Callouts & quotes from 37,061+ activist slides

"We are highly confident BWLD could refranchise their owned stores at a multiple of 6.0x or higher and estimate a refranchising process to 90% could take as few as 18-24 months"

"In fact, the only time Dr. Kleinfeld discusses utilization appears to be in responses to questions in which he quickly pivots from utilization to talking about "sexier" topics"

"Elliott has constructed a peer group of comparable companies that best represent, in our view, peers for each area of the Company business units prior to the split of AA/ARCN."

"While generally in line with non-iRhythm users, we are surprised by the high level of physician disagreement, particularly given iRhythm’s claims of “99% physician agreement”."

"That both Zheng Jiayuan and Yao Qingdi were employees of Anta (China), a member of the ListCo, is strong evidence of their inclusion in the network of controlled subsidiaries."

"Sunnova’s CFO and VP of Finance previously were executives at Spark Energy, another energy company with a poor business model promoting high growth, which ended up collapsing."

"The charts below put WSP's stretched valuation in greater context. The premium may exist because investors believe WSP is a superior acquiror and operator within the industry."

"TICO is the second-largest player in the fast-growing Automation Systems market supported by macro tailwinds, serving core blue-chip customers with long-standing relationships"

"We have assumed that no incremental debt would be issued at McOpCo as of 9/30/2005 on top of the estimated $3 billion required to repatriate earnings from foreign territories."

"We’ve rarely experienced so many interviews with former employees who universally share such a negative opinion of their company’s CEO as we did with SKLZ and Andrew Paradise."

"He indicated that Twist missed the promised turnaround time for about 30% of its orders, mainly due to quality failures that required the company to re-manufacture the sample."

"Alphabet's headcount has increased at an annual rate of 20% since 2017. This growth is excessive, both in relation to historic headcount growth and what the business requires."

"Spruce Point believes there is significant downside to C3’s share price as investors begin to discount the value and continuation of the Baker Hughes relationship beyond 2025."

"At the peak of the market, only 15% of mortgage originations had private mortgage insurance and we estimate that PMI coverage totaled only ~2% of outstanding mortgage balances"

"In early 2009, the interest rates on Freddie Mac’s 30-year, fixed-rate mortgages were nearly 200bps lower than the rates on mortgages of similar quality not backed by the GSEs"

"The government can generate an enormous profit for taxpayers by monetizing its substantial equity ownership in a fully-capitalized Fannie and Freddie in the next 7 to 10 years"

"We estimate that, with proceeds from asset sales deflating reported capex, Amdocs' free cash flow has been overstated by between $5M and $30M on an annual basis since FY 2016."

"The primary reason for the lack of SMR traction is poor economics. There is little evidence SMRs can avoid the cost increases which have plagued recent large nuclear projects."

"Despite operating as nearly a pure play passive platform, State Street’s Investment Management margins meaningfully lag the peer average of ~ 45% and BlackRock’s margin of 39%"

"From a shareholder value perspective, there would have been more residual value available if FMCN had purchased a luxury yacht instead of starting a boat advertising business."

"DuPont transferred >$6bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"

"The key takeaway from this period of TI's history is that long-term strategic investments and the commitment to free cash flow per share are not mutually exclusive priorities."

"DuPont transferred >$6bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"

"The Company presented an attractive plan to create shareholder value at its 2018 Investor Day, but failed to realize any of the value creation opportunities it had identified."

"The Management Repurchase Plan remains insufficient and will likely prove ineffective in its impact on the stock price of TWX given its intended implementation over 24 months."

"Analysys and QuestMobile data indicate that live streaming industry users peaked almost six to twelve months ago, and that Momo's MAU growth has been flattening or in decline."

"Momo insiders have sold $2 billion of stock since the IPO. Momo Executives and Directors, except for Tang Yan, are on pace in 2018 to sell more than 2x what they sold in 2017."

"DuPont transferred >$6bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"

"Axon Enterprises (Nasdaq: AAXN), the maker of the Taser stun gun, has been positioning itself more as SaaS provider of analytics through body cams to law enforcement agencies."

"Spruce Point cannot recommend investing in a company where the CEO makes headlines for large compensation while “flexing” his muscles. This suggests extreme managerial hubris."

"Our channel checks with Lowes's Customer Service confirm the Transform™ product is not available at Lowe's stores as of the date of this report, nor is any other CSTE product."

