Callouts & quotes from 356+ activist slides

"In a separate action, the board voted to reduce for 2003 the management fee rate to 24 percent from the current 25 percent... this action was taken after the board's consideration and review of the relative financial position of the Erie Insurance Exchange and the Erie Indemnity Company. — Company Transcripts"

"At DuPont’s 2013 Investor Day, management was not transparent about reducing margin targets, suggesting that reduced margin targets were correlated to the accounting change. Were DuPont’s independent directors aware of this? Trian’s nominees will seek to ensure that the board holds management accountable."

"At DuPont's 2013 Investor Day, management was not transparent about reducing margin targets, suggesting that reduced margin targets were correlated to the accounting change. Were DuPont's independent directors aware of this? Trian's nominees will seek to ensure that the board holds management accountable."

"At DuPont’s 2013 Investor Day, management was not transparent about reducing margin targets, suggesting that reduced margin targets were correlated to the accounting change. Were DuPont’s independent directors aware of this? Trian’s nominees will seek to ensure that the board holds management accountable."

"The structure relies on a web of “straight line / dotted line” reporting relationships that obfuscates “ownership” of decisions and reduces organizational agility, exacerbated by the fact there are three dimensions to the matrix between Category, Sales and Functions – from global, to regional, to country"

"This [recent cost cutting] move is part of a larger effort to simplify our management structure, speed decision making and reduce costs. We are reallocating our workload and assets in order to invest in areas of higher growth, including online and new launches. — Ann Moore, Chairman and CEO of Publishing"

""Reduce the causes of climate change and support the transition to a low carbon economy by encouraging and enabling the use of low and zero carbon technologies, supporting the development of appropriate renewable energy sources and sustainable and active transport" — County Durham Plan (CDP) Objective 17"

"“When we reduce your fleet’s emissions we work with and invest in projects that have been certified to sequester CO2 from the atmosphere. We follow strict guidelines and protocols and retire certified carbon credits on a leading public registry [American Carbon Registry].” — Clean Advantage website"

"According to an article by CryptoSlate which cites research from VanEck, app download data from Sensor Tower, and stablecoin data from Chainalysis, Western Union and MoneyGram are already seeing pressure from stablecoin through reduced app downloads and declining monthly active user (MAU) growth."

"Despite the seemingly sound logic of single embryo transfer, research suggests that PGNY’s claims that this practice will ensure the reduced incidence (and, most importantly, resultant costs) of pre-term births are questionable, or at least provide an incomplete picture of the aggregate outcomes."

"DuPont management has demonstrated that it disagrees: Investments(1) as a percentage of sales into growth businesses have been reduced more than investments into mature businesses (Coatings and Performance Chemicals), despite management's claims of increasing investments into growth businesses(2)"

""You will recall that length of stay is among the most important return on investment considerations for hospital administrators as it represents an opportunity to reduce non-reimbursed costs, while also freeing up beds more quickly for the next reimbursed patients." — Mehren (Q119 earnings call)"

"“We have tried to do everything we could earlier this year when they went to every landlord and asked for rent reductions and concessions,” Mr. Chilelli said. “If they are able to reduce their footprint, it will hurt the office market again.” — Joey Chilelli, Managing Director at Vanbarton Group"

"WD-40’s share price defies logic and trades at an extreme valuation. Post the last financial crisis in 2018, management has directed ~62% of total free cash flow into repurchasing shares at increasingly inflated prices, while it methodically reduces its stake in the Company to almost nothing."

"The JV structure creates substantial immediate value, akin to raising equity at a massive premium to the current market price, while highlighting the value of Macy’s real estate ownership, and preserving the optionality for future value creation, financial flexibility, and reduced risk."

""In fact, our St. Joe beaches have been fortunate to experience minimal tar balls recently and have necessitated fewer workers to accomplish the slight clean-up required. We have similarly reduced the number of private workers required to maintain our beautiful beaches." — JOE Website"

"Finally, the fourth major trend deals with the use of big data, neural networks related to machine learning, artificial intelligence and data analytics to increase our clients' efficiency and reduce cost in evaluating their reservoirs. — Core CEO David Demshur, Q1 2017 earnings call"

"“...if you have hyperglycemia and diabetes, and you have edema and heart failure, and I do believe there were a couple of patients hospitalized with heart failure just to reduce appetite, it may not be a risk worth taking.” — Ex-Soleno employee #1, key role in clinical trial program"

"Spruce Point questions the heavy insider selling in Q4 2021 around the time we find both: 1) Unusual international revenue declining and, 2) Underestimation of the Zentrick termination payout by 2x that would have drastically reduced the Company’s 29% earnings beat for the quarter."

