Callouts & quotes from 37,061+ activist slides

"Given the continuing evidence of a grossly mismanaged company, we see no option than for the Chairman of the Board and the Lead Independent Director to be removed."

"Management claims that second-tenant and third-tenant economics will drive higher yields, but actual results demonstrate that low-return projects remain low-return"

"The growth and stability of the Company’s cash flows handily exceeds the companies below in our view, and yet CCI currently trades with among the lowest PEG ratios"

"ERIE appears significantly overvalued, with its current price-to-earnings (P/E) ratio at approximately 46x on our 2025E EPS, far surpassing the peer group average."

"While ADP would report 3.7% total client growth under this scenario, client mix-adjusted revenue would be flat (before sell-in, price, pays-per-control, mix, etc.)"

"L&B believes the combination of a monetization of SIX real estate and optimization of the repositioning plan could see the share price double in the next 18 months"

"L&B believes the combination of a monetization of SIX real estate and optimization of the repositioning plan could see the share price double in the next 18 months"

"Cashpooling: The Company maintains a current account with BV Inversiones, S.L. to manage the group's treasury. These debts accrue market interest based on Euribor."

"By placing paramount importance on the GM position, and providing effective training led by true operators, Darden succeeded in the past and can succeed once again"

"It appears Darden’s strategy was simply to add menu items rather than working hard to develop a reasonably-sized menu and guest experience that satisfies customers"

"When we reported the details to the stock market regulator, we didn't report the number of vehicles we quoted you. The number we reported is times two, or doubled."

"We do not see signs of significant improvement to this structure or indications that it would be a significant contributor to justify the claimed €53 million gain."

"We believe that Valeant's track record of value-creating acquisitions is a sustainable competitive advantage that should be reflected in the company's market value"

"At its current $480 million market capitalization, investors have an extraordinary opportunity to ride that wave of growth at an incredibly attractive entry point."

"If the McDonald's Board does not immediately improve on ESG, we believe it could cause the Company and its shareholders serious harm over the next five to 10 years"

"We believe AstraZeneca structured the $35M payment through Tempus so it would count toward its existing contract obligation, reducing its total commitment by $35M."

"By placing paramount importance on the GM position, and providing effective training led by true operators, Darden succeeded in the past and can succeed once again"

"It appears Darden’s strategy was simply to add menu items rather than working hard to develop a reasonably-sized menu and guest experience that satisfies customers"

"Investors and research analysts have been calling for changes for years, but Southwest’s management and Board have pressed forward with incrementalism and inaction"

"Management says that EPS can increase margins by 400 bps in 3-to-5 years. Given the volume leverage in this business, this is an extraordinarily undemanding target"

"The CEO's annual incentives did not rise or fall in line with annual financial performance, reflecting a potential misalignment in the short-term incentive design."

"During Dr. Kleinfeld’s tenure as an executive at Siemens, from 2001 through 2007, Siemens made approximately $1.4 billion in bribes to foreign government officials"

"Something appears incredibly wrong with AMR's cash interest expense, reported annually as a "supplemental disclosure" at the bottom of the Statement of Cash Flows."

"After adjusting the top three coal companies cash flows for tax refunds and DTA expense, we see that AMR's operating cash flow margin is significantly below peers."

"In limited circumstances, we are willing to waive certain of the above criteria if there are sufficient mitigating factors, and the position is sized appropriately"

"iRhythm has been preparing investors for the take-off of its UK business for almost eight years. As of 2023, revenue had flat-lined due to a lack of reimbursement."

"The suggestion that we should use a spot price that has an 8% free float and trades A$10,000 a day as a fair representation of the market value is, at best, naive."

"Despite superficial improvements since the June announcement, the Revised TOB continues to violate many of the core principles of the METI Guidelines and TSE Rules"

"Given McDonald's exclusivity requirements for franchisees, the only opportunity for franchisees to materially increase their wealth is to own more McDonald's units"

"As a result, we adjust down HASI's reported interest income to between $80.5 million and $84.1 million in 2020 and between $86.8 million and $99.0 million in 2021."

"Twist’s only disruption was wrecking the entire industry’s economics and devastating its cash flow in the process, like a suicide bomber blowing off its own limbs."

