Callouts & quotes from 37,061+ activist slides

"We believe investors should remember that although Live’s growth may generate comfort with TurboTax’s prospects, Live is also the business most exposed to tax code simplification."

"Convenient that management regularly hits 100% or more of its annual target cash inventive bonus every single year consistently while it inconsistently defines its free cash flow!"

"Mettler’s auditor PwC has been associated with numerous corporate collapses, and while never admitting fault, has settled numerous lawsuits and claims its audits were problematic."

"Convenient that management regularly hits 100% or more of its annual target cash inventive bonus every single year consistently while it inconsistently defines its free cash flow!"

"Recall Gerstel's earlier biography says he was in charge of worldwide IT at ESC Medical Systems. It appears the IT system needed major improvements before he departed in Aug 1999."

"Si estás buscando un negocio basado en casa, éste es el que buscas. Ellos lo hicieron parecer tan fácil, como si en unos pocos meses yo iba a ganar entre dos y cuatro mil dólares."

"Software like Forescout’s – increasingly a laggard in its own industry – could be a prime candidate for replacement or removal as companies look to cut expenses amidst the crisis."

"Spruce Point believes shareholders should be outraged that Stryker never warned investors that a Material Risk Factor is that 50% of its business is tied to “elective” procedures."

"TAL chose to downplay the new fund’s massive initial success - it did not mention it by name in its disclosure, only referring to FreeS Fund as “a noncontrolling interest holder”."

"Relative to its hospital peers, HMA has demonstrated consistent, escalating underperformance on both same-store admissions and same-store adjusted admissions over the past 5 years"

"New interactive service offerings have the potential to transform home security product at a higher price point and expand the addressable market beyond traditional burglar alarms"

"We analyzed the store details in the code and collected a category of data labelled “Store Completed Transactions” or “门店成交,” which shows the number of transactions at each store."

"We are troubled to see that ADI President Aarnes sold a large block of stock under a 10b5-1 program on the exact day that REZI’s separation announcement was made on July 30, 2025."

"It is rare – even among the frauds, promotes, and detritus that we short – to see losses and cash flow characteristics as dreadful as Ginkgo’s, much less driving a $23B valuation."

"We believe Autodesk must improve its compensation practices, address its flawed budgeting process, and move to best-in-class standards for operations, compensation, and governance"

"Did the stock run up starting in Jan 2014 because investors assumed that the initial post-acquisition sales growth was mostly organic? Are investors making the same mistake today?"

"Zero interest rate policy is combining with new liquidity requirements to make commercial deposits unattractive, leading banks to abandon their core purpose of accepting deposits."

"Juniper has an incredible opportunity to deliver long-overdue value to shareholders through the three-pronged plan, which we believe can lead to a stock price of $35-$40 per share"

"If Nevro continues to do sloppy lead placement and try to switch to classic low frequency stimulation, they're going to run into all sorts of problems and unintended consequences."

"It is unclear how Kao can look at Ms. Lagodny's career history and claim that she “lacks experience” or would be unable to “make effective decisions on complex management issues”."

"The street estimates the direct overlap to be $1.2 billion of sales, which leaves a cushion to the $1.6 billion that Bayer has agreed to divest if necessary to satisfy regulators."

"Danimer has already found one former executive that lied on his resume. Why has Mr. Van Trump's biography been altered to remove his "post graduate work" at MIT and Georgia State?"

"However, even if the Display and Search businesses were included together, we estimate that combined business would still be losing almost $300 million on revenue of $931 million."

"None of the members of senior management have sufficient experience in the design, construction, operation, financing and large-scale manufacturing of phased-array LEO satellites."

"There's only two problems: 1) Starship has encountered repeated setbacks and delays, and 2) SpaceX is a competitor which has no real incentive to be all that cooperative with AST."

"Stated he was already wondering if Vykat could be substituted with generic diazoxide suspension, and stated he is “very familiar” with using generic formulations off-label instead"

"they got a statistician who did all this remarkable testing and, oh, we came up with something...so I think they played with the data until they finally got something that worked."

"Oasis is aware of external factors that have negatively impacted performance, however, each of these factors are within the control of Kao management and raise critical questions."

"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."

"Today, we will present a Revised Transaction that addresses Target’s concerns, incorporates feedback from the investment community, and creates great value for Target shareholders"

"Spruce Point believes financial sell-side estimates are too high for Broadridge, and assume there has been no slowdown in business from recent changes in the economic environment."

