Callouts & quotes from 37,061+ activist slides

"The poor valuation reflects investor concerns that management and the Board will waste OUTR's substantial (but declining) free cash flows on risky growth initiatives"

"Altogether, AGO’s exposure to Puerto Rico bonds is $5 billion, and including insured interest payments over $8 billion, which is more than AGO’s entire capital base."

"Given its product mix, Oasis believes Kao should over time be spending closer to 15-20% of Consumer Goods revenue on marketing depending on the ultimate product mix."

"I’m not satisfied with our operating ratio [2006 target was ~75% OR], and I’m raising the bar on Execution Excellence as a vehicle to drive accelerated improvements."

"Spruce Point estimates that there are upwards of 41,000 people selling C3's product suite. Yet, its revenue results imply a meager $5,100 of revenue per salesperson."

"If the original dividend terms were not amended and the 10% dividend were paid currently, the outstanding balance of Treasury's senior preferred stock would be $65bn"

"These actions demonstrate how profoundly out of touch Southwest's Board has become with shareholder sentiment and with the reality of the situation, said the letter."

"The recommendation is to restructure TWX into four SeparateCos: (1) AOL; (2) Content (which includes Networks and Filmed Entertainment); (3) Publishing, and (4) TWC."

"Based on the multiples implied by the precedent transactions reviewed, a range of 10.0x - 11.5x 2006PF OIBDA was estimated for the wholly-owned cable systems of TWC."

"Spruce Point Has Also Determined Another Undisclosed VIE Has Invested In, And Possibly Operated, An Illegal Onshore Gambling Site That Was Shutdown Earlier This Year"

"Herbalife continues to add-back certain costs which should be considered recurring to the business. Some costs have been added back consistently for the past 4 years"

"Though Herbalife believes the amount of Internal Consumption "is not relevant to the business or investors," the FTC highlights it as a red flag for a pyramid scheme"

"The Policy Statement on Deception specifically mentions “failure to disclose information regarding pyramid sales” as a situation in which the FTC has found deception"

"Five States – Georgia, Louisiana, Maryland, Massachusetts, and Wyoming – specifically regulate or bar earnings claims with respect to multi-level marketing programs."

"As Mettler’s share price becomes inflated at more absurd valuation levels, and while the company overpays for its stock, insider ownership has hit a new low in 2019."

"Search traffic to CodeFuel's website has declined to multi-month lows. This is a potential indicator of declining interest in product and solutions among publishers."

"The high-level results provided the appearance that any of these processing methods could be used for all of Silver Sand mineralization, which strikes us as dubious."

"BLI claims are bogus; warns IQVIA customers to stay away from BLI’s tool; one of the worst vendors they rate; no traction in industry; not winning much new business."

"Deal could expand at most from 3 to another 6-10 machines, which at $2MM per unit is $12-20MM spread out over the next 3-5 years, not the $150MM that's been promoted"

"In Lasertec's case, the offset is highly anomalous inventory of ¥162B/$1.1B, hitting 120-130% of revenue in some recent quarters and currently at 70% of LTM revenue."

"The foregoing pattern of facts and events demonstrates to us that NMC insiders have a strong desire to obfuscate, coupled with a tenuous relationship with the truth."

"HMA's CFO was appointed in January 2010 – since that time, HMA has consistently missed external guidance and offered limited, and at times, inconsistent explanations"

"Core bragging about a 32% increase on what we estimate to be 10-15% of its total revenue is a bit like Congress bragging about a 32% increase in its approval rating."

"We believe PGNY may be violating corporate practice of medicine laws by providing contractual financial incentives for clinics to pursue certain treatment protocols."

"The press releases are silent as to whether Ginkgo or its investors are backing these “customers” – that is, whether they are undisclosed related parties and fronts."

"We recommend Autodesk target a minimum of 300bps reduction in G&A spend as a percentage of revenue, which represents approximately $165 million of potential savings."

"As revenue growth slowed, Autodesk's incremental margins declined to 50% – below prior levels and below the 55% incremental margins we believe Autodesk should target"

"Current and prospective investors should price in the risk that a potentially larger disaster completely incapacitates operations and has a material hit to earnings."

"Verint's reported 8% growth is a mirage of M&A, FX and ASC 606 tailwinds masking negative organic growth; rerate to BPO peer multiples for 60-70% downside to $17-25."

