Callouts & quotes from 37,061+ activist slides

"Weis Markets is the most expensive U.S. supermarket masking -1-2% organic decline with aggressive accounting and shrinking disclosures; Spruce Point sees 45-65% downside."

"By making this change, it will reduce its accounts receivable outstanding, artificially enhance its operating cash flow, and make its cash conversion cycle appear better."

"Multiple current employees at Joyn as well as ex-employees of Ginkgo described the day-to-operation as more like a subsidiary of Ginkgo or captive team within the company"

"The use of “Robots” – capitalized, even – is consistent with Ginkgo’s compulsion to mystify and hype the mundane, while even Hamilton refers to them as merely “machines.”"

"PBH removed its principal customers disclosure and commentary on its ability to capitalize on “a number of important strategic opportunities” from its 2020 Annual Report."

"Online retailers have a clear advantage over suppliers such as PBH. Retailers can select the order of product offerings on their sites, driving traffic to its own brands."

"PBH removed its principal customers disclosure and commentary on its ability to capitalize on “a number of important strategic opportunities” from its 2020 Annual Report."

"Despite all the excessive optimism that MGPI is a booming whiskey/bourbon producer, we point out that its net food grade alcohol sales growth has been recently declining."

"MDC Partners reported frequent bank overdrafts before shares collapsed, and an SEC investigation commenced. Its CEO and Chief Accounting Officer were ultimately replaced."

"It appears that Solvency II did not anticipate negative bond yields, as holding debt with locked in negative yields can’t possibly be safer than selling and holding cash."

"We estimate that this defection and competition will decrease 2022E revenue by 35% and levered free cash flow by 80%, while net leverage should balloon to more than 8.0x."

"We find it strange that Heska only acquired a majority stake in Biotech Labs. If the company and market opportunity are as promising as Heska claims, why not buy control?"

"Inexplicably, the board declined to retain this consultant (or any other consultant of comparable reputation and quality) to pursue this path to create shareholder value."

"The biggest recent change is that revenue is no longer reduced by estimated amounts due to its credit card partner. This could be a lever used to inflate current revenue."

"Our thesis remains unchanged: that ONP is a fraud and thus we maintain our “Strong Sell” rating in light of the following items we detailed in our initial research report"

"We believe the typical distributor earns less than $100 per year before expenses. Only the top ~0.1% of Herbalife distributors earn enough to “achieve financial freedom.”"

"According to Pereira, Tim Smith demanded he give up 30% of his compensation to the "Bainbridge Five", a group of insiders who essentially maintain control of the Company."

"Feb 2, 2016: Sole shareholder Stephanus Janke provides long-time Vitek-associated attorney Tomáš Rybár the authority to make all decisions for Marc Gilbert International."

"It is unclear what Vitek actually paid for Hull 607, but the intention seems to have been for it to cost double the €6.2 million deposit amount – i.e., for €12.4 million."

"BUR also misleads investors about the egregiousness of its fair value accounting by very cleverly conflating two distinct concepts: Realized Gains and Net Realized Gains."

"「トロフィーは誰も出入りしないキュービクルに置いてあります。当社としては騒いだりするような出来事ではありません。PRのためにニュースリリースを出しますが、社内では特に話題になっていません。ところで、今の時代においては、インテルは決して最先端な企業ではありません。したがって、インテルが賞をばらまいても、誰も＜中略＞。全く価値のないものです」"

"Spruce Point notes that even retail investors have grown tired of management's promotional attitude and penchant for over-promising and under-delivering on lofty targets."

"Part 1. TransMedics National OCS Program (NOP): an unsustainable, anti-competitive scheme based on what we believe to be coercive tying, price extortion, and retaliation."

"The CEO’s denial was absolute and unambiguous: "the allegations of anticompetitive business practices are unfounded...none of these actions are practiced by TransMedics.""

"Some livers were refused on cases I was on because they took too long from incision to getting the liver out or they took too long between cross-clamp and reconstruction."

"Some livers were refused on cases I was on because they took too long from incision to getting the liver out or they took too long between cross-clamp and reconstruction."

"Vanderbilt indicated that TransMedics “absolutely” has no value proposition, with an exodus from the device among the top centers and those who participated in its trials"

"The combined experience of our nominees and our proposed management team can take Norfolk Southern from worst to first, but it requires replacing a majority of the Board."

"He may be nominally independent, but Mr. Mongeau has repeatedly shown that he is not capable of advocating for shareholders' interests when they conflict with management."

"The combined experience of our nominees and our proposed management team can take Norfolk Southern from worst to first, but it requires replacing a majority of the Board."

"This gives management a strong incentive to be inefficient users of capital, as any dollar shifted from operating expense to capex has a direct benefit to key executives."