"The claim for judicial review is allowed. (2) The planning permission (reference DM/22/01769/FPA) granted by the Council on 13th July 2023 for a solar farm at Burnhope is quashed."

"Since the spinoff from GGP in November 2010 and from our average cost basis prior to the position being made public, The Howard Hughes Corporation's share price has increased 296%"

"To tell them to stop funding the manufacturing of vehicles in China, and to support Buy America compliant vehicles to create energy efficiency and clean energy jobs in California."

"At ~6,500 lbs, Midnight is believed to be one of the largest eVTOL aircraft to complete transition, which is critical to being able to carry commercially viable passenger payloads"

"This requirement for secrecy is why, while the agreement was reached on April 29, 2020, the actual claim transfer notice was not filed for almost 2 years, i.e., February 17, 2022."

"In Ceres Power's history, there's been a consistent pattern: the company repeatedly trumpets new partnerships and agreements that ultimately yield nothing of commercial substance."

"We think this reversal of valuation declines is notable because the ENMT disclosures also indicate that such valuations were based primarily on the company’s internal assessments."

"Given Lasertec's inspection tool lacks High NA capability, as detailed in an earlier section, KLA's patient entry into the market with High NA technology is an existential threat."

"Over 80% of the segment goes to low rolling resistance tires, which are more energy-efficient tires used for electric vehicles, and should drive above-GDP growth in this business."

"The Company reclassifies inventory used at customer sites for evaluation purposes to property and equipment due to a limited history of sales of evaluation units. — IPO Prospectus"

"foreign party did not contribute the majority of the equity to which it subscribed. The joint venture therefore is merely a shell, existing in name only. — 1996 Annual Information"

"“Many of the Sell-side analysts that follow Goodyear have heard PM's lament that this company ‘hasn't missed an opportunity to miss an opportunity’...” — Wolfe Research, 2/11/2021"

"How do you explain the fact that ZTE Corporation denied collaboration with NQ? I hope it is not because NQ was collaborating with ZTE's sales partners to fake rankings. — Rossiloo"

"“...there’s an opportunity for Carrabba’s clearly...more to come on development, but Carrabba’s certainly earned the right to more expansion.” — Dave Deno, CEO, 2Q23 Earnings Call"

"A former DV executive interviewed by Tegus said he/she worked on the product development and wasn't a believer that it would drive performance. That opinion appears to have merit."

"“the controversial nature of being associated with the Company Principal [defined as former President Donald J. Trump] and the Company Principal's family.” — DWAC merger agreement"

"I’m stuck...literally, I’m stuck...I literally don’t have the device and they’re holding it hostage. — Veteran transplant administrator/executive at Massachusetts General Hospital"

"In order to get in the study, you had to be able to demonstrate that you could swallow a pill. — Trial investigator and author on Soleno papers, pediatrician/geneticist, professor"

"Can an early phase clinical pharmacology study replace a thorough QT study? Experience with a novel H3-receptor antagonist/inverse agonist — Eur J Clin Pharmacol (2016) 72:533–543"

"The ESS score at the end of year 1 is even lower than that claimed in the trial paper (-3.62 vs. -4.6) – a reduction identical to that in the placebo arm in their previous trials."

"While not calling this an error, it certainly caught our attention that the Company made this change which had the effect of reducing operating cash flow by $3.5 million in 2022."

"2019 was a productive year for PSH with NAV appreciation of 58.1% and a total share return of 51.2%. Despite strong performance, PSH's discount to NAV widened from 25.2% to 28.9%"

"Based on information presented in a Tegus interview by a Strategy Director at Sportradar, they did not feel the price the NFL was asking for its rights was “economically viable.”"

"It appears that HTA is starting to de-emphasis SPNOI growth. Looking carefully at its key intro slide, we find it just removed the historical average 3.1% SPNOI growth reference."

"Given our concerns about the efficacy of AVY's constant restructuring, we find it concerning that it has multiple undisclosed corporate facilities that are not listed in the 10-K"

"We believe a Stronger Southwest would deliver substantially more value to employees from higher profit sharing driven by enhanced profitability and better share price performance"

"Mr. Austrian knew the Company needed a superior executive with strong retail and BSD experience, yet the search committee on which he sat chose him to be CEO after only 6 months."

"We believe that Ms. Conrad's extensive leadership experience at Intel, as well as her marketing and business development background, would make her a valuable asset to the Board."

"Translation: “We do subprime loan origination just like everyone else – we’ll just be more profitable on it.” Why? (Maybe if a closely-associated party is willing to help out...)"