are defrauded out of $100,000 to $400,000 per case with NOP charges, under false pretenses, to improve surgeon lifestyles."

"Online chatter leads us to believe his affiliation with Stanford may have ended due to inflammatory statements on Twitter/X: “she’s a cunt,” referring to CNN reporter Christiane Amanpour."

"I do not see them having any market at all in lung anywhere in the United States or, for that matter, even worldwide compared to a much cheaper technology like 10-degrees Celsius storage."

"They're going to see significant market erosion, especially with liver being their major source of income. Liver is absolutely going to have competition from XVIVO and from LifePort 100%."