Callouts & quotes from 37,061+ activist slides

"「仕入れ先を1社に頼るのは危険です。顧客としては選択肢がほしい。他社がソリューションを提供してくれることを祈っています。競争はあったほうがいい。KLAからお聞きになった見通しが現実的だと思います。KLAは本気で装置を開発すると思います。装置ができたら、業界にはいい影響をもたらします。12～18ヶ月以内の実用化は現実的だと思います」"

"完成品の入出荷、あるいはゴミの持ち出し、小さな段ボールの持ち込みなどのために、Fab 4Aのドックのシャッターが週に数回開く。その都度に内部の様子を撮影することができた。これらの動きを除いて、Fab 4Aにおける活動は感知されなかった。組立、試験、生産、研究開発などの活動が行われていれば当然あるはずのヒト・モノの動きは皆無だった。"

"New Red Lobster’s valuation will be hindered by its poor performance and likely trade at one of the lowest, if not THE lowest, multiple in the casual dining industry."

"If the program “If Time Flows Back” were priced at just 2x that paid by the TV stations, DDMC’s gross margin from its TV programs in 2018 would have dropped by 34.7%:"

"Chair Colleen Moorehead and her Board’s actions indicate that they will go to great lengths to maintain power and prevent shareholders from having their voices heard."

"Lasertec's particle contamination problem makes it highly problematic for P2 mask inspection – the only step in the inspection process where its EUV tool can be used."

"Since 2002, management spent over US$8 billion on petroleum exploration – when compared to current broker valuation, this appears to have resulted in a near 100% loss"

"A JV structure will provide Macy's with significant financial and operational flexibility, future optionality, and substantial ongoing free cash flow for Macy's OpCo."

"out, assets were moved from “other” to interests in jointly controlled entities, and profits/losses resulting from foreign exchange rates were moved into/out of COGS."

"As of the time and date of this report, Muddy Waters (defined below) is short the securities of, or derivatives linked to, FTAI Aviation, Ltd. (the “Covered Issuer”)."

"For P&C insurers, the impact was less pronounced, given the majority of their business is measured under the PAA. The percentage of change varied between -2% and +3%."

"Realty Income trades at a 2009E Cap Rate of 7.3%, an AFFO multiple of 14.4x, and a dividend yield of approximately 6.8%, implying a valuation of $227 / rentable sq ft"

"This churn rate is based only on those customers who removed the pixel. We are aware of customers who stopped spending on APP, but who have not yet removed the pixel."

"Weis is currently the highest valued regional supermarket on P/E and EBITDA despite negative organic growth, aggressive accounting and poor governance and disclosures"

"Pershing Square exited our investment after returns became less certain amidst the current macroeconomic environment and a wider-than-typical distribution of outcomes"

"Without the assistance of revenue acquired in Q4, we estimate that Verint would have missed its Q4 revenue guidance for FY19 (as of Q3) by a significant $9.6M (-2.9%)"

"Why is slow-growing VRNT trading on par with the transaction multiple of inContact - a business which has fueled NICE's recent organic sales growth of just under 10%?"

"Without the assistance of revenue acquired in Q4, we estimate that Verint would have missed its Q4 revenue guidance for FY19 (as of Q3) by a significant $9.6M (-2.9%)"

"Why is slow-growing VRNT trading on par with the transaction multiple of inContact – a business which has fueled NICE’s recent organic sales growth of just under 10%?"

"The FTC has concluded that nutrition clubs operate primarily as a tool for recruiting new members and that their expenses of operation often surpass any income earned"

"Moreover, we struggle to comprehend the market's willingness to ascribe a SaaS revenue multiple to a company that neither developed or owns the product it is selling."

"we say it’s like a drug where you try it and then you’re hooked. Nevro began utilizing QP’s in Q2 2018 and by Q1 2019, within 3 quarters, they were completely hooked."

"CLEAR's long-time partners no longer have equity interests in CLEAR and are now working with the TSA to offer a competing service to rollout its Touchless ID program."

"The President's compensation package below illustrates our new incentive structure with the maximum payout scenario rewarding management better than the current plan."

"This reduces Apple's earnings per share from $45 to $35. At a constant P/E multiple of 10.0x, the new Apple price is $350 or $100 less than the current price of $450."

"As has become an annual ritual, athena issued disappointing guidance ahead of its analyst day. [...] The company historically gets a pass for guiding below consensus."

"So, athena missed its top and bottom line estimates, and the stock almost quintupled in the three years through early March of this year. What might explain the move?"

