Callouts & quotes from 37,061+ activist slides

"Carvana at $70 is priced as a tech disruptor, but it's 'just a dealership' with CarMax-like unit economics and a levered balance sheet — fair value is $16, -77%."

"A downward revision in this account could indicate that Viterra was overstating its PP&E or that the assets were obsolete or less useful than previously assumed."

"We see approximately 55% – 80% downside risk to Bunge’s share price and expect the share price to underperform the agribusiness sector and overall equity market."

"Because of its higher ROIC, improved free cash flow profile, and more efficient capital structure, Target Corp’s EPS growth will exceed that of Target Standalone"

"Because of its higher ROIC, improved free cash flow profile, and more efficient capital structure, Target Corp’s EPS growth will exceed that of Target Standalone"

"Assuming PSH generates 15% gross returns, the fee offset from the illustrative new fund alone will reduce PSH's performance fee percentage from 16.0% to 13.5%(2)"

"Ginkgo and Zymergen “were always looking jealously as each other”; not much differentiation between the two; “more similar to each other than they are different”"

"We believe Autodesk, Inc. ("Autodesk" or the "Company") is an attractive business with sustainable competitive advantages and a long runway for continued growth."

"Why is revenue growth “the most significant driver of business performance” when ill-advised M&A could destroy (and has destroyed) significant shareholder value?"

"With a vertically integrated supply chain, Hyundai Motor Group is capable of maintaining lower cost of production as compared to peers to remain cost competitive"

"Management’s initiatives have not been enough to reverse Southwest’s declining profitability despite management’s frequent reaffirmation that they are delivering"

"Our Board Concluded that Starboard Missed Important Details in its REIT Valuation Analysis Thereby Leading to a Flawed Conclusion on the Value Creation Potential"

"The breakdown – combined with comments from Nevro’s own consultants and ex-employees - suggests to us that the speakers program is a kickback scheme in disguise."

"The wild west dynamic is far from a bug: it is a feature specifically engineered, in our opinion, to promote over-utilization and the abuses that KOL’s describe."

"Exploiting individual patients are sources of recurring implant revenue is so prevalent that one KOL described stimulators as simply “a lease that you trade in.”"

"Much of Silicon Valley has learned the lesson: If Wall Street can't be counted on, the key to survival is a rainy day fund that will get you through tough times."

"With the closing of the ESC Transaction and HCP JV/Restructuring, the mix of BKD's units significantly improved, reducing volatility and increasing profitability"

"We believe BKD's corporate governance structure falls short of industry 'best-practices', limiting the rights of the true owners of the Company, the shareholders"

"Vitek Seems to Have Used CPI PG to Finance a New Superyacht for his Personal Use Calling into Question Whether There Was Any Good Rationale for Acquiring Polma 1"

"Limbach previously disclosed its key customers for both general contractors and its owner-direct relationships but has not disclosed this information since 2020."

"The purpose of the jets, at face value, is disingenuous: the company is a one-trick pony in liver, with liver at 73% of total revenue in the most recent quarter."

"I kept having really weird things happen, like I kept going out with brand-new surgeons and they were taking a really long time, so I was just paranoid about it."

"Large, pre-eminent transplant centers have eliminated or sharply reduced usage; its remaining high-volume customers indicate they are in the process of doing so."

"Despite significant acquisitions and investments, we believe the losses in the Display business have increased from $428 million in 2009 to $545 million in 2011."

"IRBT’s financials are littered with warning signs: For example, we observe a large and unexplained quarterly surge in accounts receivables in the middle of 2013."

"Nov 1st looms as a key date when $168m in coupon payments are due on the 2030 notes (the single largest payment in a quarter when $255m is due, see table below)."

"The data do not match. In case Soleno deletes the papers, we took a screenshot and provide cached pdf links. Perhaps someone forgot to remove the original paper."

"Investigator indicated muted enthusiasm from PWS families and is not reaching out to put them on Vykat, but is willing to submit start forms for those who insist"

"Pay close attention to the customer and processing claims made by LSPD while a private company. Even in 2015, its customer and GTV claims are wildly conflicting."

"Herbalife participants refer to Retroactive Credits as "pay" and "salary," and Herbalife withholds taxes on these payments of Retroactive Credits to participants"

"Because Herbalife does not limit the number of downlines, some Distributors view their organizations as “suns,” with lines emanating 360 degrees from the center."

