Callouts & quotes from 37,061+ activist slides

"IQVIA is the largest CRO, they are in the business of acquiring and merging with companies, so Berkeley Lights is not someone we really want to invest in or partner up with."

"Peloton justifies this by saying the app is a lead gen source yet the company admits that less than 10% of digital subscribers end up purchasing a connected fitness product."

"The teacher recruitment ad below shows Shujia marketing itself as GZ 1-1 and still as part of TAL, or specifically as “Aizhikang” and under the “Haoweilai” (TAL) brand flag."

"We are suspicious of management’s wording in the above extract, where Dalton Gooding alludes that the current board were not made aware of the Galderma contract termination."

"Major oil companies who do much of this work in-house rely on Core for analysis of their most complex reservoirs, where Core has earned a reputation for being best in class."

"Analysts were so convinced that at year-end 2014, after oil prices had already been cut in half, they still projected that Core could maintain earnings through the downturn."

"Over two-thirds of this segment’s revenue comes from products rather than services, which makes Production Enhancement a typical commodity-price-sensitive oilfield business."

"This Deyou store registered in the location of a missing Lianjia store appears to be pulling double duty – doubling up as a Lianjia store and being counted as a Deyou store."

"TIP REIT stock can be valued as two entities: (1) an Inflation-Protected Secured Bond that is nearly identical to TIPS and (2) a Land Developer with a stable growth platform"

"Spruce Point believes that much of REZI's dysfunction in financial and operations results from its lingering issues with implementing an Enterprise Resource Planning system."

"A Capital IQ search for healthcare companies globally >$100MM revenue and >$500MM market cap yielded about 500 results – and only 2 companies with margins worse than Ginkgo."

"there was real pressure to produce, to do work in the Ginkgo foundry to produce revenue in their foundry that would have no real value for [key related party name redacted]."

"Thus, we can say with confidence that management issued an inaccurate measure of amortization expense, potentially to misguide investors to optically deliver better results."

"We believe that when SOFI restates this borrowing, it will also restate ~$1 billion of previously reported EBITDA; and, its capital ratios will be restated materially lower."

"Why didn't management provide updates on admissions growth at Almost Family for two straight quarters? Why does it continue to refrain from discussing year-over-year growth?"

"He added that Nevro’s recent Omnia launch, which essentially repudiates the high frequency message it’s pushed for a decade, renders the company as “hypocrites” and “liars.”"

"Using a similar standard, Kao external directors whose most senior role is running a local subsidiary of a multinational with less than 1,000 employees would be unqualified."

"When asked on the April earnings call about athena having to cut its already negative-margin pricing structure for this new offering, Jonathan Bush was his ever-candid self."

"A recent sampling of real estate prices around the country shows that the median asking price of Wendy’s restaurant real estate (land and building) is nearly $1.4mm per unit"

"Assuming $160mm of cost savings and a valuation multiple of 10x – 10.5x EBITDA, Wendy’s would be worth $49 - $52 per share, a return of 75% - 85% percent from current levels"

"It's hard to keep up with all the hyperbole, so let's take each of these claims in turn. The idea that “other services” will now be interested in the SRR is just ridiculous."

"Vitek extinguished debts in the tens of millions of euro his proxy-owed entity owed to CPI PG. He then possibly extracted even more cash by selling a receivable back to CPI!"

"By having IP addresses, timestamps, and user identifiers, we were able to perform data analysis and bot detection across a number of classes on both Genshuixue and Gaotu100."

"Ex-employees told us he is unlicensed to practice medicine in the US, yet seems to do exactly that, along with other dubious conduct alleged by customers, that we’ll get to."

"TransMedics has been reported to hold its device hostage, withholding access to lifesaving technology unless hospitals agree to utilize TransMedics aviation's costly planes."

"NRP is going to rapidly utilize, and that a trickle-down effect from larger centers will lead the smaller centers - TransMedics last bastion of usage - to wind down as well."

"Paragonix is just cold static storage but they maintain a temperature between 4 and 8 degrees, they’re not freezing and they’re maintaining them at these ideal temperatures."

"Value Proposition: Trian believes Mr. Zatta's extensive experience in the specialty chemical sector will allow him to bring valuable industry experience to the DuPont Board."

"Trian finds it inconsistent for management to take credit for the sharp snapback after the Great Recession while not also accounting for DuPont's performance into the trough"

"Based upon color from an ex-employee and a trial investigator, we suspect this participant may have been hospitalized in the UK for pulmonary edema with cardiac involvement."

