Callouts & quotes from 37,061+ activist slides

"The Board and management's flawed response is costly: Norfolk Southern has reserved $1.1 billion in charges so far as a result of the 2023 derailment in East Palestine."

"I'm worried that [the satellite] will shake itself apart and create a giant cloud of debris that will last for 10-15 years and I'm not usually a big space junk worrier."

"In terms of profitability (or lack thereof), Carvana has historically made money selling used car loans at a premium while losing a tremendous amount selling used cars."

"At Sony's current share price the stock is trading at a 7% (12% normalized for semiconductor growth spending) unlevered free cash flow yield, based on this FCF guidance"

"Because cloud infrastructure can be rented from MSFT/AMZN/GOOG, we think having access to that infrastructure is not a critical differentiator for any streaming service"

"Stated that Vykat’s rep failed to explain why physicians couldn’t use generic diazoxide suspension instead, which is already used extensively for infant hyperinsulinism"

"Total shareholder returns have significantly underperformed large-cap snacks and beverages peers (along with the consumer staples index) over an extended period of time"

"The clear pattern of the drug’s toxicity, combined with extensive comorbidities in narcoleptics like obesity, diabetes, and cardiac issues, sets the stage for disaster."

"Patients posts on Facebook groups corroborate KOL’s concerns of flooding the spine with high frequency, indicating alarming and widespread problems with Nevro’s device."

"Increases alignment with shareholders (i) represents substantial incremental investment by management, and (ii) fees to investment manager reduced by approximately 8.5%"

"This apparently caught the attention of someone at Moxian, who finally filed the annual report due 10/31/2020 on 06/09/2021 - almost a month after this was made public."

"Given the lack of meaningful profitability or growth throughout this brand portfolio, the remaining goodwill of €257.5M on HelloFresh’s balance sheet appears excessive."

"There are several flaws of the DCF analysis. First, it's entirely dependent on assumption inputs. These inputs, such as growth, margins, and CapEx, are very subjective."

"RILY essentially paid ~$50 million to close the deal so that it could receive ~$50 million in fees on its income statement in what appears to be a circular transaction."

"SGH's baffling diversification strategy since mid-2018, after the WTO ruling became clear, is incapable of back-filling the loss of its subsidy-dependent profitability."

"This makes us think that adding a module is almost as expensive as adding another Pheno system, because the savings on the shared Computer and Screen are insignificant."

"The effective result of EH's conflicting claims is two different sets of beliefs between investors in the US and investors in China – neither of which is actually true."

"I’m telling you, the problem...started two years ago and they said that we cannot ship...they are not shipping because it’s a liability...it’s consuming all the margin."

"They found no evidence, indicating once again that its only purpose is finished goods storage and that the wrapping is not being removed for any testing or fine-tuning."

""Order completion rate" is defined as the sum of daily unique customers who complete a transaction over the sum of daily unique customers who sign-in." — IPO Prospectus"

"Mr. Weimann had another question: If there were any results, the next question would be how these would affect the balance sheet and the income statement? — Mr. Weimann"

"We've completed the strategic priorities that we laid out in 2022, enhanced in 2023 and committed to achieving by the end of 2024. — Mark Lashier, Q4 2024 Earnings Call"

"“rubbish” and “hype” - “contrived” self-serving exercises based on “mock problems” or “a toy problem” that “has no real application.” — Ex-employees and leading experts"

"We've completed the strategic priorities that we laid out in 2022, enhanced in 2023 and committed to achieving by the end of 2024. — Mark Lashier, Q4 2024 Earnings Call"

"The authors admit that a "hospital admission with a diagnosis of AF" is actually "not specific for the presence of AF" and "could be used for admission to rule out AF.""

"This issue from our perspective is an attempt to sow confusion where none exists. We have been perfectly clear about how our IFRS value accounting works. — Chris Bogart"

"“Our markets today are growing somewhere between 3% and 3.5%. We want to do a bit better than that consistently” — David Taylor, P&G 2016 Analyst Day, November 18, 2016"

"“What was instilled in me, and I remember very vividly the values of hard work and independence, and to this day I value those tremendously in my life.” — Brian Coffman"

"A former manager at e.l.f. Shanghai knowledgeable about ELF's sourcing told us that ELF used airfreight during Covid, but largely stopped when supply chains normalized."

""Amdocs is sinking and sinking fast!!!" — Anonymous Employee. "Dead End!" — Systems Architect. "Really bad!!!" — Former Employee. "Not recommended" — Software Engineer."