"Twist 'scares the living heck out of anyone in the clinical space' who would be 'scared to death' of being 'censured by the FDA' for using an 'inconsistent panel.'"

"Strategy: Run like a series of smaller connected companies to be faster moving, more locally adept, and more fit to compete in today’s rapidly changing environment"

"AS THESE COMPANIES SHOWED, WITH THE RIGHT LEADERSHIP AND STRATEGY, PHILLIPS 66 CAN CHANGE THE NARRATIVE - NO MATTER WHAT CURRENT MANAGEMENT WOULD HAVE YOU BELIEVE."

"We believe the above strategy, clearly articulated to shareholders and properly executed, would create SIGNIFICANT shareholder value in a very short period of time"

"Looking carefully today vs. the last financial crisis, we see that WD-40 is materially more exposed to international markets today (63%) vs. the last crisis (52%)."

"In addition, of the fourteen significant products highlighted in early 2017, most have either been terminated, delayed or have had expectations materially lowered."

"Samsara's business rests on a fragile foundation specifically because it relies heavily on stock-based compensation to attract, retain, and motivate its workforce."

"The 30-year, prepayable, fixed-rate mortgage has a variety of attributes that make it an affordable and borrower-friendly financing option for the average American"

"Other than Facebook, none of the largest IPOs were startups. There will not be sufficient private sector capital for new participants that seek to replace the GSEs"

"Investors and research analysts have been calling for changes for years, but Southwest's management and Board have pressed forward with incrementalism and inaction"

"Starting in FY 2022, Saputo stopped disclosing historical revenues of acquisition targets in its AIF after regularly providing the information over multiple years."

"As Southwest’s thousands of hard-working employees know, Southwest’s culture is much bigger than these two individuals – and this culture deserves better stewards."

"Accordingly, we believe TI should adopt a dynamic capacity-management approach and flex its capacity buildout in a manner consistent with its historical practices."

"With the exception of Performance Products, Adjusted EBITDA margin targets presented at the 2021 Investor Day are substantially the same as those presented in 2018"

"Because FGD historically represents approximately 60% - 75% of RINO's reported revenue, these fabrications show that RINO is significantly overstating its revenue."

"Immediate Share Repurchase Should Improve TWX's Return on Equity: The repurchase of shares via a dutch auction is expected to improve TWX's return on equity (ROE)."

"These assets, valued in excess of $1.0 billion, could be used to reduce initial indebtedness levels or provide funds for re-investment in the core business of TWX."

"Our analysis indicates that TWX, as a consolidated entity, should have up to $20.0 billion of debt capacity without jeopardizing an investment grade credit rating."

"Recent Key Performance Metrics And Financial Results Are In Disagreement With Industry Data And Feedback From Detailed Interviews With Live Streaming Talent Agents"

"David Cush shares insights from his 30 years of experience in the aviation industry, including two decades at American Airlines and later as CEO of Virgin America."

"Given the size and maturity of MSCI's business, there has been a talent drain and movement of key executives to competitors across each of MSCI's major businesses."

"There are few companies in the market that provide internet search and search advertising services similar to those provided by Microsoft such as Google and Yahoo."

"The 30-year, prepayable, fixed-rate mortgage has a variety of attributes that make it an affordable and borrower-friendly financing option for the average American"

"Even if sell-side margin expansion estimates include assumed M&A, future acquisitions are unlikely to be sufficient to support consensus margin expansion estimates"

"Spruce Point is concerned about the potential conflict of interest that the Master Inspector of a non-profit organization has in promoting a vendor to its members."

"Starboard and BILL recently agreed to a Cooperation Agreement that results in the appointment of four new independent directors, including Peter Feld of Starboard."

"value proposition was not there; will be obsolete in 2-3 years; slammed the tool as absurdly expensive to own and run; price needs to drop by 75-85% to have a shot"

"“Repaying” loans by saddling CPI PG with an estimated over €220 million of progress payments, enabling Vitek to likely cream another €118 million from bondholders."

"Spruce Point believes that the wider delta in GAAP and Non-GAAP Gross Margins pre and during COVID-19 are a reflection of greater financial strain in the business."