"Spruce Point believes that Amcor’s roll-up is in its final stages, having merged with Bemis in a $6.8 billion dollar transaction – the largest in its recent history."

"Stock price underperformance is a major criterion by which proxy advisory services (e.g., ISS, Glass Lewis) and proxy groups at large mutual funds evaluate a company"

"Optimizing a large public company for malfeasance presumably requires a loyal inner circle who is willing to overlook problems – if not outright participate in them."

"KOL’s indicated that it took Nevro years to complete enrollment for the PDN study, which should have been instantaneous given the vast number of diabetics in the US."

"The true reason why Kao refused to even meet with Ms. Venator when one of their largest shareholders proposed her as a Director candidate remains a mystery to Oasis."

"You can see that this was a nice stock that was doing well until November of 2012, when it went ballistic and more than tripled, from $60 to $204, in just 16 months."

"We believe Nelson Peltz's turnaround expertise and strategic mindset is far more relevant than Mr. Froman's government experience to the problems Disney faces today."

"We believe one of the clearest signs of aggressive accounting at Limbach is the disconnect between its steadily rising adjusted earnings and stagnant free cash flow."

"We believe one of the clearest signs of aggressive accounting at Limbach is the disconnect between its steadily rising adjusted earnings and stagnant free cash flow."

"the cost is going to go down...you are going to have other competitors...people are going to start shifting gears...to a different pump because it's not sustainable."

"Spruce Point has assembled a preponderance of evidence to suggest that Leidos management is concealing significant problems with the $1.0bn levered SD&A acquisition."

"Trial investigator #6 stated that regular diazoxide suspension is “always going to be better” than Vykat tablets and stated the formulations are freely substitutable"

"In the same period of suspiciously increasing its GTV claims, LSPD materially changed its number of “Certified Resellers” from 200+ to 150+ in the month of Feb 2014."

"TIP REIT is better able to access capital for future land acquisitions than Target today, given TIP REIT's immense security, stability, and unleveraged balance sheet"

"Beverage valuations have been declining in absolute terms and relative to snacks since the early 2000s (when the lines crossed and snacks began trading at a premium)"

"The pages ahead will highlight red flags, statistical tricks, and omissions in the principal trials upon which FDA approval was based – HARMONY 1, 1-bis, CTP, and 3."

"Sales reps left because of alleged pressure to push off-label scrips; given small number of narcolepsy patients, couldn’t hit quota without being “a little creative”"

"We believe Nelson Peltz’s turnaround expertise and strategic mindset is far more relevant than Mr. Froman’s government experience to the problems Disney faces today."

"this was our experience too! Massive fluid overload cause fluid around my sons heart and lungs. Weve been working a month now to get the fluid off with lasix and pt."

"Enterprise Value represents value to both debt and equity holders. On the other hand, Net Income represents profit that the company earned solely for equity holders."

"Over $200 Million of the Goodwill and Intangible Assets on RILY’s Balance Sheet is Attributable to its Telecom Rollup, which is Centered on Dial-up and DSL Internet:"

"In 2019, it appears that the jobs market is experiencing slower momentum than previous years, according to WUBA's management in its Q4 2018 earnings conference call."

"Ramaco's technology challenge, with its partners, is to drop the price of CF made from coal below $5 per pound. At this level CF is completely disruptive. Game Over."

"CarNewsChina compared the interior of the Wey Gaoshan with the official pictures shared by Faraday Future, and the interior is the same, with only the logos changed."

"We Believe YT Lied When He Told the Bankruptcy Court He Had No Remaining Interest in the Entities Holding the Lucid Shares (They Were Controlled by Close Associates)"

"Хотел бы уточнить о возможности размещения четырех детей из ДНР и ЛНР в вашем отеле 22-27 марта 2026 г. для размещения их в семьи. Милые девочки возрастом 14-17 лет."

"Off-gassing coats the collector and other key optics components; cost millions to replace; KLA executive witnessed Lasertec optics having to be “repeatedly replaced”"

"EDU: First we need to consider your distance to our direct owned school. ... Those teachers who are in charge of the franchise are all out of town on business trips."

"And so we provide these two ways of looking at investment performance and both of them have been consistent for years in policies that we apply. — Burford Management"

"restatements [which] may signal weak internal accounting expertise, poor internal controls and aggressive financial reporting practices at the Company. — Glass Lewis"

"We learned from Muddy Waters that you can only -- in the short-term to a limited extent against false allegations -- We have also already answered this. — Udo Müller"