Callouts & quotes from 37,061+ activist slides

"Over the last several years, Autodesk's management team and Board have overseen a wide range of concerning issues and underperformance, which we believe makes clear the need for change."

"Over the last several years, Autodesk's management team and Board have overseen a wide range of concerning issues and underperformance, which we believe makes clear the need for change."

"It has been Elliott’s experience that issues presented as insurmountable facts by leadership teams that are biased towards the status quo become non-issues when fresh eyes drive change."

"Marathon’s prior Management and Board continued pointing towards the loss of integration benefits, which was quickly disproven, through thoughtful structuring and commercial engagement."

"Spruce Point is concerned that significant parallels exist between the misconduct described by the Audit Committee ten years ago and business practices which we observe at Verint today."

"Given Verint's prioritization of management and sales over internal investment in R&D, employee reviews which suggest internal conflict and declining workplace morale do not surprise us"

"Omnia isn’t impacting the market by letting them capture market share. Doctors use everyone. They’re not loyal. The only loyal ones are ones being paid a lot of money to put in devices."

"Think for a moment of the cash portion of Apple's market capitalization as non-productive inventory that's accumulating at an increasing rate. Now consider the cost of that 'inventory'."

"Before everybody got lost in the clouds, athena was grouped with other financial and transaction processing companies. These are good businesses, but they don't merit triple digit P/Es."

"After adjusting HLF’s reported data to fully account for realistic retail-related profits and all recruiting-related rewards, we believe ~92% of participants’ income is from recruiting."

"When Disney launched its streaming strategy, we believe it made many decisions to maximize distribution quickly that run counter to the core tenets of running a successful DTC platform."

"Spruce Point finds many of the same individuals have remained at Danimer during a messy period involving contentious litigation with the former CEO, and allegations of securities fraud."

"The GSEs’ fixed-income arbitrage business has been wound down, and the GSEs today hold $182bn of mortgage loans to support their core guarantee business, well below caps set by Treasury"

"We traded WhatsApp messages and spoke with the middleman, who offered right away to facilitate a dual liver and kidney transplant, and asked us to send the patient immediately to India."

"Their transportation charge has gone up because TransMedics has their transportation network, and their prices are higher than what we pay for our own planes that we contract privately."

"The specialist detailed tasks that strike us as the practice of medicine – after a week of training: "all these drugs you have to put on...you have to put on the blood...and sample it.""

"DuPont's inability to generate an attractive return in its non-Agriculture businesses (68% of revenues) is concerning especially in light of the current headwinds in Agriculture markets"

"Between a rock and a hard place: Does management continue to erode Dollarama's value proposition with price increases, or keep prices steady and hope for traffic contraction to reverse?"

"There are countless examples of ETFs being launched to track small slices of the investment universe, which foreshadowed a sharp and sudden decline in the value of the underlying shares"

"SandRidge's own analysis (even at the December 5, 2017 Strip of ~$52/$3.00), which adds risk-weighted unproved reserves to proved reserves, shows a PV-10 value as high as $57 per share."

"Moreover, the investigator's comments cast grave doubt on the validity of the withdrawal study, which showed an abrupt spike in HQ-CT scores in the placebo group for such a "slow drug.""

"Given its market cap, TIP REIT will be owned by S&P 500 index funds, large cap funds, real estate index funds, yield-oriented investors, and investors seeking inflation-protected assets"

"From a blog on the internet claiming to be a deposition in the trial of 310 Waste, a deponent referred to Pat Dovigi, Andy DeFrancesco and Romeo DiBattista as “part of organized crime”."

"Spruce Point has a negative view of large public companies creating “venture” arms as we view it as a stray from core competencies and a signal of R&D maturity and strained core growth."

"The growth in these types of workarounds (system violations, at present) strongly suggests that the current allocation system is not optimized to efficiently match organs with a patient"

"ZJK reports that it puts a considerable amount of investment in its subsidiaries every year. It’s possible some of that investment comes back in related party sales as “round tripping”."

"In QTT's response, they point to sample size and methodology as problems with our approach, but in doing so they inadvertently admit their platform's complete lack of technical prowess."

"Arconic continually boasts about innovation that is "industry-wide;" for which little incremental benefit (vs. peers) accrues to Arconic, and which Arconic struggles to actually deliver"

"On its October 26th conference call, Valeant management answered many important questions and disproved alleged accounting fraud, but did not adequately answer three important questions"

"A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors."

"We look forward to collaborating with Southwest to restore accountability and best-in-class financial performance for the benefit of the Company's employees, customers and shareholders."

