Callouts & quotes from 37,061+ activist slides

"AMR says, "Our international sales contracts are typically priced FOB at the shipping port from which such coal is delivered and on a metric ton basis." — AMR 10-K"

"In all our decades of investing, we cannot recall a proposed board slate so eminently qualified for the task at hand — Artisan Partners, Top Ten Active Shareholder"

"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"

"I didn't see philanthropic endeavors and purpose driven life that had anything other to do with making money. And so I wasn't encouraged by that. — Former Employee"

"「最新のKLA製の光学検査装置は4000万〜5000万ドルで、捜査電子顕微鏡は価格が500万〜700万ドルです。したがって、生産性と稼働率を含めて考えると、光学・電子の組み合わせがレーザーテックの極端紫外線マスク検査装置より安いです」 — 半導体製造装置企業の上席幹部として長年の経験を持ち、レーザーテックのCEOに親しい人物"

"「IRとしてFab 4Aの案内ビデオがほしいと上に働きかけています。しかし、なかなかつくってもらえない。先日、スイスの投資家がFab 4Aを見る目的で、わざわざ日本まで飛んできました。現場を見られないうえに、ビデオさえ観せてもらえないことに相当不満をもったようでした」 — Lasertec IR Representative"

""A company can make mistakes during its development," said Ms. Xu Rong, and from her perspective, the mistakes NQ made were "mistakes of experience." — Ms. Xu Rong"

"“We will continue to be disciplined on our head count and our thoughtful work on this area has helped appreciably on expenses.” — Marissa Mayer, Q315 Earnings Call"

"CFO Rong Luo explained on multiple occasions that a unique aspect of Shunshun's model is that revenue recognition can take up a full year, or longer. — Footnote 63"

"At the JPMorgan Conf, Sept 19, 2023 the CEO said, "With a brand like Fox, when we acquire a Fox, we're not focused on integration in the first year." — Rollins CEO"

""Based on our income and assets for the year ended December 31, 2025, we believe that we may be treated as a PFIC for the preceding taxable year." — POET 2025 20-F"

"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"

"The marketing is old-fashioned and lacks innovation, and it seems that other companies are taking market share. — Current Employee via Openwork (December 17, 2024)"

"you have a duty. You have a responsibility. With senior positions comes a responsibility to be able to call out — Dame Amanda Blanc, The Guardian, 16 December 2023"

"With Delta, it was a period of time ago... in the United cohort to increase adoption, which I would tell you probably was achieved in 2023. — Former CLEAR Employee"

"A former senior Zillow employee we spoke with called the Super App a glorified CRM and a former Zillow Senior Executive called it a bit of an eye roll or oversell."

"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"

"Great. So just one quick financial question that we've been getting. Can you talk about why bookings aren't relevant really going forward? — Joseph Moore (Analyst)"

""Schwer highlights this contract as the first operational deployment of such a high-powered laser globally, moving beyond prototypes to real-world use." — EOS' CEO"

"We believe FIGS has benefited, both in terms of strategic focus and operational simplicity, from the Company’s extremely narrow end market and product assortment."

"Spruce Point has a strong record of success unearthing previously-unidentified financial strain among companies reporting irregular or inconsistent capex figures."

"For the six months ended June 30, 2020, cash flow from operating activities was $82.0 million, an increase of 125.9% compared to the same period in the prior year"

"We remain convinced that Treasury’s net worth sweep will ultimately be reversed and the GSEs’ future share prices will be a large multiple of their current prices"

"When comparing WTRG's long duration debt and equity, there is a clear mismatch in terms of what debt and equity holders think of the Company's earnings prospects."

"When comparing WTRG's long duration debt and equity, there is a clear mismatch in terms of what debt and equity holders think of the Company's earnings prospects."

"We measure Generac's working capital stress in relation to its LTM sales. We see that the ratio has worsened three quarters in a row with a sharp drop in Q1 2022."

"We believe the choice of nominees is clear. Starboard's nominees are more qualified and better suited to oversee Office Depot for the benefit of all shareholders."

"We would also strongly recommend the formation of an Operating Committee of the Board tasked with overseeing the completion and execution of the Operating Review."

"We have nominated three director candidates to the 10-person Board, and we are seeking only minority representation on the Board on behalf of common stockholders."

