Callouts & quotes from 37,061+ activist slides

"However, according to a source who claims to be a former GSX employee, GSX actually hires cheap teachers that just graduated and also allows applicants to make up their profile."

"We urge you to democratize this experience and to continue to embrace the future of home entertainment with the utmost urgency in executing the company's digital transformation."

"The 16-page SEC complaint reads like a manual for how to cook the books if you’re a semiconductor company, detailing the accounting tricks and levers applicable to the industry."

"The A300 uses newly designed optics and high-brightness light source 'URASHIMA'. It achieves significant improvement in defect detection performance compares to the A150 series."

"Lasertec tries to keep Ushio “in the dark” about Urashima light source problems; has just “as much downtime; Ushio engineers can see the basically two light sources side by side"

"Unfortunately, despite each of these opportunities remaining, over the last 18 months we have been disappointed by GoDaddy's operational, financial, and stock price performance."

"The foregoing sample makes clear that ONP's asset values in its PRC financial statements are inflated by many millions of dollars – and likely by at least five times as of 2003."

"Amateur Hour at ONP. Note the water on the folding tables – and even on the paper being folded. Once paper is exposed to water, it is unsuitable for printing and loses strength."

"Q: “Let me put it the other way, can I safely say that there are other listed Hong Kong companies that has a similar arrangement?” A: “Hahaha …We believe so, yes.” — Man Wah CFO"

"「デジタルガレージは、優れた決済代行事業を持ちながら、日本におけるキャッシュレス決済への移行による成長機会を十分に採り込めていない。株主として、この素晴らしい会社がこの機会を逃すのを黙って見逃すことはできない。これは、DG の経営陣に対して、行動を起こすように求める呼びかけである。」 — セス・フィッシャー (Oasis Management CIO)"

"Awards are permitted to vest for below median relative performance which therefore fails the pay for performance hurdle.... — Legal & General Investment Management, May 15, 2024"

"I think we’re getting better at both identifying and building a pipeline of future tenancy, and the strategy is playing out exactly as we thought. — CEO Jay Brown, February 2020"

"The primary direct equipment costs include deoxygenation furnaces, with the deoxygenation cost area making up US$3.2 million of the direct costs. — IPX Press Release (Sept 2022)"

"We sell access to a quantum computer with 11 qubits...; We are still in the early stages of generating revenue with our 11-qubit quantum computer. — IonQ Prospectus Oct 22, 2021"

"“million, billion times more powerful”; “can’t do anything useful”; “an 11-bit vacuum tube computer in 1920 might have been relevant.” — Ex-employees and leading quantum experts"

"“Televerde, an integrated sales and marketing technology organization, pays prisoners the state minimum wage. But after deductions, prisoners earn much less.” — Arizona Republic"

"Huntsman has received an “F” from Glass Lewis on executive compensation for two consecutive years as pay was more than its Proxy Peers, notwithstanding poor relative performance"

"Earnings opportunity available in wholesale retail discount (single-level) is more than 2x that from royalties and bonuses. — Herbalife Investor Update presentation (5-22-2012)."

"Awards are permitted to vest for below median relative performance which therefore fails the pay for performance hurdle.... — Legal & General Investment Management, May 15, 2024"

"Consistent with the experience of other companies involved in silica-related litigation, there may be an increase in the number of asserted claims against us. — Caesarstone Ltd."

""[We're] having less volatility than refining peers when refining margins flex to the downside, so we get the best of both worlds." — Phillips 66 CEO Mark Lashier, March 6, 2025"

"「極秘の扱いではありませんが、訊くべき人に訊けば、話してもらえます。私が知っているある人は、レーザーテックで〇〇〇を務めており、問題について〇〇〇に話しました。3ヶ月しか保たない光源は実質的に2ヶ月しか使えないし、交換に時間もお金もすごくかかる、そう認めました」 — 半導体製造装置企業の上席幹部として長年の経験を持ち、レーザーテックのCEOに親しい人物"

"「毎日3台のいずれかに問題が発生しましたね。鏡などの消耗品は寿命が近づくと問題発生の頻度が増えましたが、顧客の要求もあって24時間稼働を最優先にしていたので、装置を止めることを極力避けた。要は、速度や機能性をいくらか犠牲にしてでも稼働率の維持に努めました」 — インテルのマスク工場を現場で担当していた、レーザーテックの元フィールド・サービス・エンジニア"

"the successful interaction with our remote assistance specialist underscores the power of the complete system's performance...even in the rare surface street scenarios. — Aurora"

"CFO Rong Luo explained on multiple occasions that a unique aspect of Shunshun’s model is that revenue recognition can take up a full year, or longer. — TAL FY17 Q1 earnings call"

"Enron employees joked that they were encouraged to spend $10 in order to generate $5 in current earnings. — MW discussion with a leading journalist who previously covered Enron."