"The footnote in this chart, saying it does not include China in its methodology, suggests that China's compensation plan is different from the rest of the world."

"The paper states that 90% of the patients who discontinued did so within 3 months, so the 12-month discontinuation rate of 30-50% is a 90-day figure in disguise."

"The big takeaway is that the salesforce is not incentivized in any shape or form to keep patients on drug, to sustain volume. It is purely a new patient machine."

"Our research indicates a HARMONY 2 trial was in fact conducted - only to fail and be buried, with the oddly-named “1-bis” inserted in its place as “2” was taken."

"The big takeaway is that the salesforce is not incentivized in any shape or form to keep patients on drug, to sustain volume. It is purely a new patient machine."

"Are we really to believe that Carvana operates just one business, and that originating/selling subprime auto loans is not economically different from auto sales?"

"I must object that, despite my requesting it at the information table up at the front, I was rather arrogantly refused a copy of the separate financial statement"

"Note that Apple has already received approval for sleep apnea monitoring, one of the new applications iRhythm has been pitching to investors since at least 2019."

"Incremental revenues from L4 represented at least 3.9% (not 1% to 2%) and probably closer to 5% as our work suggests that L4 was likely growing over 20% per year"

"To the extent its whiskey value declines or ‘storage losses’ result in lost inventory, MGPI’s borrowing base would shrink and mandatory prepayment risk increases"

"Management's initiatives have not been enough to reverse Southwest's declining profitability despite management's frequent reaffirmation that they are delivering"

"We believe Southwest's Board lacks the airline industry experience and independence required to hold management accountable and drive necessary strategic changes"

"Whilst 50 miles range difference does not seem like much, it translates into a lot greater capability for the Joby Aviation S4 over the Archer Aviation Midnight."

"History may not be repeating itself, but it certainly is rhyming. We expect a crash back below $3 as the company either dilutes or fails to retain key customers."

"Please note that according to hotel policy and Accor Standards, we are unable to confirm accommodation for guests under the age of 18 unless they are accompanied"

"Diese Vorfälle schädigen nicht nur den Ruf, sondern zeigen auch, dass verzweifelte Maßnahmen erforderlich sind, um unterdurchschnittliche Ergebnisse zu erzielen."

"Spruce Point has serious concerns with Enfusion's description of Platform Revenue drivers in 2022. A major discrepancy occurs with the implied impact from Q4'22."

"The combination of increased buyside due diligence coupled with mitigation of conflicts of interest and a new payment scheme can restore the integrity of ratings"

"We contrast Lasertec's low ~60% uptime with 96% for ASML's EUV source, according to data they presented at an SPIE lithography and patterning conference in 2023."

"Our inability to secure or sustain certain tax benefits in a foreign jurisdiction could materially adversely affect our business. — Avery 2018 10-K filed 2/27/19"

"In the absence of a plan or established local practice in overseas jurisdictions, liabilities for restructuring charges are recognized when incurred. — 2018 10-K"

"I would say that they just picked some data that would represent something, and they put it in the deck. That's not something I'm going to buy. — Former employee"

"“...our conventional portfolio generate[s] the cash needed to fund the unconventional growth that we have in the Bakken and the Utica.” — John Hess, January 2013"

"“As a fiduciary, we vote in the long-term economic interests of our clients.” — BlackRock Investment Stewardship - Global Principles Effective as of January 2024"

"“Yes, yes. That’s true. Twist tries to automate the process, but I can give you one example of how gene synthesis works.” — Former Twist employee, director-level"

"“The turnaround time was probably 30% of the time because something needed to be reworked.” — Ex-employee in senior product management and sales leadership roles"

""Our long-train strategy continues to support our cost management efforts and our success is being reflected in key metrics." — Fred Green, Q3 2009 Earnings Call"

"Seit Kauf durch Hill-Rom in 2014 herrschen katastrophale, amerikanische Zustände. Es geht nur noch um Umsatz und Gewinn, die Mitarbeiter sind unwichtig geworden."

"“As a fiduciary, we vote in the long-term economic interests of our clients.” — BlackRock Investment Stewardship - Global Principles Effective as of January 2024"