Callouts & quotes from 37,061+ activist slides

"We believe there is evidence that Danimer’s EBITDA margin projections are overly optimistic based on the margin profiles of both its self-selected peers and chemical/plastic peers."

"We see this as a net negative for Limbach, which we view as being a legacy contractor at its core and thus less structurally equipped to adapt to a technology-driven service model."

"We see this as a net negative for Limbach, which we view as being a legacy contractor at its core and thus less structurally equipped to adapt to a technology-driven service model."

"This anomaly strikes us as similar to seeing 10 subway trains pass by in an hour, with nine of them completely empty and one completely full. Real life just does not work this way."

"Spruce Point believes that the recent “inflection” to profitability is unsustainable, and that growth inevitably comes at the expense of PLUG shareholders through endless dilution."

"Trian estimates that the remainder of the business must grow operating earnings by ~17% to meet guidance; these same segments have seen operating earnings decline by 26% since 2011"

"This costly and defensive step was taken amidst an election contest, absent a comprehensive search and interview process and without providing shareholders any say in the decision."

"Unlike the incumbents, the proposed CEO and COO’s compensation structure will minimize salary, put the vast majority of compensation at risk and tie management’s payout to results."

"Mr. Fahmy would be a valuable addition to the board given his extensive safety, supply management, engineering, mechanical and precision scheduling experience in the rail industry."

"Below is an excerpt of the long list of restrictions – just a few things an Inspire patient must think twice about having, doing, or being anywhere near for the rest of their life."

"Ironically, rather than building a business that uses technology to smooth out the challenges of operating in the used car industry, we believe Carvana built one that amplified it."

"Sony's current corporate structure obscures the company's underlying asset value, giving investors the opportunity to buy Sony at a ~50% discount to our estimate of intrinsic value"

"Spruce Point conducted an interview with a former Lightspeed employee with 5+ years experience at the Company who also expressed that acquisitions didn't go as smoothly as planned."

"Despite being the assumed “acquirer,” PepsiCo’s stock price increased 4% over the one week period in March when rumors surfaced that Trian was looking to push for a Mondelez merger"

"We encourage them to study the leaderboard of Insys prosecutions, a close analogy to Harmony’s business model vis-a-vis the False Claims Act, Anti-Kickback Statute, and other laws."

"See the Open Corporates page below regarding MOXC’s dormant Malaysian subsidiary. Under “latest events” it shows the entity was incorporated in January 2019 with no activity since:"

"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"

"Elliott believes that new leadership is required at Southwest, which represents the most compelling airline turnaround opportunity in the last two decades, according to the letter."

"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.”"

"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.”"

"Reviews for Swift-Finance Ltd on Trustpilot show the typical markers of a financial scam, by users giving it 5 stars with unprecise everything-is-always-perfect-with-them rhetoric."

"All three of the electric buses above are the same, aside from the different decals of the EV Star. But the prices are much different, since GreenPower buys the Eurise and marks it"

"One option is to try to protect powerful people at the company from accountability, ignore our concerns, and hide behind legal language with craftily written human rights policies."

"When combined with the negligible net income produced with realistic margin expectations for SMART Brazil (and SGH as a whole), the Company goes cash flow negative as soon as 2Q20."

"To further capitalize on this transformational opportunity, we believe the company should permanently suspend its $3 billion annual dividend and redirect this capital entirely into"

"If we scroll one page further down, we can see on page 1216 that MCY had a total of 929 homeowner (HO-3) policies in force in Altadena (91001) which was impacted by the Eaton fire."

"In our view, organizations that use D-Wave's quantum offering for classical optimization are paying a steep premium for the quantum "brand," not differentiated quantum performance."

"Lasertec's EUV tool is so defective, unreliable, and lacking in throughput that TSMC, Intel, and Samsung have all quietly substituted non-EUV alternatives for inspecting EUV masks."

"Lasertec EUV light source ignites tin and splashes it everywhere, creating puddles of tin splatter, debris, and contamination; debris mitigation approaches don't work; "no way out""

"The 18.4% OSB growth vs the 13.1% growth for DKNG points to evidence that Kalshi siphoned off volume from DKNG during March Madness, NBA playoffs, MLB, Tennis, and now CFB and NFL."

"Palliser's Value Optimisation Plan published on 27 October outlines a clear path to unlock up to 400 pence per share in total value for Capricorn shareholders over the medium term."

