Callouts & quotes from 37,061+ activist slides

"Based on Wilson's comments, Element AIM is expected to contribute $24-$27 million in revenue in 2022. Given the history of delays and obfuscation, we are highly skeptical."

"One of Nevro’s biggest implanters had about 300 Nevro devices implanted and he didn’t know that they were all failing because the reps were fielding all the patient calls."

"It has been clear for some time that PwC will never issue an unqualified audit opinion. NQ’s statement that PwC has requested a broader audit scope is a misrepresentation."

"This report first analyzes the pillars of the investment case for Ströer by closely analyzing its financial performance, and dissecting how it reports the numbers it does."

"The majority of ROVI’s limited “growth” in “core” product revenue is due to subscriber growth at ROVI’s customers, not ROVI acquiring new customers or selling new products"

"Engaged Capital's work with other portfolio companies has resulted in the successful implementation of 77 value creation initiatives in the last two and a half years alone"

"Our Value Optimisation Plan is designed to unlock Capricorn's intrinsic value of 315 pence per share in the near term and a further 85 pence per share over the medium term"

"We believe that it is unlikely that Disney can realize its full potential if it refuses to sufficiently right-size expenses in legacy businesses that are growth challenged"

"Ultimately, the lack of recognition for HHH’s portfolio and accomplishments by the market led to our decision in August 2024 to evaluate potential transaction alternatives"

"Q1'25 marked the lowest gross margin quarter for Limbach's ODR segment since Q1'23. The margin decline raises concerns over the sustainability of Limbach's margin profile."

"Current investors are paying a significant premium to the Company’s historical valuation – and that is on the Company’s suspect adjusted metrics taking them at face value."

"Shareholders should be alarmed that the Board and Mr. Shaw willingly gave up a valuable asset to their closest competitor in exchange for hiring an inferior COO candidate."

"Applying 8x our estimate of 2028E EBIT (incl. stock-based comp), and subtracting year-end 2025E net debt, implies a fair value of $13 per share, representing 88% downside."

"New Sony will benefit from perceived "scarcity value": High growth, low capital intensity, and levered to the most important secular growth drivers across the media space."

"The first publication that we can locate with analyzable HbA1c and fasting glucose data is a May 4, 2024 poster by Gevers, Miller et al. with Soleno's Bhatnagar and Cowen."

"if we're able to have that resource for the suspension versus the tablet, interchanging the dosages, I think that's going to help the docs a lot for prescribing off-label."

"TIP REIT has many of the same features of Treasury Inflation Protected Securities (TIPS). However, TIP REIT has the added benefit of a growth platform and no “Phantom tax”"

"One ex-territory manager explained it as a textbook off-label scheme: “the trick was to get it covered under cataplexy…now, we market it for – I don’t know what we said….”"

"Our literature search going back decades failed to locate a single study demonstrating a correlation or index of histamine levels vs. t-meha, whether in rodents or humans."

"Just Business invested $1.25 million into ABML while Mr. Batstone will receive ~1/5th of that investment back in equity and $120k annually in exchange for this board role."

"We expect litigation in this space to increase in volume and breadth as parents push regulators and legislators to crack down on companies using children's data illegally."

"Another CoreCard employee, Gerald Pereira, was also simultaneously working at Globe Teleservices, New Vision, and CoreCard, up until 2016, according to his LinkedIn below:"

"Our analysis indicates that the CEO and the other pre-IPO members have taken more than $900 million off the table through a combination of different methods since the IPO."

"All four confirmed that the machines were so instable that each one required 3 full-time Lasertec field service engineers, for a total of 9 just in Intel’s mask shop alone"

"Although Lasertec’s entire “monopoly” position in EUV mask inspection is based on its purported ability to inspected masks with a pellicle, the tool cannot reliably do so."

""Presently, there are no companies in the U.S. or globally that can recover over 20 different metals from over 200 complex feeds." — Umicore US Senate testimony on 6/24/20"

"Gross profit per employee is not a relevant performance indicator for Ströer. Within the context of a growth strategy, it may well come to temporary setbacks. — Udo Müller"

"“Mens rea” is Latin for “guilty mind”, and is a foundational legal concept in many jurisdictions. Simply put, it’s the intention to commit a crime. — Muddy Waters Research"

""We do not believe that Pershing Square's nominees would add value to the Board." — Target spokesperson; "Ackman campaign for Target like prize fight" — Reuters, 4/18/2009"

""RBA risks permanent destruction of billions of dollars in shareholder value, as evidenced by the market's reaction to the announcement of the IAA Merger." — Luxor Capital"

"There’s always a desire to burn off more [tissue], and Acutus can cater to that desire by really pointing to what should be further ablated. — An EP treating persistent AF"

"A McKinsey survey revealed that 72% of district leaders have expressed concern over their ability to continue funding pandemic era obligations after stimulus funds expire."