"This excludes the $57 billion of net capital spent on acquiring Fox in pursuit of streaming scale as well as the over $9 billion required to take full control of Hulu"

"Given that the Trulia acquisition failed miserably to produce the synergies or financial results illustrated to investors, why has Zillow never impaired its goodwill?"

"This way GSX does not lose money. It just takes the RMB 1,000,000 and round trips it; we use ad placements in exchange for this brushing [bots or fake student users]."

"As we will show, this shift to providing expanded financing directly to customers came at a significant cost and transformed the underlying economics of the business."

"Nova is also competing with another Australian-based company called Felix Gold (ASX: FXG) which is promoting the Treasure Creek project 20 minutes from Fairbanks, AK."

"They initially got traction in lung. I think their peak year - and this is again where the company's dishonest. They won't tell you, but I can tell you what they did."

"The risk is exacerbated as livers are kept on the pump for 10-40 hours – far longer than the few hours in the pivotal trial – while surgeons “get their beauty sleep.”"

"DuPont’s Operating EPS declined by >7% over the last 3 years (2011-2014). Long-term success will, in our view, only result if operational performance is best-in-class"

"We think it’s instructive to look at Vivion’s Crowne Plaza Heathrow, Stockley Road, which is just another example of the egregiousness of Vivion’s misrepresentations."

"Although CoreWeave’s reported revenue concentration from Microsoft will decline once newly signed agreements with OpenAI begin contributing, this shift is misleading."

"Based on Patch's lack of an attractive measurable ROI and extremely high monthly rate card pricing, 70% of local advertisers do not renew when their contracts expire."

"Mr. Murren's new employment contract is an outrage to shareholders as he gets paid for staying in his chair not whether he is making or losing money for shareholders."

"We believe investors buying LSPD at 23x and 47x 2022E sales and gross profit are failing to see the titanic competitive shifts happening in its business and industry."

"This continued emphasis on “Power of One” and recent decisions by the corporate leadership could be making it tougher to form the next generation of beverage leaders."

"We do not understand how PepsiCo claims significant cost synergies between beverages and salty snacks but limited cost synergies between salty snacks and sweet snacks"

"A significant percent of the 30-35 patients in the phase 2 experienced a variety of serious adverse side effects, such as liver toxicity, blurred vision, and vomiting"

"We believe Harmony is aware of pitolisant’s bioavailability problem and that their claim of 90% oral bioavailability/absorption in the package insert is simply false."

"He provided an example of an underperforming territory where a new regional manager did "whatever it takes" to "all of a sudden" create an explosion in prescriptions."

"Danimer is attempting a task that has never been successful at commercial scale. While there is limited precedent, timelines and capital costs almost always run over."

"I don't think it was better than the current standard of care that you could provide with Provigil and Nuvigil, a low dose of methylamphetamine, and things like that."

"The FTC has concluded that nutrition clubs operate primarily as a tool for recruiting new members and that their expenses of operation often surpass any income earned"

"This means that Moyi Shenzhen and Moxian are no longer able to provide information services or legally generate revenue through placing ads on non-internet platforms."

"We are not surprised that things have degenerated completely at RILY. No one can predict the future, but we think the most likely outcomes for RILY are the following:"

"Während Inkompetenz einige Fehler erklären kann, verschleiert das Muster durchweg Daten, die für das Management ungünstig sind. Dies wirft Fragen zur Transparenz auf."

"Why did Bob Iger and the Board invite Nelson to meet in person three years ago to hear his views on Disney and barely give him the same opportunity three years later?"

"If MCY is unable to secure more reinsurance, we anticipate that its California insurer, California Automobile Insurance Company (CAIC), could face a liquidity crunch."

"In addition to a defective light source and optics, the key mechanical component of Lasertec’s actinic mask inspection tool - the mask stage - is also fatally flawed."

"We believe that it would be prudent for the Board to evaluate the Company's intellectual property and determine whether there are certain areas that can be monetized."

"We are troubled that former employees have described the co-founders Hasson and Spear as "unethical" and "distrustful", and the culture as "toxic". — Former employees"

"“I know the goal was to get to a max of 7 levels between the [business unit] president and the lowest level... it was maybe 11?” — Former VP of Learning & Performance"

"For the nine months ended March 31, 2002, BLX made a profit after all expenses, including interest and fees to Allied Capital. — Management (May 29th conference call)"

"The Globe and Mail article entitled “Parkland Corp. turned down takeover offer from Sunoco last year amid shareholder dispute,” and dated August 8, 2024. — Footnote 1"

"“the Xiaohulu website has sufficient industry experience and technical resources to become an authoritative live data platform.” — 江海涛、广州虎牙信息科技有限公司网络服务合同纠纷二审民事判决书-启信宝"