"Significant Valuation demonstrated by market value of IEP's public subsidiaries and Holding Company interest in Funds and book value or market comparables of other assets"

"The bottom line is this is going to be a challenge, and an oral solution or even an injection would be preferable to a daily pill of this size that has to be taken whole."

"GLP-1's likely to work better for PWS than Vykat; "really good results"; excited about trials and other options vs. Vykat; Soleno already trying to market against GLP-1's"

"There were no transaction costs associated with acquiring Crank Logic, and none of the acquisition-related compensation expenses was attributed to the acquisition either."

"Harmony Biosciences is a house of cards, built on an extensive scientific, clinical, and commercial fraud designed to exploit every weak link in the US healthcare system."

"Spruce Point believes that a major and growing risk is that as MSCI expands, it is encroaching into more direct competition with BlackRock, which is its biggest customer."

"Investors should carefully consider Nova’s previous side-ventures while evaluating its likelihood of success in developing the Estelle Project and its antimony ambitions."

"We believe the typical distributor earns less than $100 per year before expenses. Only the top ~0.1% of Herbalife distributors earn enough to “achieve financial freedom.”"

"The timing of these acquisitions and the shift in rhetoric suggests management was aware of the impending disaster in Brazil and were now scrambling to dilute its impact."

"In our view, it is fair to conclude that this chain of events a) is unnecessarily complex for an above-board transaction, and b) creates ample opportunity for wrongdoing."

"AOC vermarktet sich selbst als disziplinierter Value-Investor, aber seine Kampagnen fielen immer wieder mit bargeldintensiven Turnarounds und negativen Renditen zusammen."

"Disney appears to have paid 26.5x 2018A EBITDA for Fox’s traditional media assets (excl. Hulu) whereas comparable media transactions were completed at 11.9x LTM EBITDA(1)"

"The lack of any apparent R&D or production activity at the Innovation Park is troubling given Lasertec management’s ongoing claims that it became operational in mid-2023."

"Despite spending approximately $557 million, or $26.65 per share (vs. current price of $8.03), in R&D and acquisitions from 2007 to 2012, enterprise value declined by 77%"

"Cenay Iletisim (after it had already gained the shares and consequently significant dividend payments) pales in comparison to the put option liability incurred by Fintur."

"Sandell intends to vote against the deal, encourages fellow shareholders to do the same and seeks to have the Company run a proper auction to maximize shareholder values."

"The court-appointed special manager of his assets stated that Reifman was a “slippery, clever man who stops at nothing and does not recognize the authority of the court.”"

"“We were after the higher-risk-tolerant VCs who didn’t demand a lot of detail,” Albano said. “We got the $2 million with no questions asked.” — Albano (Sakti3 co-founder)"

"Keisei Vision for 2030: "We contribute to sustainability through community partnerships and by enhancing Narita Airport, the entrance to Japan." — Keisei Electric Railway"

"The boss, Ding Shizhong or Wu Yonghua have their investment in this company, and they control their subsidiary through this Yundong Company. They call it Yundong. — Mr. A"

"Dropbox, at first was a lot easier to use. It seems like a lot of these new things have really 'gummed-up' the smooth and easy way that Dropbox had. — Spruce Point Survey"

"The Board says Jamie Boychuk "offers more downside for Norfolk Southern than upside" and that "his track record as an operator is not inspiring." — Norfolk Southern Board"

""I should say it is quite possible for China to realise yuan convertibility by 2015." — Li Daokui, People’s Bank of China (PBOC) Monetary Policy Committee, September 2011"

""First, how much of the sales that you'd make in terms of final sales are sold outside the network and how much are consumed within the distributor base?" — David Einhorn"

"“First, how much of the sales that you’d make in terms of final sales are sold outside the network and how much are consumed within the distributor base?” — David Einhorn"

"「秘密が多すぎて、会社が隠していることが多すぎました……従業員であっても、いつまでも会社からちゃんとした説明ももらえない。レーザーテックは競合関連など問題となりうることは何もかも隠蔽しました。極端紫外線光源の大きな問題はもとより、小さな問題についても決して明らかにはしませんでした。稼働率あるいはそれよりも重大な問題……」 — 元エンジニア"

"「インテルが私のところに来て『すごい！勝利です。レーザーテックと組んだのです。ウシオは素晴らしい』と叫び、まるで祝勝会のようでした。同じ人間がこんどは『市場では各社顧客の装置からウシオ製の光源を抜き出して、Isteq製のものに取り替えています』と言っています」 — 極端紫外線リソグラフィーの名だたる専門家で、レーザーテックの顧客に近いA氏"

""This is not rocket science. What market research was done by Yahoo to determine Katie Couric should be the face of them on Snapchat?" — Eric Jackson, Feb 7, 2015, Forbes"

"On the 2016 Q2 earnings call, Rong Luo advised that GZ 1-1’s quarterly revenues as of August 2015 were approximately $2.5 million. — FY2016 Q2 earnings call, CFO Rong Luo"