"Joby's partnership is anchored by contracts with a total potential value of $163 million. Unlike notional contract ceilings, Joby's engagement has translated into concrete deliverables."

"We believe the timeline of these events is not a coincidence and simply the company had to find a way to pay back the debt facility, having to pay it back in full in the next 10 months."

"Looking at EH’s unaudited quarterly earnings reports, we noticed in Q2 2020, a new liability line-item worth RMB 40 million appears as “mandatorily redeemable non-controlling interest.”"

"Lasertec is secretive - typical of frauds - failing to provide basic disclosures typical of ASML, KLA, and others such as the number of tools sold by EUV vs. DUV, ASP's, or segment mix."

"I can tell you right off the bat...they haven’t taken any impairments against their balance sheet, so they’re probably over-valuing their inventory far greater than it’s actually worth."

"For an inspection tool, replacement of components (e.g. electrodes) every week is not an option. Maintenance time of 5-10% represents a serious problem for the entire tool availability."

"I can tell you right off the bat...they haven’t taken any impairments against their balance sheet, so they’re probably over-valuing their inventory far greater than it’s actually worth."

"Excessive overhead and significant investments outside the core Digital Telephony businesses have failed to generate returns, and instead have resulted in massive losses for the Company"

"Product sales revenues increased by 97%, maintenance contract renewal rates increased to 92% and the business was sold to Concord Communications in 2005 for an 8.5x return to investors."

"“The leagues wouldn’t pay anything. Usually the leagues don’t have any money. No league has money besides the big USA leagues, but they wouldn’t pay for it.” — Senior Industry Executive"

""So we're like Wal-Mart but with a Tiffany price. So we offer one thing under one roof for them and so we're doing the same thing now to K-12." — Louis Hsieh, EDU Q1 2011 earnings call."

"The composition of the treasury balance and other equivalent assets as of December 31, 2021 and 2020 is as follows. — Bureau Veritas Inspeccion y Testing, S.L. Financial Statements 2021"

"Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past 3 years in both reliability, unit cost and profitability. — Scotiabank, June 30, 2023"

"“It was weird from our part that you’re doing this deal, but you don’t trust anybody that you have in sales to do it... It was just a very strange situation.” — Former executive of IonQ"

"I do not see how the Developer could simply choose to build a smaller solar farm on part of the fields (eg. the blue areas nearest to the village). — High Court Judgment (Chamberlain J)"

"We certify that the information given in this Return (including 1 pages of Continuation Sheets and 1 pages of Schedules) is true to the best of our knowledge and belief. — Annual Return"

"Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past 3 years in both reliability, unit cost and profitability. — Scotiabank, June 30, 2023"

"Napo (or whatever BUR would call it at the time) was shown as a “Concluded Investment” in the 2013 annual report, despite there being no cash available to back up — Muddy Waters Capital"

"We see a lot of potential in the Phillips 66 refining company. I mean, there's just tremendous capability there. — Brian Coffman, Former CEO of Motiva Enterprises, Elliott Board Nominee"

"PHILLIPS CLAIMS: The annual election policy proposal would force directors to resign and therefore could be found by a court to conflict with its charter and Delaware law. — Phillips 66"

""In a somewhat surprising tactic, PSX management talked down the potential [sum-of-the-parts] upside (i.e., [stating that the Company is] fairly valued)..." — Piper Sandler, March 2025."

"The LCD from MolDX in late 2017 essentially subsidized further studies of cfDNA by providing reimbursement for AlloSure, which flung open the door for large-scale studies to take place."

""Loaner instrumentation not intended to be sold of $302 in 2019 has been reclassified from inventories to other noncurrent assets to conform with current year presentation." — 2020 10-K"

"E&Y notified the Company that they did not wish to submit a proposal for the 2005 audit engagement and had also decided to resign as auditors for fiscal year 2004 effective immediately."

"Our recently completed P&S strategic planning process identified several attractive categories for growth, including water, indoor air quality and cross-platform solutions. — Former CFO"

"Bourbon and whiskeys are normally aged in barrels for several years, following industry practice; all barreled bourbon and whiskey is classified as a current asset. — MGPI Annual Report"

"WE SEE A LOT OF POTENTIAL IN THE PHILLIPS 66 REFINING COMPANY. I MEAN, THERE'S JUST TREMENDOUS CAPABILITY THERE. — Brian Coffman, Former CEO of Motiva Enterprises, Elliott Board Nominee"

"Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past 3 years in both reliability, unit cost and profitability. — Scotiabank, June 30, 2023"

""potential for phospholipidosis" — Abbott researchers (2008 paper). "The combination of these two factors is probably what led to the compound's demise." — 2009 paper regarding ABT-239."