"Families indicate concern that their child’s edema may be difficult to detect in time due to their body mass and/or non-verbal status and inability to communicate discomfort"

"Since PWS are already at high risk for cardiovascular disease, this mechanism-based fluid retention caused by VYKAT XR is of particular concern in this sensitized population"

"Though PepsiCo does not disclose its international beverage margin (1/3 of sales), we estimate its global beverage business has a 12% EBIT margin – well below beverage peers"

"attempt to do so, in our view, is because we caught management red-handed and they are sophisticated enough to know that misleading us further could increase their exposure."

"Everybody's sort of getting some side effect. If they're getting nausea and anxiety for eight weeks and they're not getting any relief, nobody's going to endure it for that."

"The plaintiffs asserts that approximately 60% of all robocalls and spam calls placed in the United States are routed through the Onvoy network to U.S. consumers' telephones."

"We believe IONQ's purchase of Qubitekk on December 27th, 2024, was primarily used to inflate bookings and create the false appearance of ongoing government support for IONQ."

"We Believe Insider Sales of $396.6 Million During Passage of The FY25 Budget Shows Management's Lack of Confidence in IONQ's Commercial Prospects, and May Have Been Illegal."

"Thank you. I heard great things about Rixos spa and their special massage. How old are your masseuses? All Egyptian? I'd like to pre book a private session for several days."

"How is a company needing to raise US$343,000 suitable for an US$80 million contract and supposedly big future opportunities that investors value in the hundreds of millions?"

"TSMC will keep a minimal share for Lasertec...we believe [Intel] purchased Lasertec because they want to have some leverage power with KLA because KLA’s price is even higher"

"Intel and TSMC are using three different workarounds due to problems with Lasertec’s EUV machine; customers are misrepresenting non-EUV inspections and claiming they are EUV"

""With respect to pricing, for the 6th consecutive quarter, we saw an improvement in our price per seat on a year-over-year basis." — CFO Dylan Smith, Q3 FY2020 Earnings Call"

"Standard CAPM assumptions are basic things that are simply untrue in many foreign markets such as perfect markets, diversified investor portfolios, and information symmetry."

""Tower leasing is commonly described as one of the best business models out there for a reason: it’s one of the best business models out there." — MoffettNathanson, May 2019"

"Curtailment requests from ERCOT are rare, less than 3% of the time according to Marathon Digital's CEO (and confirmed in our conversations with other industry participants)."

"“The organization structure was always a pain point. It’s arbitrary. The clients don’t view the world the way ADP thinks about it.” — VP of Strategy and Business Development"

"More Consistent Free Cash Flow Growth. Transition to annual billings for product subscriptions reduces FY24 FCF, but accelerates FY25 & FY26 FCF — Autodesk Investor Day 2021"

"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"

"SoFi IR confirmed: "seller financing" arrangement | CFO Lapointe: "investment-grade equivalent" | 10-K: zero credit loss allowance — Documentary Evidence (December 20, 2023)"

"“...he did not believe that the Celgene Board would accept the proposal...and noting that reaching a definitive agreement by January 2, 2019 would be difficult.” — Mr. Alles"

"…ICMS made significant capital investments toward the implementation of the program in a value well beyond the par value of shares — OSI Systems (as quoted by Muddy Waters)."

"Mr. Iger’s work with the Succession Planning Committee: the Committee’s only accomplishment was to extend Mr. Iger’s contract by two years, including a significant pay raise"

"A&E agreed to pay HBO $2.5 million per episode of The Sopranos beginning in 2006. — Jacques Steinberg, A&E Buys Rights to Rerun "Sopranos", New York Times, February 1, 2005."

""we have a different profile than any of the big diversified media companies because we do have some of the Internet superspice in our portfolio – namely AOL." — Mr. Parsons"

"“it’s painful, extremely painful” — Anonymous Customer. “it would be stupid to buy more machines” — Anonymous Customer. “the discussions are really hard” — Ex-KLA executive."

"(24) our belief that our pipeline for acquisitions is strong, our plans to seek new acquisitions and expectation to make additional acquisitions in 2023; — Rollins 2022 10-K"

"“20% of our revenue comes from deepwater […] It’s the most profitable revenue stream that we have. So, deepwater will be the key as we go forward.” — David Demshur, May 2013"

"A former Lianjia agent in Shenzhen published a tell-all blog in 2020, revealing that BEKE company policy was to go as low as 2% on commissions, despite official rates of 3%."

"Those same dollars could have been spent on reinforcing, expanding their own base operations. — Michael Heim, Elliott nominee for PSX’s Board and Co-Founder, Targa Resources"