"When asked about patent protections for FLAWLESS, the CEO boldly responded it has a “sizeable” patent portfolio. It didn't take much work to call this statement into question."

"Samsung Electronics is unnecessarily overcapitalized with KRW77tn of cash and near cash items on its balance sheet, representing c. KRW540,000 per share or 32% of total assets"

"Samsung Holdco to increase its stake in Samsung Opco via a tender offer (utilizing Samsung Holdco treasury shares as consideration) made to all other Samsung Opco shareholders"

"We strongly encourage the Board to de-emphasize revenue targets and instead compensate management primarily based on EBITDA and free cash flow per share targets going forward."

"Customer And Revenue Misstatements Along With Significant Promotion Tied To High Growth Areas Such As CTV, Video And Cookieless Technology Should Undermine Investor Confidence"

"DuPont transferred >$6bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"

"The very fact that the Board in reviewing the leadership structure does not detect any anomaly is the best demonstration of the lack of independent oversight within the board."

"This chart strongly suggests that management is lying about its purported growing average subscription period, steady ARPU, growing number of paying subscribers, or all three."

"IQ reported advertising revenues of RMB 8.16 billion and 9.328 billion to the SEC in those years, representing overstatements of 7.9% and 19.7% in 2017 and 2018, respectively."

"Since 2017, Stryker has provided reduced disclosures of its operational footprint. However, we observe it has grown total locations from 275 to 356, or by 30%, from 2017-2021."

"Spruce Point believes the ultimate evidence that Stryker is struggling is by observing that its 12 month trailing Operating and Free Cash Flow has not been growing for a year."

"Our view is clear: Stryker does not appear committed to advancing its technology infrastructure to deliver the organizational efficiencies and earnings leverage for investors."

"Lasertec customers who have recently visited Lasertec’s headquarters confirmed seeing highly unusual levels of inventory - "pretty scary...pretty weird" - and other red flags."

"The similarity between both the light source and particle contamination issues for Lasertec's DUV and EUV products suggests a fatally flawed and defective technology platform."

"After adjusting Olam's EBITDA to remove non-cash accounting gains, it is showing that Olam is currently leveraged at 9.3x gross debt to LTM EBITDA, and 1.6x interest coverage."

"As illustrated below, after normalizing for Leasing Gains on Sale, ~80% of AP’s EBITDA has been reclassed to the Investing section and seemingly is largely whole engine sales:"

"Fairfax determined that the Fair Value of its Quess stake as of March 31, 2018 was $1.1 billion, which resulted in a non-cash gain (and boost to Book Value) of $889.9 million."

"Our conclusion from this analysis is that BMC's assets are valuable and important, but that its future will be increasingly difficult if BMC remains with its existing strategy"

"Muddy Waters is short Chinook Therapeutics Inc (NASDAQ:KDNY) because we believe it is highly unlikely that atrasentan, its lead product candidate, will be approved by the FDA."

"In the papers and textbooks we reviewed, nephrologists appear to agree that serum-creatinine-based measurements of GFR become less accurate as chronic kidney disease advances."

"We believe that the fertility benefits marketplace is becoming increasingly commoditized and crowded, as credible, well-funded private players have achieved significant scale."

"ACMR and ACMS trade at starkly different valuations. In the Chinese stock market, the Shanghai-listed ACMS trades at 6.0x 2025E revenue, an 18% discount to the 7.3x median for"

"Why would any shareholder ever want to own stock in a company where the culture has a complete disregard for shareholder value creation, and no one is incentivized to perform?"

"TIP REIT will have better and cheaper access to the capital markets than any retailer. As such, Target will have a stable strategic and financial partner to fund future growth"

"We are troubled by the recent omission of intersegment revenue reporting without an explanation that we can identify and by the CFO's recent insistence it was "single digits"."

"We believe most of the top ten companies have sustainable competitive moats and long-term secular growth characteristics that will allow for continued high rates of EPS growth"

"We don't understand how the market can shrug off this poor execution when this is supposedly the biggest, and perhaps only, product development challenge Heska has ever faced."

"Juniper's selected peer group has a median dividend payout of 2.5% annually. We propose an annual dividend of $0.50 (~2.2% annual yield) with quarterly payouts beginning Q1'14"

"Looking carefully at the accounts, we see that in 2024, the amounts added to deferred revenue dropped below amounts recognized for the first time since being reported in 2021."