Callouts & quotes from 37,061+ activist slides

"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"

""Either way, we're charging a small fraction of the serious ridiculously high 30% to 40% of commissions being charged by Zillow and Realtor.com to agents." — CoStar Group CEO"

"By the time this product is even approaching market, there will be multiple other 200-mile range plug-ins that have been out for years. — Citron Research (from 5 years prior)"

"Concerning Mr. Weimann's question number 2.6.: Media Ventures has an agreement that enables them to buy advertisements from Ströer at a reduced price, etc. — Udo Müller (CEO)"

"Mr. Grijalva conducts his business as an independent sales representative through a limited liability company of which he and Ms. Grijalva are members. — FY18 Proxy (7/27/18)"

"So we have pricing power, we're continuing to expand geographically, and that will allow our revenue to grow and our business to scale over time. — CFO, Q1 2022 Earnings Call"

"Spruce Point has a track record of producing critical and thought-provoking research related to highly promoted public companies in the Canadian gaming and technology space."

"We are troubled by extremely low staffing levels, particularly at senior levels and during 2020, a year when the Company grew nearly 140% and posted $263 million in revenue."

"We believe this is additional evidence of financial control concerns at GFL, or at worst management cherry-picking more flattering figures to sell the WCA deal to investors."

"“Dongfang Trading Co. Ltd in the most recent two years almost doesn't have any revenue,” the aforementioned tax bureau insider informed me, “It's just like a shell company.”"

"What did CEO Jagdfeld know before entering into a second 10B5-1 program as dealer growth stopped, margins subsequently collapsed, and working capital and liquidity worsened?"

"Is Carvana’s business model really so radically different that it can take out more than half of all SG&A (ex-advertising) from the standard used auto dealer cost structure?"

"Does the recent reduction in Ally’s financial commitment to Carvana suggest that its new auto finance team is applying greater scrutiny to its relationship with the Company?"

"Spruce Point believes the $200m is an identical last ditch effort seen at Sears, JCPenney and Circuit City, before things go really bad and each retailer fell into distress."

"Spruce Point believes the $200m is an identical last ditch effort seen at Sears, JCPenney and Circuit City, before things go really bad and each retailer fell into distress."

"Greenlight believes that Allied wants to legislate its own regulatory treatment, where it gets the best benefits of being a RIC or an SBIC on a line item by line item basis."

"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"

"We estimate the opportunity to improve EBITDA through implementing procurement and supply chain discipline and improving execution around food waste is $75 million, or more."

"A key feature of the largest frauds is often the backing of a famous investor or corporate partner, in this case VW - "the smart money" - that lends credibility to the scam."

"LLZO is a challenging material to work with. It's a little difficult to synthesize, and it can be difficult to get good interface transport of lithium across the boundaries."

"Because CPI PG apparently under-reports vacancies and tenant turnover in these top markets, it stands to reason that such misrepresentation is endemic in CPI PG's portfolio."

"In 2008, Target’s net write-offs as a % of average receivables increased to 9.3% from 5.9% the year prior. This compares to 5.7% for Target’s credit card competitors in 2008"

"The “World’s Most Powerful Quantum Computer” Is A Hoax With Staged Nikola-Style Photos – An Absurd VC Pump With A Recent Lock-Up Expiration Takes SPAC Abuses To New Extremes"

"IonQ’s trapped-ion technology is doomed by “pernicious” error rates, a key performance metric and fatal flaw in contrast to misleading benchmarks that portray errors as low."

"Although the purported UMD Q-Lab already appears to be IonQ’s key source of revenue and bookings, he indicated the lab remains in the planning stages and is not operational."

"Importantly, analysts appear to anticipate steady growth through the near-to-medium term, despite the challenges which Dexcom appears set to face from mid-FY19 through FY20."

"Ultimately, this was not an expansion or extension of the AstraZeneca and Tempus agreement, but rather a reduction in AstraZeneca's future spend under the original contract."

"Regardless of which board shareholders choose, the Community Proposal will be put to a shareholder vote so all holders of record may decide the merits of selling the company"

"New stores look nothing like the images BOOT has shown investors. In fact, we see no consideration given to uniform branding and styles which could cause customer confusion."

"Opposing the Veritas transaction is not something we are doing lightly. We feel compelled to do so, in this particular case, because of the egregiousness of this transaction"

"We estimate the opportunity to improve EBITDA through implementing procurement and supply chain discipline and improving execution around food waste is $75 million, or more."

