Callouts & quotes from 37,061+ activist slides

"Competitors are fast playing catch-up to Stryker. Google trends shows that interest in Mako surgical peaked at the time of acquisition and has been low ever since."

"Lasertec's actinic EUV tool is so defective and unreliable that TSMC, Intel, and Samsung have all quietly substituted non-EUV alternatives for inspecting EUV masks"

"Our Value Unlock Plan, as presented, was put forward as a pathway to unlock significant value for shareholders – US$46bn in total across the following key elements"

"As an example, if BHP's c.US$10 billion of buybacks in 2010-2011 were done today, the same number of shares could be bought back 64% cheaper, saving US$6.4 billion"

"Spruce Point believes that Magnite's financial reporting does not accurately reflect the economics of its business, and may be concealing the struggles of Telaria."

"We call upon the Company to disclose more information about the contract with the RoG, and the stability of the gas price and to clarify the question on ownership."

"On both an EV/transaction basis or an EV/store basis, BEKE paid nearly 4x for Zhonghuan. We believe this underscores the absurdity of the price paid for Zhonghuan."

"Potential for $130mm of cash flow generation (or ~12% of the current equity market value) through working capital improvements at Superstores over the next 2 years"

"Carrot is the clear leader in offering fertility benefits internationally, creating an avenue to penetrate existing PGNY clients and compete for their US business."

"We believe Bunge’s declining transparency also extends to its Brazil operations where it recently stopped reporting the amount of indefinitely reinvested earnings."

"It is common for a company to pursue an acquisition that greatly increases shareholder value and temporarily lowers ratings to an acceptable investment grade level"

"If you have any questions or need further assistance with voting your Huntsman stock, please contact Okapi Partners LLC at the phone numbers or email listed below."

"The CEO also claimed the European flexible volumes increased, yet Amcor did not disclose that two Flexible facilities were to be shut down in Finland by June 2020."

"Demand material injunctive relief – effectively dismantling the pyramidal nature of Herbalife’s business – and otherwise prevent further victimization of consumers"

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

"Even after having spent over $1B on acquisitions and related costs since FY14, LHCG has shown no material growth in free cash flow per share since the end of FY15."

"Even after having spent over $1B on acquisitions and related costs since FY14, LHCG has shown no material growth in free cash flow per share since the end of FY15."

"The company attempted to manage the crisis by building a team of “Therapy Support Specialists” to “hound these patients” to the say magic phrase “50% pain relief.”"

"We think there is huge scope to grow the brand in the Americas IF Kao allocated funding into building consumer awareness and expanding distribution channels there."

"This is an existential threat to athena's collection business, as there is no reason to pay a bill collector when the bill is paid before the service is delivered."

"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"

"We question why management ceased disclosing this figure in 2018, just as the Company was beginning its transformation in earnest to being an ODR-focused business."

"Based on our review of management's discussions of organic growth and volume, it is our opinion that it only selectively discloses periods when growth is favorable"

"We believe Casino flowed this entire amount through EBITDA, thereby making its core France business appear to have a smaller profit decline than actually occurred."

"We are concerned that Director Avi Geller had an undisclosed role at Halevi Enterprises LLC according to legal filings in a legal case with Caribbean Sun Airlines."

"Adding to the mystery and concern about Nova's geologist, we observe another discrepancy in the spelling of his name between "Kroun" and "Khuon" recently appeared."

"Compared to the largest publicly traded Japanese semiconductor company, Renesas, Sony has kept meaningfully more of its manufacturing and design operations onshore"

"Spruce Point believes Leidos has not been particularly transparent about what is driving its cash flow, notably its 2020 target increase in Q2 from $1.0 to $1.2bn."

"the actual active drug smelled a bit, and it smelled differently from the placebo...and the message went around, and people could tell that it was the active drug."

"Lack of patient enthusiasm since Vykat FDA approval, with only 3 families calling out of >40 total: "I got three calls...so no, it wasn't a floodgate that opened.""

"We don't understand rare findings in rare diseases. We don't have the numbers out there. You don't realize this 1% or 2% risk until you have 100 patients together."

