Callouts & quotes from 37,061+ activist slides

"In contrast to Schlanger's and Anevski's statements, national averages improved (often dramatically) in 4 of 5 metrics, while PGNY performance deteriorated in 4 of 5 metrics."

"MGPI's valuation is rich and its financial condition is fragile with no cash and significant leverage on earnings and EBITDA expectations that are likely to sorely disappoint"

"While the non-restricted portion of this cash should be included in liquidity, it should be adjusted by the 15.5% cash repatriation tax enforced by the Tax Cuts and Jobs Act."

"Target a minimum of 15% ROIC on growth opportunities (20% ROE for Sotheby's Financial Services) and allocate capital to initiatives that provide an appropriate rate of return"

"After 18 months of extensive research, Elliott is pleased to share its perspectives on Southwest’s performance and the steps needed to create a stronger company going forward"

"Pershing Square exited our position in Hilton earlier this year as we expect prospective returns are unlikely to meet our high return threshold given current valuation levels"

"As of the publication date of a Muddy Waters report, Muddy Waters Related Persons (defined below) are SHORT the securities of or derivatives linked to Eurofins Scientific SE."

"One KOL after another labeled Nevro a “one-trick pony” and pointed to the influx of paresthesia-free waveforms from key competitors as eliminating Nevro’s sole selling point."

"Beyond “fixing” the business, there are several additional levers which can create significant shareholder value at Wendy’s. We have not included any of these in our analysis"

"Given the mountain of red flags that encompass nearly every aspect of this proposed merger, we believe DWAC will never file an S-4 and if it does, it will never go effective."

"We do not believe the GSEs can earn an adequate return on capital to attract sustainable private investment at a 4% capital requirement unless g-fees are raised substantially"

"Despite ~40% of EBITDA coming from attractive midstream assets, Phillips continues to trade like a refiner, missing the value uplift in the midstream space over the last year"

"After deconsolidating what isn't BUR's, unbooking their non-cash realizations, and undoing the reliance on a select four cases, BUR H1 2019 cash ROICs actually turn negative."

"Adding back gross profit on operating leaseback arrangements has a dramatic effect on reported profitability and is entirely responsible for the “inflection” to profitability"

"Adding back gross profit on operating leaseback arrangements has a dramatic effect on reported profitability and is entirely responsible for the "inflection" to profitability"

"Timken includes commoditized steel makers in its peer group even after years of arguing to the market that Timken’s Steel business has nothing in common with those producers."

"I heard that the Washington Post is working on a report because there is some concern that companies are giving kickbacks to some surgeons or hospitals for using the machine."

"Despite significant business progress and record land sales, HHC’s share price underperformed in 2018 (like homebuilders) as the market focused on potential housing headwinds"

"We note the Vykat group has 1,056 members (as of 8/15) – a tiny number relative to the 20K/15K in the two key ones and a key indicator of VYKAT’s “buzz” in the PWS community."

"The ex-employee suggested obfuscation of diabetes risk through the omission of key markers for insulin resistance, such as A1C, which were collected but missing in the papers"

"He indicated he did not observe a hyperphagia improvement in patients, and that parental hyperphagia assessments were in conflict and thus unreliable as the primary endpoint."

"Oasis believes that with a forward-thinking Board, a clear strategic vision, and aligned incentives, Kao can be a global leader in the Cosmetics and Health & Beauty industry."

"In our experience, we have never seen a company that can grow indefinitely at such a high rate of 30%+. In addition, its terminal multiple materially expanded from 4x to 14x."

"GSK, I have been monitoring that product for a while, and it has very similar problems, and really, the last I hear from colleagues is that it has been terminated completely."

"FIGS management has made bold claims about international expansion that are inconsistent with the record of other high growth retailers and minimize international challenges."

"Spruce Point believes that Oatly is not practicing what it preaches about being a “good company” and doing the right thing for society before the pursuit of reckless profits."

"A former industry executive opines on FND's recent struggles and challenges, including shrinking advantage vs. the home improvement centers and ability to achieve 500 stores."

"Moxian CN Samoa is the entity that supposedly holds all of MOXC’s “IP” - according to the Registry of the Samoan Ministry of Commerce, Industry, and Labour, it doesn't exist."

"The Richter real estate structure appears severely cash-constrained. Holding illiquid assets while facing liquidity demands during a margin call creates a dangerous mismatch."

"I would prefer the $1 of Cost Synergy because it flows entirely to EBITDA. By contrast, the $1 of Revenue Synergy will likely incur COGS, so less than $1 will flow to EBITDA."