"“Exiting investments that present a high sustainability-related risk, such as thermal coal producers” — BlackRock CEO Mr. Larry Fink, ‘Dear CEO Letter’, January 14th, 2020"

"Future lease payments exclude approximately $514.0 million of legally binding minimum lease payments for operating leases signed but not yet commenced. — FND 10-K Footnote"

"entirely driven by other companies contracts. Amdocs is not a product oriented company - services are the primary activity — Anonymous Employee, Glassdoor (June 20, 2018)."

"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"

"“Exiting investments that present a high sustainability-related risk, such as thermal coal producers” — BlackRock CEO Mr. Larry Fink, ‘Dear CEO Letter’, January 14th, 2020"

""I don't see why they couldn't. I mean, there's nothing proprietary about what PGNY is really doing." — Endocrinologist at Leading Fertility Clinic, Spruce Point Interview"

"“There was a Ginkgo employee that was dictating who could stay or who could go depending on whether they were yes-men or not kind of thing.” — Former senior-level employee"

"The way they did things - all of it definitely was not for me...I wasn't super comfortable with things, so I thought it was time to go. — Former TransMedics OCS specialist"

"“execution risk remains given the poor track record” — Morgan Stanley (May-2013). “We remain to be convinced that management can deliver a turnaround” — Nomura (Jun-2013)."

"“they didn't solve the problem, and we didn't solve the problem.” — Senior pharmaceutical executive/scientist, previously at Abbott and now at another major pharma company"

"Net installations is a good measure of organic growth and is calculated as total installations less total customer churn. — GTT Communications (Annual Report on Form 10-K)"

"Since our CEO transition, we have consistently outperformed what an investor could have earned by buying a synthetic basket of our segment peers. — Company Proxy Materials"

"Clearly, the financial combination is transformative for New Age, and we believe the level of acceleration from the transaction for shareholders will be outstanding. — CFO"

"Clearly, the financial combination is transformative for New Age, and we believe the level of acceleration from the transaction for shareholders will be outstanding. — CFO"

"Do you accept Russian credit cards? Additionaly, do you have some beautiful local masseuses at your spa? Is it possible to book private sessions at our number? — Requester"

"The combined $601 million of PSH share buybacks and $540 million of cumulative share purchases by PSCM affiliates have reduced the free float of PSH by 32% since the IPO."

"How can AVY have a “disciplined approach” to capital when it has no available cash. Notice that AVY does not list its $232m of “cash and equivalents” as a capital source."

"Generac hasn't given explicit margin guidance but was asked twice. Based on the CFO's response, it appears he materially pushed back EBITDA margin expansion expectations."

"We are concerned that the Board’s actions were not only self-serving but also directly adverse to the best interests of shareholders and their ability to elect directors."

"Yet, already, it seems clear to us that entities related to the Ward family have been active competitors to SandRidge Energy in the acquisition and sale of mineral rights"

"In 1998, the Leizhou Forestry Bureau finally lost its patience and submitted a letter to COFTEC containing numerous grievances, and requesting that the EJV be terminated."

"Then we come to the issue of supervisory board selection. This is one of Muddy Waters' central charges. They say, OK, we have a supervisory board that is not independent."

"Peloton is a unique franchise that can thrive from here. Instead of focusing on growth, management will need to focus on the durable subscription model and profitability."

"We estimate that Monolithic has spent $126m on land and properties, which dwarfs spending on M&A and share repurchases, and is surpassed only by $192m spent on dividends."

"Why does Monolithic need to have so much square footage per employee? MPWR's 381 sqft per employee is the highest among peers, and well above the industry average at 312."

"Our analysis focuses on a "Net Operational Profit Margin" to isolate float income (including the overstated credited yield) and to properly account for corporate expenses"

"Implementation starts with a great leader for the brand with a vision for Olive Garden, paired with transformational energy to motivate the people within the organization"

"Thanks to the comically named 2012 JOBS Act, the “Reg A+ offering” offers a way for dog shit companies to go public while avoiding the stigma of a reverse merger listing."