"The nephrologist indicated no discussion or buzz about Vykat among endocrinologists who treat PWS patients, among other hurdles for the drug – it’s “pretty quiet.”"

"Kao possesses an impressive stable of brands in categories that global peers - the likes of L'Oréal, Beiersdorf, and Unilever - are experiencing profitable growth."

"Analysts seem blind to the fact that as Lightspeed scales, its gross margins are not only getting worse, but by a much larger factor than consensus is forecasting."

"If PepsiCo does not pursue Mondelez, we believe it must announce a separation of snacks/ beverages concurrent with specific commitments to unlock shareholder value"

"“Unspoken pressure” to take docs off speakers program if not writing enough prescriptions; common across territories; pressure allegedly came from upper management"

"Based upon TAR over the past 1, 3 and 5 years, BEA has underperformed an index of its peer group Family-run HK listed Banks by 28.1%, 28.8% and 13.1%, respectively"

"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"

"With sales growth from new products likely to slow through the coming years, Hill-Rom may once again be forced to rely on M&A as its main source of revenue growth."

"We adjust downward IQE's 2015 and 2016 net income by 58.5% and 25.4%, respectively, to exclude gains on transfers of assets to CSC, which we believe lack substance"

"Demand material injunctive relief – effectively dismantling the pyramidal nature of Herbalife’s business – and otherwise prevent further victimization of consumers"

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

"We have found a mountain of evidence that puts to bed any notion that YT was an innocent bystander as his company incinerated $4.4 billion to deliver just 17 cars."

"Other examples of obvious fake reviews are from accounts with seemingly natural sounding names, sometimes with generic AI-looking headshot photos as avatar images."

"If substantiated, the alleged conduct could also give rise to civil liability for the private entity and/or other relevant operators under applicable domestic law."

"Goldrone seems to hold annual meetings and sometimes Memorandum of Understanding (MoUs) signage in a small room, which we believe is located above this restaurant."

"EOS had cash and cash equivalents of A$55.3 million, and had no other financing available, meaning that there was massive insolvency risk hanging over the company."

"Following a 51% decline the day of Valeant’s March 15th investor call, Pershing Square took immediate action to stabilize the company and to protect our investment"

"KLA locked up the mask inspection space long ago with its Teron DUV systems – giving it a well-entrenched monopoly unlike the imaginary one Lasertec claims in EUV."

"Lasertec explicitly declined to disclose it as a related-party transaction, stating “Nothing of note” for “Existing relationships between the seller and Lasertec.”"

"We contracted an investigator for aerial drone surveillance, who took videos and photographs through the windows located at the top of Fab 4A on two separate days."

"EDU: The franchise fee is not quite the same as the few things we just talked about. The franchise fee is about 600,000-800,000 yuan. — New Oriental Representative"

"Presently, investors are not convinced that the company can return to its former glory based on how the stock has been trading of late. — Deutsche Bank, April 2024"

"What a joke! The unit has less than 15 hours total on it. You're product and warranty are garbage and will never get my business again. — Anonymous Customer Review"

"We had extraordinarily good performance in the first quarter of 2016, the best start to the business years since the company was formed in 1990. — Udo Müller (CEO)"

"Our employee growth has grown slower every year since I've been CEO at about half the rate of revenue growth... — Carlos Rodriguez, ADP, CEO, CNBC, August 10, 2017"

"“Battery technologies like Quantumscape, Seeo, and Pellion continue to get better, with leaps in energy density and faster charge times.” — Khosla Ventures website"

"“annual rate [that] will not be less than 90% of the yield of 10 Year Government of Canada Bonds less 1.75%, subject to a minimum of 4%” — Mosten-Manulife Contract"

"Foster et al. "State of Type 1 Diabetes Management and Outcomes from the T1D Exchange in 2016-2018." Diabetes Technology & Therapeutics. Volume 21, Number 2, 2019."

"Presently, investors are not convinced that the company can return to its former glory based on how the stock has been trading of late. — Deutsche Bank, April 2024"