"XL had sourced in charging components from two different manufacturers… XL Grid, when I was there, there was no actual product development on it. — Former XL Employee D"

"I would note that post-closing; we will be redistributing MSCI's corporate allocations across our segments, which may impact our segment margins. — Deal Call (Aug 2021)"

"「レーザーテック製の装置の場合、信頼性が悪くて、使い勝手が非常に悪い。本来なら期待される高い90%台に近くもない。全般的に聞いている話で、共有できるのはそれくらいです。これはとても重要視される課題です。生産活動の助けになる、と期待される装置にたくさんのお金を注ぎます」 — KLAで極端紫外線マスク検査を担当した、元エンジニアリング幹部"

"Bernstein believes that China's WFE self-sufficiency ratio (ie, the percentage of WFE purchases in China from domestic suppliers) could more than double to 36% in 2026."

"while there will always be cost savings when you bring two companies like these together, the opportunity in this transaction is not based on reducing head count. — CEO"

"an additional major concern with the SCS efficacy studies: they tend to be industry funded with numerous financial conflicts of interest. — Yale and Johns Hopkins paper"

"I think buyer commissions are going to become unbundled from seller commissions and buyers are going to have to pay their own agents directly. — Former Senior Executive"

"We've completed the strategic priorities that we laid out in 2022, enhanced in 2023 and committed to achieving by the end of 2024. — Mark Lashier, Q4 2024 Earnings Call"

"The Mayor's Office of Special Enforcement Sues 'Concierge Service' to Illegal Short-Term Rentals for Raking in Millions from Airbnb — NYC Office of Special Enforcement."

"I think it's really important, powerful that Keith Creel, Pat Ottensmeyer, and Claude Mongeau said [Mr. Orr] is the guy. — Mr. Shaw, Apr. 10, 2024 virtual fireside chat"

""Jim's gotta go," was a common refrain and "that would be worth a few EBITDA multiple turns in valuation" often followed. — Market participants at G2E gaming conference"

"Webster’s Dictionary Defines a Robot as “a machine that can do the work of a person and that works automatically or is controlled by a computer.” — Webster's Dictionary"

"Thrilled to announce that the @USAirForce has awarded @ArcherAviation with an unprecedented contract valued up to $142M, the largest eVTOL commitment yet. — Nikhil Goel"

""In some embodiments, the pulse time duration of each biphasic pulse is in the range from about 0.5 nanosecond to about 20 microseconds." — Farapulse Patent Description"

"We engaged a former CIA behavioral analyst and polygrapher to analyze Ströer’s written response and the transcript of the call. He found numerous indicia of deception."

"Pershing Square exited our investment after prospective returns became more modest following a total shareholder return of 73% in the 19 months that we owned Starbucks"

"Elliott has nominated four highly qualified candidates with best-in-class experience in refining and midstream operations, capital allocation and complex transactions."

"Significant share price underperformance driven by declining same-store sales and recent store repurchases that earn a return below Buffalo Wild Wings' cost of capital"

"We believe international franchising could add ~$50-80+ per share in value over time, which would accrete significantly from additional capital allocation efficiencies"

"A new board-level committee, assisted by independent advisors, will lead a comprehensive business review to modernize Southwest and restore best-in-class profitability"

"Public real estate companies have access to multiple financing options unavailable to private real estate companies, including public equity and public unsecured debt."

"The Ghanaian investment appears to be overvalued particularly when compared to their discounted cash flow model valuation and the unjustified increased purchase price."

"It remains unclear how Procept accounts for costs associated with system rentals, and we suspect such activity may be contributing to recent increases in gross margin."

"Tessera's current strategy of developing and selling products in Digital Optics creates a clear conflict as customers for Digital Optics may also be licensing targets."

"When asked about long-term EBITDA margin potential, we observe that Dycom's former Chairman & CEO's response has become less specific and increasingly vague over time."

"ADP does a real good job of trying to look at ways to maximize margins, but you do it on a cadence that perhaps isn't at a pace that we are going to try to accelerate."

"In our opinion, the implied EBITDA multiple of ~20x (based on the purchase price of C$985m and LTM EBITDA ~C$50m) is evidence Canadian Tire over paid for a lousy asset"

"If achieved, the $14 billion 2025E mid-cycle EBITDA target translates to $9 billion of free cash flow, which at a 10% free cash flow yield implies a >$205 share price."

"Olive Garden has proven it can overcome much more severe problems than it is facing now – it is time to give Olive Garden the leadership it needs to succeed once again"

"A 10-year, $10 million agreement by IPX to fund research at the Titanium Additive Manufacturing Center has not been disclosed or discussed in IPX’s securities filings."