"After 18 months of extensive research, Elliott is pleased to share its perspectives on Southwest’s performance and the steps needed to create a stronger company going forward"

"We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price; a buyback is likely to be value destructive on a fundamental basis"

"INS’s note in its 10-K also states that Flexopt subsequently entered into a processing agreement with CoreCard (remember, INS owns CoreCard), for an unspecified dollar value."

"If we look at our bad case scenario, which in our opinion is more realistic due to the worsening economic environment, we are looking at a 49% decrease in 2020 rental income."

"Despite significant share price volatility since the 2016 US elections, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"According to our calculations, as discussed in Appendix A, since GSHD went public in 2018, the failure rate for signed first-year franchisees has increased from 56% to 67.4%."

"We think that without these contracts handed out via political favors, IONQ would never have been able to accelerate past its competitors in terms of traction with investors."

"When the company went public as SMART Global Holdings in 2017, continued growth and opportunity in the Brazilian memory business was pitched as the investment thesis for SGH."

"Under 3G management, Heinz expanded global gross margins by ~600 bps and Europe gross margins by ~1,100 bps in just two years without a material additional capital investment"

"White Diamond’s New Findings will prove why AXDX’s Pheno system is unlikely to realize the revenue the street is expecting. The issues we have found have been missed by most."

"EHang Guangzhou, which holds most of EH’s assets and operations, has 95% of its equity frozen by a Chinese court as part of an ongoing lawsuit filed by one of EH’s creditors."

"“Unfortunately, we haven't seen any evidence that Nuvei has changed any of the shady business practices that made the Pivotal Payments brand name so toxic.” — One review site"

"We generally assumed operating margins in future years would increase as we continue to integrate and implement our rate base growth strategy. — Essential Utilities 2022 10-K"

"When we reported the details to the stock market regulator, we didn't report the number of vehicles we quoted you. The number we reported is times two, or doubled. — CCME Rep"

"The phrase "in accordance with" in condition 6 means "in agreement or harmony with; in conformity to; according to" (Oxford English Dictionary)... — Oxford English Dictionary"

"the ordered test(s) are medically necessary because the patient has been diagnosed with a cancer that is either recurrent, relapsed, refractory, metastatic, or advanced stage"

"11/7/13: "I opened the presentation, really innovation has been, and will continue to be in the next three years, the main engine behind our share gain." — Arconic Management"

"I think in 2024 they really started to feel the impact of the competitive landscape... Celsius has really taken a big dip into the Monster business. — Former Monster Employee"

"I think that what Nelson is doing is trying to get things to be as good as possible at DuPont. I think they should put him on the board.” — Jim Cramer, Host, CNBC's Mad Money"

"Their general responses indicated that these farms are typical Chinese barn designs, were "built cheap" with "poor airflow" and "not built to last." — Two China dairy experts"

""During the fourth quarter, we achieved our strategic priority targets for shareholder distributions and asset dispositions." — Phillips 66 CEO Mark Lashier, January 31, 2025"

"partially offset by a $2.4 million decrease in average Measured Transaction Fees primarily driven by expansion across international markets. — DoubleVerify 2019 vs. 2020 MD&A"

"I think that what Nelson is doing is trying to get things to be as good as possible at DuPont. I think they should put him on the board.” — Jim Cramer, Host, CNBC’s Mad Money"

"I think that what Nelson is doing is trying to get things to be as good as possible at DuPont. I think they should put him on the board.” — Jim Cramer, Host, CNBC's Mad Money"

"“The Company has been deficient in linking executive pay to corporate performance…[and] Shareholders should be concerned with this disconnect” — Glass Lewis, 2013 Proxy Paper"

"It seems to us that Warren Buffett would have walked away from this transaction, as he is legendary both for patience and buying at a significant discount to intrinsic value."

"In March 2019 we completed the acquisition of OrthoSpace, Ltd. for total cash consideration of $110 with future milestone payments of up to an additional $110. — Q1 2019 10-Q"

"Initially two buildings were used for production, but one of the factories has been demolished early in the year of 2011 and a new construction is ongoing. — CFM Lagos worker"

"If I was a betting man, I'd tell you Knife River is going to get acquired by somebody within the next five years. — Industry Expert With 45 Years Experience, Tegus, Sept 2024"

"The phrase "in accordance with" in condition 6 means "in agreement or harmony with; in conformity to; according to" (Oxford English Dictionary)... — Oxford English Dictionary"