Callouts & quotes from 37,061+ activist slides

"Stryker used to annually promote itself as making Fortune Magazine’s “100 Best Companies to Work”. In fact, its ranking peaked in the top 10, only to recently plummet to #88 on the list."

"The Isteq engineer stated that "we developed it," referring to Lasertec's new LPP source and revealed that they actually licensed it to Lasertec many years ago, making it far from "new"."

"The lack of deferred revenue and cash transfer reinforces our view that TAL was merely parking GZ 1-1 at Changing Edu with no intention of actually relinquishing control of the business."

"The key takeaways from this piece of information is that it is inherently difficult to find market information on Sandalwood because it is a niche industry with low quantities auctioned."

"There are two critical points to make about Olam’s negative goodwill. First, negative goodwill is not “real” income in that there is no positive cash flow associated with it when booked."

"Spruce Point believes there is significant downside risk to Rollins’ share price as its premium multiple is reconsidered by institutional investors in the face of increasing competition."

"While ROAD's marketing of LSP indicates it owns all the assets at their locations and there is significant embedded value of aggregate reserves, there are reasons to question this claim."

"New Prison Realty did not fail because it was a REIT, it failed because: It had too much leverage; It had an overly aggressive development plan; Its tenant, OpCo, was also over-leveraged"

"We believe Lamb Weston should target approximately $500 million in total cost reductions, representing roughly $250 million of incremental savings beyond the currently announced program."

"Spruce Point believes Weis Markets, Inc. (NYSE: WMK), a struggling supermarket, is obfuscating its financial pressures with aggressive accounting changes, and vastly reduced disclosures."

"We overlay Viterra’s standalone metrics (pre-acquisition) which indicate that its working capital position was worse than Bunge’s and may have deteriorated even further post acquisition."

"Even if Astra were to meet its targets, however, those goals leave us underwhelmed - they still represent only half of the targeted lift capabilities of Astra's small launch competitors."

"In a real business earning revenue the old-fashioned way - sell a product or service to a customer who forks over cash - the rev rec policy doesn't typically run the length of the Iliad."

"the employee admitted that “it’s like Intrexon” – the mother of synthetic biology scams, which used the same model of round-tripping from related-party to create revenue out of thin air."

"I realized this shit doesn't work. I'm not beholden to a company. Whichever device I'm using now, if I think there's a better mousetrap I'm jumping to it. I don't have any brand loyalty."

"We think they should continue disclosing a Net Member Retention excluding the Amex auto renewals and the two- or three-month free memberships which we were told helps inflate the metric."

"Hughes is purportedly independent, and chairs the CPI PG board. He is also president of the audit and investment committees. Through his company, he has a 50/50 joint venture with Savic."

"In its inefficient conglomerate structure, we believe that Phillips will continue to trade near the multiple of its lowest-valued segments and at a discount to its sum-of-the-parts value"

"All valuation metrics reflect 2026E consensus segment EBITDA x 6.6x (PSX blended trading multiple) unless sold (zeroed out) or otherwise specified in blue when moving from left to right."

"Hobson's experience representing energy industry clients in complex transactions, along with her corporate governance expertise, would make her a valuable addition to the Phillips Board."

"Elliott’s Streamline 66 plan could drive shares to $180 or higher—an increase of 75% or more—but it will take a Board of Directors willing and able to capture this significant potential."

"The annual election of directors reflects standard best practice in corporate governance, as evidenced by the fact that it has been adopted by nearly 90% of the companies in the S&P 500."

"Capital leases have the main effect of inflating EBITDA and Free Cash Flow, two key measures investors used to value USCR. More importantly, management's bonus is tied heavily to EBITDA."

"Sir Magdi recognises he was the man for a time when clinical governance was less tight and ethical positions still fluid. Would his pioneering be possible today? Definitely not, he says."

"The Company should provide investors with tangible evidence that projects such as these will be economically viable and provide a strong return on capital...within a reasonable timeframe"

"I've been using off-label GLP-1's in this space a little bit recently; lack of discussion among endocrinologists about the drug; only one out of 15 patient families inquired about Vykat."

"But here, in a way, you’ve got the worst of both worlds. You’ve got a drug that doesn’t seem to be very effective in controlling hyperphagia, and it has a risk of elevating blood sugars."

"As we will show, these documents confirm that Herbalife's commission-based compensation plan in China is essentially identical to the commission-based plans used in the rest of the world"

"Participants explained there are NO LIMITS on the number of levels in their downlines. Herbalife has no publicly disclosed policies that limit the number of levels in downlines in China."

"Statistical tricks and obfuscations such as artificially clustering trial sites after the fact to adjust p-values; incoherent, bespoke statistical methodologies meant to be impenetrable."

"Over 1/3rd of WFG agents responded that they received no monitoring or supervision during their business activities, which we believe can explain the lack of discipline among WFG agents."

"In conclusion, our analysis leads us to believe that WUBA is a fraud vehicle that primarily exists to enrich insiders and to raise money from US investors on the back of fake financials."