"Maxar is already pushing out its deleveraging process, as illustrated with subtle revisions to a key chart it used to sell investors on its ability to rapidly pay down debt."

"If there is one simple way of showing what a mess NMC's financials could be, it is the failure to disclose over $350 million of operating lease commitments prior to H1 2019."

"TAL needs to stop playing games with its disclosures and clearly tell investors what respective Peiyou online and offline enrollments and ASPs were FY2017-FY2019 by quarter."

"We are seeking to liberate TIM from a new controlling shareholder who is using its 18% economic stake in TIM to benefit Vivendi at the expense of TIM's minority shareholders"

"Vivendi has had issues with management... and appointed conflicted directors... who focused on Vivendi's interest over TIM... and as a consequence has destroyed value in TIM"

"The fact that 91% of HASI's dividends are admittedly Returns of Capital (versus ordinary income) shows the stark difference between Distributable Earnings and cash receipts."

"JP Morgan is targeting significant net cost reductions in its Corporate & Investment Banking division between now and 2017 (versus significant expense growth for BNY Mellon)"

"Celgene's marketed products will mostly be in run-off by 2028, such that Bristol-Myers management ascribes no terminal value to the marketed products in their DCF valuation."

"After normalizing the capital structure between standalone and combined Bristol-Myers, we show that standalone Bristol-Myers will generate higher earnings per share by 2023."

"Despite surging growth and inflation, Economy X’s monetary policy mirrors that of the United States with a near-zero interest-rate policy and large amounts of money printing"

"Because the Basic Law requires the HKMA to back its Monetary Base 100% with international reserves, printing money could severely limit the HKMA’s future revaluation options"

"Compare the track record, background and experience of Fred Green and the current Board... with the track record of Hunter Harrison and the potential contribution of the NMC"

"HHC’s future developments will likely create substantially more value than recent developments because they will occur in more mature, higher density MPCs with higher rents."

"The two greatest days of DuPont share price outperformance since 2009 were i) the release of Trian’s White Paper in 2014 and ii) the day Trian’s stake became public in 2013."

"THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER PROXY MATERIALS BECAUSE THEY CONTAIN IMPORTANT INFORMATION."

"The midstream portfolio is made up of high-quality assets – these assets are just not getting the level of attention or capital allocation required to compete against peers."

"TWC could potentially maintain its investment grade rating with a target leverage ratio of up to 4.75x debt/OIBDA; at 4.75x - 6.0x TWC would be likely rated Ba1/BB+ or lower"

"We believe DV made confusing statements about its international exposure. The international percentage was not of total revenue, but of the Direct (now Measurement) segment."

"Spruce Point participated in the WFG recruiting process to get a better perspective. The recruiter made a strong point to mention WFG was not a pyramid or MLM several times."

"McGraw-Hill's segments exhibit distinct financial and qualitative characteristics with different end market, growth, margin, capital intensity, ROIC and regulatory profiles."

"At DuPont’s 2013 Investor Day, management was not transparent about reducing margin targets, suggesting that reduced margin targets were correlated to the accounting change."

"Samsung Electronics lags far behind its global peers in terms of board composition - as regards independence, the relevant experience of current board members and diversity:"

"The midstream portfolio is made up of high-quality assets – these assets are just not getting the level of attention or capital allocation required to compete against peers."

"Sixteen entities tied to China (18%) vs. (twenty in the U.S. (34%) and twelve to Switzerland (5%) illustrates the relative organizational complexity level to external sales."

"The two greatest days of DuPont share price outperformance since 2009 were i) the release of Trian’s White Paper in 2014 and ii) the day Trian’s stake became public in 2013."

"The 2016 figures reveal aspects of AKG's aggressive mining. Not only was 26.2% more ore extracted without delivering the gold, but it also removed 16.5% less waste material."

"This appears to be the extent of Skymoons' technical capabilities – if this company is actually worth more than RMB 2 billion, then the world is much richer than we thought."

"That's where we expect Aurora to trade, and where we believe it will as the limits on autonomous trucking become clear and the air comes out of the tires of autonomous hype."

"I think it still needs further development. Many things could be improved. In the current stage, I definitely don't think it will replace the traditional hybridoma approach."