Callouts & quotes from 37,061+ activist slides

""The price of copper could double overnight...and we couldn't add new production of significance for a number of years." — Richard Adkerson, Freeport-McMoRan CEO"

"In terms of key metrics and performance, we've had very good compound annual growth rates over the last several years. — Wilson at Jefferies Conference June 2021"

"[We] believe that our integrated business model generates the highest long-term value...So we're committed to that. — Phillips 66 CEO Mark Lashier, March 6, 2025"

"He's known as TransMedics' whore, basically? ... That's correct. — Transplant surgeon and division chief of the liver program at a world-renowned academic center"

"The VA sleep doctor we spoke with told us that, even at no cost to the patient, less than 1% of VA CPAP users go on to try Inspire’s implant. — Wolfpack Research"

"“the stories that the reps provided with us...aren't things that I'm seeing right now with my patients” — Pediatric endocrinologist at a Delaware academic center"

"QT prolongation is one of the most infamous adverse drug reactions taught in pharmacy curricula because it can lead to sudden cardiac death. — Literature excerpt"

"“In my opinion, that was kind of a strategy that the company might have had from the very, very beginning.” — Ex-field reimbursement manager working with Harmony"

"CFO David Horsley stated that TRE can not confirm whether the AIs actually make TRE's tax payments. He said they "just don't know" whether the payments are made."

"We promise to be a good company which means that our drive to help people upgrade their lives always comes before the reckless pursuit of profit. — Oatly website"

"While we do not control the pace or the timing of the Mayo UCLA study, we anticipate that the results will read out in the first half of this year — Larry Mehren"

"Adhi Rajaprabhakaran, known as 50¢ Dollars on Substack, a former Kalshi employee, and prediction market expert estimates revenue to be ~1.3% of volume or handle."

"Today, Valeant Pharmaceuticals International, Inc. issued a press release announcing that the Board has appointed Joseph C. Papa as Chairman and CEO of Valeant."

"Remitly makes vague reference to a partnership with a microlending nonprofit (we identified Kiva) and puts advancing funds on behalf of customers as a new risk."

"We believe the Board must take immediate action to improve margins, optimize capital allocation, and enhance governance to unlock significant shareholder value."

"Nuvei listed Allan Lacoste below its CEO and CFO on the investor relations website. Most recently, his biography is no longer listed under Executive Management."

"However, we expect a further re-rating lower in the share price if HTA's audit committee opens an investigation into its abnormal financial reporting practices."

"Spruce Point has a strong track record of exposing highly promoted industrial roll-ups before investors figure out that the businesses had inflected negatively."

"Spruce Point believes shares of GFL Environmental (TSX/NYSE: GFL), a cash degenerative North American roll-up of environmental service companies, are worthless."

"In 2018, Southwest had best-in-class margins. Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class"

"We often get asked when is the right time to short a roll-up? We think there is compelling evidence that argues now is the time to be short Essential Utilities."

"The Board's own skill matrix shows that Mr. Jagdfeld lacks expertise in M&A and clean energy markets, which is exactly the strategy Generac has opted to pursue."

"Doug Cole failed to disclose his role as a Director at Sysorex despite just joining the Board over a year ago. Sysorex is clearly a troubled company at present."

"There is an approximately US$250 million discrepancy between what AMT claims to have paid for the acquisition of towers in Brazil, and the actual selling price."

"As more fully discussed in Appendix A.6, applying a multiple to AFFO is not an appropriate valuation methodology for an alternative REIT such as American Tower."

"Carvana improperly gives customers the impression that CarvanaCare's terms are similar to those of manufacturer warranties, when in fact they are more strict..."

"We believe this is nonsense. There is a clear standard of care for BPH that logically ramps the level of intervention based on the severity of patient symptoms."

"Tessera must re-evaluate internal R&D spending to ensure that every dollar spent has an acceptable expected return on investment within a reasonable time frame."

"Are we really expected to believe these individuals were identified by “a third party search firm” and their relationships with Chairman Hill are a coincidence?"