"Per the original JV contract, peak revenues were slated to be $170m in the year ending April 30, 2022. The most recent amendment has revised the contract for revenues to peak three years later (April 30, 2025) than the original agreement and at a reduced commitment level of $125m."

"Spruce Point has analyzed many struggling companies over the years, and a consistent theme we find is that challenges are often accompanied by reduced transparency and disclosures. We observe that as recently as FY 2022, Saputo has stopped providing at least three key disclosures."

"In 2023, Chevron’s Management Compensation Committee (MCC) reduced Hearne’s compensation “as a consequence of cost and schedule slippage on major capital project in Kazakhstan, capex overrun in the Permian Basin, and safety performance.” — Chevron Corporation Definitive Proxy"

"In 2023, Chevron's Management Compensation Committee (MCC) reduced Hearne's compensation "as a consequence of cost and schedule slippage on major capital project in Kazakhstan, capex overrun in the Permian Basin, and safety performance." — Chevron Corporation Definitive Proxy"

"Although the resulting leverage exceeds the level appropriate for a ‘BBB-’ rating on an ongoing basis, the ratings incorporate S&P's expectations that Cox has the capacity and commitment to reduce consolidated debt to EBITDA within two years to the low-to-mid 4x area. — S&P"

"Moreover, we believe that there is a material risk that any insurance covering potential claw backs may be void if there is a determination of tax fraud, which could subject RUN and the tax equity investors to significant liabilities, and ABS holders to reduced cash flows."

"Washington state terminated coverage after a lengthy 2018 evidence review by 11 clinicians, slamming stimulators as unsafe with sky-high complication rates of 42-60%, and concluding that they fail to provide pain relief or reduce the need for pain medication like opioids."

"Dr. Fang (Blacksand founder and technology inventor), Raymond Nimrod (IperionX’s technology and patent portfolio advisor) and Lamont Leatherman (former Chief Geologist) either completely sold or materially reduced their stock holdings between August 31, 2024 and 2025."

""For the years ended December 31, 2024 and 2023, the Company obtained the use of various assets through operating and finance leases, which reduced the level of capital expenditures that would have otherwise been necessary to operate its business." — Limbach 2024 10-K"

"Improved the Company’s financial health by driving companywide efforts to improve profit margins, reduce debt, secure credit rating, and increase return on capital, positioning the Company to take advantage of future growth opportunities — DuPont 2014 proxy statement"

"The acquisition of ADESA was an acknowledgement of these shortcomings. Far more brick-and-mortar infrastructure (over $2.2bn worth) was needed to properly scale, physically reduce the distance to its customers, and improve profitability by lowering logistics costs."

"Decreased residential customer water and natural gas usage as a result of conservation efforts, and the impact of more efficient appliances and furnaces, may harm demand for our utility services and may reduce our revenues and earnings. — Essential Utilities 10-K"

"In our discussions with intermodal experts and shipping brokers, the common estimate was that the ceiling on intermodal prices – usually about 20% lower than OTR – was about half a function of time and half due to reduced reliability and flexibility. — Footnote 9"

""If [HMA] does not meet or exceed the Quality Requirement, the [Compensation] Committee will exercise its discretion to reduce the portion of the Adjusted EBITDA-Modified Performance Components that is eligible to vest and be paid by up to 20%." — HMA Form 10-Q"

"No, I don't remember. $500 million—between $300 to 500 million and that basically translates to the POs that they had from Intel but the POs are at a significantly reduced price. They don't have a lot of margin on those tools, very low margins on those tools."

"Insiders have continued to reduce their stake in PGNY since its IPO in 2019. Insiders have reduced their stake from 52% prior to the IPO to 14% as of the 2021 proxy filed in April 2022. If insiders are selling at such a rapid clip, why are investors buying?"

"Initially submitted as an advisory proposal to solicit shareholder feedback, but rejected by Keisei, Palliser's binding proposal to reduce the OLC stake below 15% offered shareholders a voice on capital allocation, whilst preserving management flexibility"

"It is worth noting that, similar to past acquisitions, there will be some amount of MSCI shared expenses that will be allocated to the segment. These allocations will reduce the margins for Burgiss, while slightly increasing the margins in other segments."

