Callouts & quotes from 37,061+ activist slides

"An industry executive highly familiar with Sunnova's business model suggested that by evaluating Sunnova's position with Porter's Five Forces its positioning would be weak."

"BLI's marketing revolves around the notion that its machine is faster, not that its technology enables radically different capabilities than currently used lab instruments."

"DSR Ventures presents itself as an angel investor, yet we found no public record of meaningful startup investments, no company website, and no employees listed on LinkedIn."

"Nearly 40% of the operating companies in B. Riley Financial, Inc.’s 13-F either issued going concern warnings or discussed going concerns in their respective Q3 2022 10-Qs."

"We view missing interest income as a reliable indicator of missing cash and a more than reasonable basis for questioning the legitimacy of QTT’s cash balance and liquidity."

"The market value of Southwest’s aircraft ($17B) exceeds the TEV of Southwest, implying no value from operating the largest domestic airline beyond the value of the aircraft"

"INOD’s executive team utilizes a veritable library of AI buzzwords in earnings calls and press releases, but our research shows their AI platform is more fiction than fact."

"As shown below, a picture taken of Trulieve's “Dutch Hawaiian” cultivar by a Florida medical patient shows that contaminated flower has been sold as-is to Florida patients."

"For every dollar in biological assets, Trulieve is able to generate the least amount of dollar sales. This strongly suggests that the mark-up on these assets is overstated."

"This seems like an outright lie, given that the signing ceremony was covered by local news in Korea and that Goldrone itself made a special announcement about the contract."

"The Cymer scientist stated that it is impossible for Lasertec to replicate a tin plasma-based LPP source similar to ASML’s, as it claims with its new “Urashima” technology."

"The world's largest chipmaker's experience with Lasertec has been a disaster, not only with its ACTIS EUV systems but also with its outdated, previous-generation DUV tools."

"In other words, if DKNG pivots into exchanges in the coming years, the TAM expansion opportunity touted by sell-side equity analysts and others might not meet expectations."

"This case involves a financial reporting fraud at AXM Pharma, Inc. (“AXM”) during its second quarter of 2005 (the quarter ended June 30, 2005). — SEC Cease and Desist Order"

"Based on my own informal survey, many fund managers have no idea of the breadth of tools available to them to improve corporate governance at their companies — Seth Fischer"

""We’re excited to work with DriveTime to provide committed financing that frees up capital it can use to grow its business," — Tim Russi, president of auto finance at Ally."

"“I think a good way for you to think about it is $1 of [new] revenue costs us about $1 of sales [and] implementation expense.” — Gary Butler, ADP Former CEO (February 2009)"

">70% of '25 EBITDA comes from more defensive midstream, chemicals, and marketing segments – all premium multiple businesses vs refining. — Bank of America, October 17, 2024"

"“never saw” — Ex-employees. “out of the lab for real use,” — Ex-employees. “spaghetti” — Ex-employees. “garage size” — Ex-employees. “small adult elephant.” — Ex-employees."

"Growth-oriented investors have become increasingly frustrated with the evasive revenue growth reacceleration and the additional pressure on margins. — J.P. Morgan 10/6/2010"

""So, this is the framework that we use at Alcoa to look at sustainability, and it starts with the shareholder value in the center." — Dr. Klaus Kleinfeld, November 10, 2010"

">70% of '25 EBITDA comes from more defensive midstream, chemicals, and marketing segments – all premium multiple businesses vs refining. — Bank of America, October 17, 2024"

"In terms of TurboTax Live, we intentionally do not report the actual numbers in TurboTax Live other than just our growth rate. — Intuit CEO Goodarzi, FQ3 2021 Earnings Call"

"In February 2020, QuestMobile published a special report titled “China Mobile Internet Amid COVID-19 Plague” which shows that IQ overstates its DAU numbers by at least 42%."

"“Yeah, Josh. I’ll take the first question, as you think about the process, right now we won’t comment on that, just given where we are in the process.” — CFO, Stryker Corp."

"A 2005 UNDP report predicted that the dam was at "a point of potential collapse," a failure that could release up to 55 million cubic feet of water downstream into Nigeria."

"According to a former executive we spoke with, these were legacy issues which were not likely to have been completely unknown by the management team from the 2018 spin-off."