""From Zero to $10 Billion: How a Kent State Grad Created The Most Successful Medical Office Building Real Estate Investment Trust in the U.S." — Kent State University Press Release"

"JPMorgan Kept Jeffrey Epstein as a Client Despite Internal Warnings — The New York Times; Goldman Sachs Is Said to Try to Avoid Pleading Guilty in 1MDB Scandal — The New York Times"

"With the exception of the current and former CEOs, the Board lacks significant, recent experience with water and wastewater utilities — Aqua NJ Audit by SAGE Management Consultants"

"In the first half of the year, we transitioned from a higher cost 38-stage hybrid completion design to a lower cost sliding sleeve design. — Greg Hill, President Hess, January 2013"

"The V-shaped recovery in home-buying demand is powered by record-low mortgage rates and the loosening of stay-at-home orders in some states — Adam Wiener, Chief Economist at Redfin"

"In the first half of the year, we transitioned from a higher cost 38-stage hybrid completion design to a lower cost sliding sleeve design. — Greg Hill, President Hess, January 2013"

""RFID and RTLS Offerings: We compete with numerous companies operating in this market including Impinj, Chainway, Alien, Rodinbell, JADAK, Ubisense, and Invengo." — Zebra 2023 10-K"

"“Largest ever tax fraud” — DOJ; “Fraudulent Scheme to Steal Confidential Info” — DOJ; “How Wells Fargo’s Cutthroat Corporate Culture Allegedly Drove Bankers To Fraud” — Vanity Fair"

"prior to forming Paladin Capital, Mr. Steed served as Senior Vice President of Investments of a major financial services company based in Washington, D.C. — Paladin Capital website"

""[Unification] would take the Ltd price down in a double-digit percent because you're putting 77% of the shareholders into the Ltd structure." — Peter Cunningham, CFO, 31 July 2024"

""3G leads to an explosion in the security market! Cell phone security software suites are on fire!" — July 22, 2009, http://www.enet.com.cn/article/2009/0722/A20090722505055.shtml."

""[CP] doesn't need more locomotives. [CP] already has one of the best fleets that I've ever seen in my travels whether as a consultant or a prior executive." — Ed Harris, June 2010"

""And so what I think you can expect from us is that continued expansion every quarter, every two quarters, the launch of new major categories." — CEO Dudum on Q3 2021 Earnings Call"

"Also, as innovation forms part of Saputo's growth strategy, our research and development teams develop new technologies, products, and process optimization methods. — Annual Report"

""Deals are my art form. Other people paint beautifully on canvas or write wonderful poetry. I like making deals, preferably big deals. That's how I get my kicks." — Donald J. Trump"

"「今回の装置については、KLAは10年前に開発を始めました。学術論文を発表したし、いくつかのプレゼンテーションも行いました。コンセプトが次第に固まって、光源の試作品ができて、顧客に対して技術的な実現可能性を示しました。対して、ASMLは極端紫外線仕様の装置を10年も延ばして、2年半前にやっと動き出しました。」 — KLAで極端紫外線マスク検査を担当した元幹部"

"If we stick together, we can overcome this threat from DSM, but if this is positioned as a problem with shield, then we have no recourse but to issue the attached. — Steve Croskrey"

"HBOP, the entity through which the Company operates its business currently has no subsidiaries, either wholly- or partially-owned. [emphasis added] — Orient Paper Regulatory Filing"

""Deals are my art form. Other people paint beautifully on canvas or write wonderful poetry. I like making deals, preferably big deals. That's how I get my kicks." — Donald J. Trump"

"I never really 100% trusted that they were, so I always made sure to get exact times so they could make their own decision based on the numbers. — Former TransMedics OCS specialist"

"“with currently available internet facilities, many PS Now users aren't satisfied with the user interface, particularly visible latency” — Sony management (IR comments, March 2019)"

"Well, Vykat's just been approved. I've been around a long time. I won't use it. That's my own opinion. — Trial investigator and physician; one of the leading KOL's in the PWS field"

"“There is, some that are bigger, some that are smaller. There’s some that we never think about and there some that we think about every other day.” — Bryant Riley, Chairman and CEO"

"Spruce Point has a strong track record of exposing highly promoted technology disruptors before the sell-side and investors could figure out the business has inflected negatively."

"FIGS recently made an unusual practice of eliminating its written 2022 Gross margin guidance in its press release, while on the conference call claiming to maintain it in H2 2022."

"In fact, the average market capitalization of Office Depot's peers used for the purpose of determining compensation is 11.5 times larger than Office Depot's market capitalization."

"Spruce Point has assembled a preponderance of evidence to suggest that ABML’s management and Board should not be trusted. The range of past activities runs the gamut of red flags."

"To achieve management’s high-end EBITDA margin target on a GPU of $3,000, Carvana would have to maintain SG&A (ex-advertising) less than 1/3 that of CarMax. How plausible is this?"