"To our surprise, a comprehensive LinkedIn SalesNavigator search for individuals working for Sinch who have job titles related to fraud, KYC or compliance resulted in only 20 individuals."

"Stunning photo of the aircraft in an out-of-ground-effect (OGE) hover, but this is not real flight test, this is an obvious stunt, centred around generating precisely this type of image."

"One More Wish is like most of the companies in Kim Rivers’ and Burnette’s network: A murky company without business website, any kind of description about what it does, and a weird name."

"Fettah Tamince, founder of Rixos, apparently personally coordinated a welcome by Epstein's masseuses. His private assistant wrote Epstein "Will take good care of the ladies, no worries.""

"Regarding your request, kindly note that our hotel cannot accommodate minors on their own. Guests under the age of 18 must be accompanied by legally responsible adults during their stay."

"Their main role, again, appears to be to tell everyone that things are fine, until a real crisis emerges at which point they will pile-on credit downgrades at the least opportune moment."

"We question the setup, as it only gives GSX the ability to employ “cookie-jar” accounting and shift unwanted expenses to the subsidiary where they can be hidden from public shareholders."

"Structuring the acquisition of new frequencies or spectrum as a loan as opposed to an outright purchase and opting to leave their counterparty undisclosed is unusual and appears suspect."

"However, during our 90-minute visit, there was shockingly little activity. There was only one truck lazily idling with a full bed. (It was clear to us that the truck there was for show.)"

"Mr. Golub's refocusing of American Express in the 1990s has been called "one of the most impressive turnarounds of a large public corporation in history" — Salomon Smith Barney 4/13/1999"

"Mr. Golub’s refocusing of American Express in the 1990s has been called “one of the most impressive turnarounds of a large public corporation in history” — Salomon Smith Barney 4/13/1999"

"Mr. Golub's refocusing of American Express in the 1990s has been called "one of the most impressive turnarounds of a large public corporation in history" — Salomon Smith Barney 4/13/1999"

"Mr. Golub's refocusing of American Express in the 1990s has been called "one of the most impressive turnarounds of a large public corporation in history" — Salomon Smith Barney 4/13/1999"

"SOFI’s filings claim that the annualized net charge-off rate “remained lower than the assumed weighted average default rates in our fair value model.” — SoFi Technologies, Inc. 2025 10-K"

""We've completed the strategic priorities that we laid out in 2022, enhanced in 2023 and committed to achieving by the end of 2024." — Phillips 66 CEO Mark Lashier, Q4 2024 Earnings Call"

"As written and applied, the 70% Rule becomes a sword for Equinox to deny refunds, instead of a shield to protect distributors from inventory loading. — FTC v. Equinox International Corp."

"“Being an S&P 500 company is a validation of absolutely nothing. It affords investors zero protections against companies and their ability to scheme investors. Buyer beware!” — Ben Axler"

""We've completed the strategic priorities that we laid out in 2022, enhanced in 2023 and committed to achieving by the end of 2024." — Phillips 66 CEO Mark Lashier, Q4 2024 Earnings Call"

"management - which, by its own admission, had taken its "eye off the ball" with respect to the Company's core refining business. — Mark Lashier (CEO), January 2023, GS Energy Conference."

"“They [Burford] gambled on an ability to leverage a buyout from Perry Ellis at a price above the merger consideration... They lost that gamble.” — Judge Michael Hanzman, February 3, 2020"

"「極端紫外線を発生するためには、錫をプラズマ状態に変形させなければいけません。従来は、高出力の二酸化炭素のレーザーを使っていました。レーザーがあり、冷却システムがあり、錫を取り扱う仕組みがありました。装置の中で錫の液滴を射出して、レーザーを液滴に当てるためのこのモジュールは、ミニクーパーの半分くらいの大きさでした」 — レーザーテックの元フィールド・サービス・エンジニア"

"We also understand that there were disagreements on changes to Board composition and frustrations over the speed at which they were occurring... — TD Cowen analyst note, January 2, 2024."

"In Q1 2012, Mr. Nagamori stated that HDD prices will not continue to steadily decline, that it is a “very healthy market”, and that neither Nidec nor its customers have excess inventory."

"And then starting next year, the actual spend on these programs will start to decrease, and you'll start to have a margin pickup starting in ‘19. — CEO Kevin Lobo, JPM Conf, Jan 10, 2018"

""We don't -- we're not -- we get a little bit of a sugar high from tuck-in acquisitions where we're just slam-dunking them into the existing business." — CEO, JPMorgan Conf Sept 19, 2023"

"Second, our gross margins were healthy, exceeding 53% this quarter. We were positive on the price/cost equation and saw good performance across several key cost categories? — Rollins CFO"

"“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 fn.43"

"As of June 30, 2021, the Company had a deferred revenue balance of $11.9 million with Kalo, consisting of the non-cash consideration received. — Soaring Eagle Acquisition Corp prospectus"