"“looking back now, we don’t really need [ad exchanges]. It’s not a core part of the business,” when we spoke with her. — Ströer's internal investor relations representative"

">70% of '25 EBITDA comes from more defensive midstream, chemicals, and marketing segments – all premium multiple businesses vs refining. — Bank of America, October 17, 2024"

"There are 224 U.S.-listed companies (with $1.8 trillion in combined market capitalization) where the PCAOB faces obstacles in inspecting the principal auditor’s work. — SEC"

"Если мы правильно поняли ваш запрос, для размещения 4 девочек и сопровождающих потребуется 4 двухместных номера с раздельными кроватями. — Mövenpick Hotel Samarkand Manager"

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People’s Republic, Russia (14-17 years old). They will be in transit to a have?"

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old). They will be in transit to a have?"

"“当时，我在思考一个问题，跟谁学是由B端和C端用户构成的一个学习服务型的教育O2O平台。就像淘宝是由1千万卖家中小企业和20亿买家用户构成的交易平台，所以我一直认为一个大型的教育O2O平台要着力发展C端用户是必不可少的。但是，谁来做？我来做，这才有了现在的家长家。” — Xiao Xiong (Founder of Jiazhang Jia)"

"I have spoken to our legal and HR department; it’s actually tricky to provide any employee details without approval from the employees and German law is quite strict here."

"Nuvei only reports revenue in one operating segment, and at a most basic level, does not give much insight into the mix of its merchant revenue across "complex" verticals."

"In our opinion, the currently existing policies evidently reflect the fact that public schools and private schools enjoy the same unified standard of tax policy treatment."

"To provide the real change Campbell shareholders deserve, Third Point seeks to replace the entire incumbent Board with an attractive new slate of highly qualified nominees"

"A Partner At Joy’s firm, Herman Turkstra, was a Director of Philip Services and the law firm received fees of C$769K, C$921k and C$516K from 1995-1997 (Source: prospectus)"

"When we type in “Generac Power Systems” on Facebook, the first advertisement we saw was for Geneverse products. Scrolling down further, we saw advertisements for Goal Zero"

"There is clear evidence that ecobee's revenues were greatly diminished in the past few years and have fallen wildly short of its goal to hit $1 billion of revenue by 2020."

"Insiders have been selling aggressively over the last six months, just as Ally cut back on its lending to Carvana and as earnings became more dependent on one-off drivers."

"The EJV never achieved “normal operations”, and neither the plans for the manufacturing facility, nor any additional land utilization or forest acquisitions were executed."

"ADP’s insular, bureaucratic, and staid corporate culture causes the Company to trail competitors in recruiting talent, eroding the Company’s long-term competitive position"

"We believe CTC will be unable to maintain its current level of capital return given its current leverage and need to delever in order to maintain its current credit rating"

"It is unfortunate that you have wasted one and a half years failing to reposition the Company to take advantage of the long-term growth opportunities in transition metals."

"We believe Autodesk can achieve these targets through approximately $350 million of net cost savings and 55% incremental margins on consistent revenue growth expectations."

"We believe adding yet another layer between management and the guest has only exacerbated Darden's #1 problem - a lack of focus on the day-to-day in-restaurant experience."

"Consumables make up a growing percentage of Family Dollar’s sales volume. Growth in consumables is responsible for most of FDO’s recent traffic and same-store sales growth"

"The spread between sell-in and sell-out prices increased $10 per tire, equating to ~$400 million on 40 million U.S. replacement units (~205 basis points on 2023E revenue)."

"Spruce Point is concerned that at IPX's stated production scale goal of 10,000 tpa, we estimate the Company would be ~20% - 30% of the global annual titanium scrap market."

"To the extent this is true, we believe it would create another major challenge for IPX's supply chain in validating that its titanium scrap is authentic and unadulterated."

"Volkswagen employees indicate that engineers and battery experts internally are highly skeptical of Quantumscape’s claims, getting “nice Powerpoint slides” and little else"

"At this point, Ritchie Bros.' share price is essentially unaffected by the transaction announcement – meaning Luxor's hyperbolic and reactionary claim should be dismissed."

"No doubt retail is a tough business, but BOOT's executives and Board members have been associated with an unusually high number of retailers that ultimately went bankrupt."

"We believe adding yet another layer between management and the guest has only exacerbated Darden’s #1 problem – a lack of focus on the day-to-day in-restaurant experience."

"Maxar is expensive relative to peers when considering its declining growth profile and adjusting for its inflated Non-IFRS metrics that analysts give it unjust credit for."

"Yahoo's potential has been diminished by failed management and governance at the highest levels (i.e., CEO and Chairman positions), but new opportunities await new leaders"

"Spruce Point has a successful track record of identifying inflection points in consumer and medical product companies well ahead of sell-side analysts and other investors."

"In our view, there continues to be a clear lack of operating discipline at the management level as well as ineffective oversight from the Board of Directors (the “Board”)."