"To be clear, we believe CCI is significantly undervalued on an absolute basis, and not simply relative to dividend paying companies across a range of industries"

"It is the largest interactive fitness platform globally, with a loyal community of over 3 million monthly subscribers who take over 48 million monthly workouts."

"The change in composition in IT spend between legacy systems and new development is driven by higher absolute spend vs. a true reduction in legacy systems spend"

"Bolloré's circular ownership structures across his complex entities are used to entrench control and exploit gains at the expense of other minority shareholders"

"Q1 and Q2 2019 days inventory were higher than 2018. The slowdown in CTC's ability to move inventory to its dealers is a sign of weakness in its retail channel."

"The Xerox synergy valuation assumes both flawless execution AND massive post-closing multiple expansion for the combined company, neither of which is realistic."

"Does the creation of this committee suggest challenges with government relationships or a lack of important government relationships in the cybersecurity space?"

"Note that this is a legacy product. Therefore, the website alteration cannot be attributed to a genuine product spec change. This is simply blatant obfuscation."

"Note that this is a legacy product. Therefore, the website alteration cannot be attributed to a genuine product spec change. This is simply blatant obfuscation."

"Greenlight can only conclude management, through Mr. Walton’s assertions, desperately wants the public to believe Greenlight has been negligent in its homework."

"While some marketing savings could be realized quickly, larger advertising reductions will be timed to phase in as more effective digital marketing is ramped up"

"The Company is trading at a steep discount to both publicly-traded family-dining restaurant companies and packaged food companies, as is shown on the next page."

"Maybe this impresses people by saying that you've killed the dendrite problem, but the real proof is doing the test hundreds and hundreds of thousands of times."

"Under the incumbent Board, McDonald's remains wed to its meat-based strategy despite a growing plant-based foods market, which is now over $40 billion worldwide"

"Combining our estimates of cash collections per paying member per year with estimated member churn yields a nine-year payback period for EHTH’s booked revenues."

"Even when measured against a wider group of companies, PowerSchool stands among the companies who are most aggressively capitalizing software development costs."

"When Huntsman first acquired Textile Effects in 2006, the business was healthy and profitable, with $92 million of Adjusted EBITDA, and strong growth prospects."

"A rising tide lifts all boats. We believe Huntsman's performance seems to be the result of favorable macro conditions rather than skillful management execution."

"While some marketing savings could be realized quickly, larger advertising reductions will be timed to phase in as more effective digital marketing is ramped up"

"In addition to not receiving broad support at Xylem to be on the Board, Ms. Harker also had the highest amount of votes withheld for her election at Stride Inc."

"In 2018, Southwest had best-in-class margins. Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class"

"All seller-financed transactions—Onboard Trusts 1 through 8, Skyfi Trust, CSS PL 2023-1, and the Q3 and Q4 2024 “sales”—seem to fail all three ASC 860 criteria."

"Despite the recent influx of competition in the space, Align appears to continue to behave as a monopolistic player in the doctor-directed clear aligner market."

"Far from being a “structural” impediment to reaching peer margins, large structural castings are yet another missed opportunity under Dr. Kleinfeld’s leadership"

"As a result, rather than earning money from YY gifts, the Xiaozhou group of accounts paid out a net RMB 8.5 million while YY booked RMB 17.2 million of revenue."

"Based on analyst estimates for 2018 EBITDA, PAH shares would be valued at more than $19, nearly 75% above current levels, if it traded at current peer multiples"

"It will be interesting to watch the position taken by BlackRock’s Investment Stewardship team itself (“BIS”) as evidence of their credibility (or lack thereof)."

"We believe investors should have little confidence in the quality of Sunnova's inventory adjustments and presentation of financials given such frequent changes."

"Loanpal is currently lending $200M/month in residential solar loans and are already responsible for more than 30% of all new residential solar loans in the U.S."

"We believe investors should have little confidence in the quality of Sunnova's inventory adjustments and presentation of financials given such frequent changes."

"A former employee in India is acting as a whistleblower and alleging tax evasion that allowed WSP to avoid tens of millions of dollars in required tax payments."