"While I was there, we were much higher. Like over time, I'm sure that the price has come down, but it was well-known that we were at a premium. And we would really only reduce pricing in exchange for a long-term contract. — Former strategy executive at DV"

"Based on our research, we have identified three frequent events that should result in write-offs of capitalized connected device costs, which would reduce reported gross margins. We are not confident that Samsara has been taking the requisite write-offs."

"In essence, neoclouds allow Nvidia to expand its sales reach without relying exclusively on hyperscalers who not only command significant pricing power but are also aggressively developing their own custom AI chips to reduce their dependence on Nvidia."

"This ion induced damage limits the collector lifetime. It is necessary to reduce the velocity of the ions to minimize ion induced damage. Argon gas at high flow rate is injected in the path of the ions. The argon atoms collide with the fast-moving ions"

"It’s a huge red flag when management says one thing and does another. The CFO specifically said there would be no deal synergies for at least four years, yet it assigned $88m to goodwill, which it is using to reduce U.S. taxes and underpay the IRS."

"Granted coal prices were soft in 2019 and fell into 2020 during the pandemic, but this did not lead many coal companies to drastically reduce their proven and probable reserves – except for AMR which cut proven and probable reserves by almost 50%."

"As unfathomable as this is, Bennett's employment was terminated "without cause" (a "for cause" termination would have reduced the payment), a shocking decision considering he led the company through both a bankruptcy and the Bonanza Creek debacle."

"Over time, this [Oklo's size and technology] should allow us to reduce cost and asset construction time through purchasing economies of scale, as well as efficiencies that should come from deploying essentially the same asset over time. — Oklo CFO"

"We believe that the Exit Multiple should reflect this significant change in the business as MLP-qualifying income in an MLP structure is extremely valuable to other MLPs and can serve to reduce TPCG's cash tax costs and lower its cost of capital."

"“if you have hyperglycemia and diabetes, and you have edema and heart failure, and I do believe there were a couple of patients hospitalized with heart failure just to reduce appetite, it may not be a risk worth taking.” — Ex-Soleno employee #1"

"The FTC's complaint alleges that Northrop's proposed acquisition of Orbital ATK would have reduced competition in the market for missile systems purchased by the U.S. government, resulting in less innovation and higher prices for taxpayers."

"In November 2018, consistent with Trian's recommendations, P&G unveiled a new organization structure designed to "de-matrix" the company and create end-to-end P&L and operational responsibility, including a reduced number of business units"

""[W]orking capital could be reduced... without a detrimental effect on margins... best-of-breed distributors and retailers are able to drive down working capital needs while at the same time boosting profitability" — Piper Jaffray, 12/2/12"

"We believe LongHorn needs to reduce the prep items that customers are not giving them credit for, and focus their labor efforts on what customers actually care about. Estimated total savings from reducing prep costs is $6.5 – $12 million"

"We believe LongHorn needs to reduce the prep items that customers are not giving them credit for, and focus their labor efforts on what customers actually care about. Estimated total savings from reducing prep costs is $6.5 – $12 million"

"We have proposed a set of near and longer-term measures intended to rebuild investor trust and reduce the $25bn value gap between the company's market value and intrinsic value, equivalent to potential share price upside of up to ~170%."

"If management becomes more bearish about a recovery, it can reduce capacity further and shrink the cost base. We believe that if the business were right-sized to the current sales base of ~$3.3bn, EBIT margins could be approximately 10%"

"However, we believe this arbitrage is firstly unsustainable and secondly about to fall apart, because our findings imply that IIPR will in fact have to finance the 2020 dividend from capital raises or reduce the dividend substantially."

"At the current run rate IIPR would have to pay out $86M in dividends throughout 2020. It seems to us that the company will not be able to do so based on our analysis. We expect that the dividend will have to be reduced substantially."

"In the past decade, Zebra insider ownership has plummeted from 6.5% to just 1% of the equity. Over the same period, institutional investors known for doing fundamental research have either exited or materially reduced their stakes."

"Where is the actual $5.6 million payment that was made in 2022? It is not recorded through the financing or investing section as related to the acquisition. Did it go all through the income statement and reduce operating cash flow?"

"HGV's EBITDA growth is severely reduced by Diamond's slower growth business. HGV is forecasting 16% EBITDA growth on a standalone basis annually between 2022 and 2025 while Diamond standalone is only forecasted to grow 4% annually"

"Contrary to Phillips 66's narrative that their business mix affords investors reduced volatility and they have successfully completed their operational turnaround, the Company delivered worse earnings than all of its peer groups."