"We have projected operating assets and liabilities as a percentage of sales. Over the 10-year period, we have assumed that this ratio remains relatively constant."

"Our interpretation of the “FDA Determined Cause” is that both issues were the result of manufacturing execution and quality control errors on the part of Procept."

"We believe the Exchange's operating performance demonstrates a strong link between relaxed underwriting criteria and substantial premium growth beginning in 2022."

"The vast majority of what ADP calls “service” is product support to compensate for weak software and technology, which when fixed, will improve growth and margins"

"We initially purchased interest rate hedges in late 2020 and early 2021, as we believed the Fed would need to raise rates much earlier than the market anticipated"

"We believe that industry competitiveness will hit PetIQ particularly hard as it attempts to roll-out 1,000 fixed-location wellness centers with traditional hours."

"We believe that management and the Board, in anticipation of the upcoming vote, may be attempting to unrealistically shift expectations for the balance of FY 2015"

"After adjusting for our estimate of aggressively booked segment income, we find that Burford's combined 2019 operating profit is overstated by approximately 8.0%."

"Phillips does not provide historical indicator data from the defined mid-cycle period ('12-'19) or sufficient disclosure for investors to calculate it themselves."

"Experts suggest QS is playing games by using an irrelevant coin-size cell, unlike a real EV battery with 200,000 layers spanning multiple football fields of area."

"This transaction appears to be yet another low quality, growth at any price transaction AMT management is making merely because it can (and is compensated to do)."

"Extensive interviews with ex-executives and employees confirm our findings and lead us to conclude that the company’s claims of a 32-qubit machine are fraudulent."

"The forthcoming Libre 2 is at least as consequential as Abbott's past two CGMs from a competitive perspective, and could cause a more drastic move in DXCM shares."

"The forthcoming Libre 2 is at least as consequential as Abbott's past two CGMs from a competitive perspective, and could cause a more drastic move in DXCM shares."

"Hess's March 4th presentation points to Wall Street price targets as justification that nothing is wrong... Yet these targets merely reflect Hess's poor execution"

"For a company with such supposedly strong growth prospects, Spruce Point has identified an unusual number of senior executives who have departed post-IPO in 2021."

"DNMR claims a TAM of 500 billion pounds of plastic to which analysts have ascribed a $800 billion to $1.0 trillion value. The below slide strikes us as ludicrous:"

"We believe that management and the Board, in anticipation of the upcoming vote, may be attempting to unrealistically shift expectations for the balance of FY 2015"

"While the improved capital efficiency helps, the lower commodity price brings the value back to $7 per share at today’s curve as shown in the orange intersection."

"Southwest's operational meltdown stranded 2 million customers over the holidays and drove 30%+ share performance underperformance relative to peers over 2 months."

"RBC is the biggest bull on the stock with a $73 price target. Its bullish arguments are easily refuted and reflect optimism over financial reality in our opinion."

"Even on SOFI's own reported numbers, the serviced-portfolio charge-off rate is approximately double the on-balance-sheet rate SOFI uses to calibrate its FV model."

"Comments on Glass Door reiterate what we have heard from dozens of former employees: Arconic’s culture centers around the CEO and his teams of consultants in NYC."

"Phillips does not provide historical indicator data from the defined mid-cycle period ('12-'19) or sufficient disclosure for investors to calculate it themselves."

"Below are the financial disclosures made by Arch and AMR with respect to DTA. Our analysis on the following slide will illuminate some surprising observations...."

"We believe the integration of smart watches and smartphone-paired devices present far more disruptive healthcare cost reduction potential than iRhythm’s products."

"Oatly's seminal internal sustainability study from 2013 discusses the importance of transportation costs, accounting for nearly 1/3rd of its environmental impact."

"The hostile work environment fostered by Paradise and Chafkin at Skillz has resulted in frequent staff turnover as well as a nearly 100% executive level turnover."

"It is clear to us that this is a figure that the market never believed in, as can be seen from the following charts – a demonstrable futile exercise on BP's part."

"Not only is the current strategy not delivering its financial targets, but BP is also demonstrably significantly lagging the operational performance of its peers."

"Twist’s “chip” - a miniaturized well plate - is simply a self-defeating gimmick for the purposes of a stock promotion, which requires numerous compensatory steps."