Callouts & quotes from 37,061+ activist slides

"Cuomo Secures Agreement With Riverstone Founder David Leuschen To Pay $20 Million In Restitution To Resolve Role In Continuing State Pension Fund Investigation — NY Attorney General"

"Practically every academic study comparing BPH treatments still calls TURP the “gold standard”, and the procedure remains an important skill learned by urologists in medical school."

""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 Capital market is like the Pacific Ocean. There could be waves at any time. NQ will continue working for the best benefits for our users, employees and shareholders. — NQ Yu Lin"

"“The outer enclosure for IonQ’s next-generation system, which creates a highly stable environment (acoustics, temperature, humidity) for the system.” — Industry article, Oct 2, 2020"

"Hess claims it is "realizing synergies from the transfer of technical skills and operating capabilities globally." — Hess's "Delivering Shareholder Value" presentation March 4, 2013"

"“Capital allocation is a CEO’s most important job” — The Outsiders; “Decentralized organizations release entrepreneurial energy and keep both costs and ‘rancor down” — The Outsiders"

""m]ost EBAs are already on annual billing terms...we had already assumed that EBAs would all be on annual billing terms starting next year in our fiscal '23" — Then-CFO Ms. Clifford"

""Oatly's sales were about $110 million in 2018, up from $68 million a year earlier, Petersson says. He expects double that, about $230 million, for 2019." — Bloomberg, July 31, 2019"

"LAS VEGAS -- Dropbox on Wednesday announced tighter integration of its cloud storage and file-sharing service with Samsung products, from smartphones to televisions. — Computerworld"

""In the BHP 2022 Reunification, the valuation gap closed not through the Australian listing de-rating to the lowest UK level, but rather vice versa." — Morgan Stanley, November 2024"

""unexpected roadblocks -- such as internal pressures slowing AOL's efforts to make Internet telephone service commercially available -- unfortunately did [materialize]" — Steve Case"

""Our Mission is to change people's lives by providing the best business opportunity in direct selling and the best nutrition and weight-management products in the world" — Herbalife"

"Louis H. Tursi, Jr., the Company’s Executive Vice President, North America Sales, has advised the Company that he intends to retire in the first quarter of 2019. — 8-K, Feb 26, 2018"

"Robert Spoerry, non-Executive Chairman, who owns, directly or indirectly, 362,720 shares, has stated that in the context of estate planning, he intends to sell up to 125,000 shares."

"Breaking up large energy companies is not only possible, but it also unlocks significant value. — Stacy Nieuwoudt, Elliott nominee for Phillips 66's Board and former energy investor"

"I think that’s a good speculation. Deals are significantly more expense. The Stryker name carries a premium to it. I believe we overpaid for deals. — Former Stryker M&A Professional"

"“We do it all the time. They’re never going to know”; “I just got the sense it happened all the time”; “I saw them actually make it. I saw the spreadsheet.” — Former Ginkgo employee"

"significant profit opportunities can be lost in the false pursuit of reducing input costs — Marginal Thinking: Making Money on a Dairy Farm, WCDS Advances in Dairy Technology (2006)"

"The success of the KapStone Acquisition will depend on, among other things, our ability to realize anticipated growth opportunities, cost savings and other synergies. — WestRock 10K"

"“we haven't seen anecdotally a correlation between how well it looks on the rig and how it does in the recipient” — Transplant cardiologist at one of the top centers in the US/world"

"Above: excerpt from Vivion's July 2023 Vivion Investments - Exchange Offer Memorandum, p.125 Crowne Plaza London Heathrow Valuation 94.6 million (£83.7 million) — Vivion Investments"

"…on the monetization of Patch… I would just say when we started the product in general, we started it without monetization in mind… — CEO Tim Armstrong, 2Q10 conference call, 8/4/10"

""culture of concealment" — House report on 737 Max crashes; "the desire to meet goals and expectations jeopardized the safety of the flying public" — House report on 737 Max crashes"

"“I didn't see $500,000 worth of benefit from the drug. I didn't even see $5,000 of benefit from the drug.” — Division Chief for pediatric endocrinology at a major NE academic center"

""We took it to clinical, Phase 1 later on, six years, and it failed again." — Senior pharmaceutical executive/scientist, previously at Abbott and now at another major pharma company"

"“its pretty damn clear to me that their pre-clinical stuff was no way near as robust.” — Longtime senior scientist at Johnson & Johnson, with global leadership roles in neuroscience"

"The timing and scale of any such rebate may be difficult to predict and may cause fluctuations in our quarterly and annual revenues, gross profit and operating profit. — Kornit 20-F"

"We may need to defend ourselves against intellectual property infringement claims, which may be time-consuming and could cause us to incur substantial costs. — GreenPower F-1 Filing"

"Честно говоря, наш отель ни разу не заселял детей-сирот, т.к. наша основная аудитория – бизнес поездки. — Руководитель службы приема, размещения и бронирования, ibis Чебоксары Центр"

"Remitly also states that take rate is heavily influenced by average transaction size. Yet, Remitly has consistently said that its take rate has remained stable. How is it possible?"