""[We're] having less volatility than refining peers when refining margins flex to the downside, so we get the best of both worlds." — Phillips 66 CEO Mark Lashier, March 6, 2025"

"The Cintas Audit Committee Charter was approved at the January 9, 2019 Audit Committee Meeting. Only minor changes to the Charter were required. — Cintas Audit Committee Charter"

""The purpose of these stores has shifted slightly so it's not strictly about maximizing sales; it's about being directional" — Gerard Marceda, VP of Deckers North America Retail"

""You are your driver's license, your credit card, your health care card, your building access card — why are you whipping all these cards out?" — Seidman-Becker (OneZero, 2020)."

"Dongfang Holding owns all of the issued and outstanding stock and ownership of Hebei Baoding Orient Paper Milling Company Limited ("Hebei Paper"). — Orient Paper, Inc. Form 10-K"

""We’re expanding into Canada later this year, and within the next five years, we plan to be in every country around the world." — Entrepreneur Interview with Spear, May 28, 2019"

"We have not developed an actinic ‘pattern’ mask inspection system. I have no comment to make on your questions. — Hiroshi Asai, general manager of corporate planning at Lasertec"

"“If they didn’t have any [issues], he would happily talk about how things are going.” — Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec’s CEO"

"“...parallel inspections of the same masks...just to make sure there are no defects.” — Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec’s CEO"

"The broadened description is a marked customer shift that puts Remitly up against greater competition and may be indicative of challenges with its core immigrant customer base."

"We believe GoDaddy has a significant opportunity to improve margins and drive shareholder value through a disciplined approach to operational efficiency and capital allocation."

"We believe this incident illustrates both the Company’s cultural issues as well as the Board’s failure to instill accountability and provide effective oversight of the Company."

"The 800-pound gorillas in the room are the NFL and FanDuel. And Genius or Sportradar are the intermediary. If anyone's going to get squeezed, it's going to be the intermediary."

"Despite our never having taken a public stand on China’s political issues, the CPC is clearly treating Muddy Waters as a threat, and is taking overtly hostile actions toward us"

"Spruce Point believes it’s a major red flag that Avery has ceased disclosing in its 10-Q quarterly filings the nature and breakdown of its operating and finance leases in 2020."

"A senior official of China's Paper Manufacturing Association stated that ONP's claims about the capacity of the corrugating medium line it has ordered are in "no way" accurate."

"Despite Box’s technology leadership and strong competitive positioning, the Company has underperformed its Peer Group by more than 450% since its inception as a public company."

"Without this refinancing income and without excluding the gift expense, management would have missed GPU guidance of $2,300 by ~10%, and GPU would have contracted sequentially."

"I don't know if that would really make much sense now. I'll do my best to answer your questions. But you can spare us the cynical and sometimes misogynous remarks, I think. OK?"

"Monolithic's multiple is expanding at exactly the wrong time: it's financials are signaling extreme pressure, its auditor was just dismissed, and its end markets are weakening."

"We wonder what kind of lawyer would be interested in serving as a legal officer for a business whose entire business model involved operating in a legally-nebulous marketplace."

"We believe that Bob Evans Farms, Inc. ("Bob Evans" or the "Company") is materially undervalued, as its stock price does not reflect the intrinsic value of its underlying assets"

"We submitted a FOIA with Halifax County, VA where IPX’s manufacturing facility is located to request its Machinery & Tools and Tangible Property forms for the last three years."

"Brazenly, despite resorting to an elevated temperature, the CEO recently claimed in an interview to have solved the dendrites problem - without having to raise the temperature."

"Red flag 1: The slide’s fine print shows a battery life of only ~110 cycles, or a measly ~30K cumulative miles, contradicting its earlier claim of 1,000+ cycles and 300K miles."

"Similar to Pershing Square's large ownership interest in HHH post-transaction, Brookfield Corporation (NYSE: BN), the sponsor, holds large ownership stakes in BIP, BEP, and BBU"

"This gold plated chip is the heart of our quantum computer. This is a picture of an ion trap chip. It's the size of many other chips, easily manufactured, and with high yields."

"Does Hess think this washes clean John Mullin’s relationship with the Hess family? Such closeness ought to be inappropriate for board membership, let alone lead directorship..."

"Was the decision to withhold the March 31st TCV figure a deliberate attempt to avoid disclosing a lower number prior to the closing of the headline AstraZeneca/Pathos contract?"

"Under his leadership as CEO, total shareholder returns have been abysmal, and Mr. Simmons has done nothing other than to reiterate that the Company is at “an inflection point.”"

"Starboard engaged with GCP to protect shareholders suffering from consistently poor operational execution, poor governance, lack of Board oversight, and lack of accountability."

"How does DNMR stretch 250 million to 390 million? We have no idea, but see this as another example of DNMR management brazenly manipulating investors into buying its narrative."

"We believe the sell-off in Darden’s stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers(1)"

"While low prices pressure supply, recent demand has been strong, up mid-single digits, driven primarily by electricity usage. Longer-term demand should grow almost 3% per year."