"Major shareholders have been selling and / or diluting their interest through multiple equity offerings in Sept 2020 (IPO), June and October 2021 and stock issued for acquisitions."

"Buffalo Wild Wings needs to be disciplined in how it allocates its capital and focus on risk-adjusted returns relative to both its cost of capital as well as all other alternatives"

"The Permanent Injunction represents Herbalife’s agreement to engage in a “top to bottom” restructuring of its business model in the United States to “start complying with the law.”"

"Additional benefits to EBITDA came from cuts to research & development expense (R&D) which should raise questions as Genius needs to continue innovating to stay ahead of the curve."

"Robert Milligan, CFO, is neither an accountant, nor is he the Chief Accounting Officer, but he has been signing SEC documents stating that he is the "Principal Accounting Officer"."

"Spruce Point has a track record of prescient calls in the power and energy sector. Notably, we warned recently about Sunnova in the solar sector, and its shares declined up to 50%."

"Our revenues are lower than the Street and incorporate a lower multiple reflecting a struggling legacy business, and a low quality clean energy business assembled via acquisitions."

"While fiber businesses can be excellent investments, towers are simply superior businesses. Crown Castle’s strategic choice has been to diversify away from the “best business ever”"

"Based on our analysis, we see that growth in purchase commitments has sharply decelerated to low/mid single digits and that delivery times beyond 12 months appear to be increasing."

"Erie Indemnity Company (ERIE), as the management entity, has thrived by extracting wealth from Erie Insurance Exchange, reaping substantial profits while bearing no insurance risk."

"Phillips 66 (NYSE: PSX) stock has underperformed its peers for a decade. Now, the CEO is talking down the value of his own company's shares, saying they are already fully valued..."

"Monolithic's CFO claims to be a CPA. However, state records show his license is “Cancelled” as of Aug 31, 1985. We believe it is disingenuous for him to represent himself as a CPA."

"Christensen's apparent relationship with Fleming management is particularly concerning to us given PetIQ's and VIP Petcare's demonstrated dependence on vendor rebates for earnings."

"Transaction would preserve Target’s flexibility in controlling its buildings/brand and allow the market to appropriately value the company’s ~200 million square feet of real estate"

"We believe that Target’s compensation plan does not foster an ownership culture at Target, as senior management and the board have sold $429 million of stock in the last five years"

"Our approach to transparency is to provide you with the information we would want if our positions were reversed, (i.e., if you were the portfolio manager and we were the investor)"

"We believe that with the passage of time Valeant’s share price will reflect the value of its franchises, its low-cost operating model, and its efficient capital allocation strategy"

"Ex-physicists and other former IonQ employees described each IonQ machine as a hand-made, arts-and-crafts project that’s impossible to scale with “tens of thousands of components.”"

"OSIS's failure at that time to disclose even the scantest fact that's freely available on the Albanian corporate registry bolsters our opinion that these facts evidence corruption."

"We believe a successful ESG program would include protein diversification and product innovation, animal welfare improvements and a positive climate impact and actionable strategy."

"Based on our research, there are now 141x more results for search in “western boots” today vs. 2018 and competitors are being featured more prominently in sponsored search results."

"Spruce Point expresses concerns that BOOT's Audit Chair is Brenda I. Morris who also serves as Independent Director and Audit Chair of Xponential Fitness (Nasdaq: XPOF) since 2019."

"We’ve gone from producing more than a billion tons of thermal coal annually to less than 850 million tons in the last five years, and everyone agrees that this trend will continue."

"Assuming TheFork gets sold at 5x CY26E revenue, Viator improves margins, and Brand Tripadvisor stabilizes growth and/or improves margins, the PF Company trades at just 2.5x EBITDA!"

"Assuming TheFork gets sold at 5x CY26E revenue, Viator improves margins, and Brand Tripadvisor stabilizes growth and/or improves margins, the PF Company trades at just 2.5x EBITDA!"

"The timing of the SEC comment letter also coincides with the LPB starting, which as we explain in Section VI, we think SOFI views as a better mousetrap for manipulating financials."

"GGP recently received zoning approval to transform 60 acres of land in the heart of Honolulu into a vibrant and diverse neighborhood of residences, shops, entertainment and offices"

"A significant number of shareholders withheld support for the two members of Dye & Durham's Compensation Committee, Mario Di Pietro and David MacDonald, at the 2021 annual meeting."

"So the incremental 100m liters will cost an astounding $200m and total capacity additions from 350m to 1,500m are $1.04 per liter, or 63% higher than our estimated historical cost!"