Callouts & quotes from 37,061+ activist slides

"Option A – "such other amount of shares of Common Stock as Taubman Centers, Inc. and the members of the Taubman family shall agree" — Land & Buildings Proposal"

"Other transactions with directors as project subscribers (on terms no more favourable than other project subscribers). — TFC Annual Report to Shareholders 2013"

"Could you please reconfirm for stay period again? Will you book for 28 May - 5 July 2026 (38 nights) OR 28 May - 5 June 2026 (8 nights)? — Accor Hotel Employee"

"Unilever set bolder margin target and is making faster progress to achieve it... while also delivering and targeting stronger organic sales growth than Nestlé"

"The Vets First Corporation transaction is a tax-free event for U.S. tax purposes and is expected to realize $100M of operating income synergies by year three."

"If Nuvei traded closer to peer multiples at 6x – 9x and 15x – 20x 2022E sales and EBITDA, its share price would be 40% – 60% lower ($39.00 - $58.00 per share)"

"Here are emails with Vantage’s Sparman communicating with James Merrill who received six years of incarceration followed by three years of supervised release."

"EDU: I've wrote down your general information. When the teacher in charge of the franchises comes back, I'll let him know. He'll give you a call if necessary."

"The reality of business in China – particularly retail business – is that competition is far more deleterious to margins than most foreign investors perceive."

"FIGS likes to frame their competitors as still offering commoditized, shapeless, uncolorful cotton scrubs, but we believe that simply is not the case anymore."

"We observe capex figures don't reconcile to PP&E footnotes. Quarterly and semiannual supplemental capex figures don't reconcile. Operating cash revisions made"

"Mr. Vassalluzzo's managerial and industry knowledge, as well as his extensive service on public company boards, make him an excellent candidate for the Board."

"Box then began to realize significant, and sustained, gross margin degradation while repeatedly pointing to “one-time”, “temporary”, and “investment” impacts."

"This questionable and perhaps unsustainable source of income is now responsible for a greater share of profit than it ever has been since Carvana went public."

"We model 27% upside to CCI's recent share price through a change in capital allocation, and potential for over 60% upside in 15 months plus dividends received"

"Muddy Waters estimates that Mr. Müller and Mr. Ströer made a profit of more than 20 million euros when they sold freeXmedia via Media Ventures to the company."

"We believe ADP’s Employer Services segment, its largest business and currently ~2/3 of profit, is materially underperforming its competitors and its potential"

"Incremental volumes will come at very high incremental margins and require minimal capital investment due to significant excess capacity on UNP’s rail network"

"The actions of Mellanox’s non-executive directors suggest the opposite – that Mellanox’s stock grants are really just a way of boosting director compensation."

"HH's struggling performance may come as a surprise to analysts and investors as management has insisted across calls that the acquisition is going as planned."

"Because by doing this preferred equity arrangement you’re taking as much cash off the table as you can, while still saying you still own the assets long term."

""Currency headwinds" and "declines in revenues" only account for 22% of the offsets — the full "cost savings" were in reality offset by ~$556M of "cost creep""

"Management are urged to take three immediate steps to stem the ongoing tide of value destruction at Keisei and establish the conditions for lasting change...."

"We are asking Goodyear’s Board to: Engage with Elliott on Board enhancement; Begin process of monetizing retail platform; Form an Operational Review Committee"

"In the few years since, QS claims to have solved scientific problems that have stumped others for a century – a spurt that makes Liz Holmes look like a sloth."

"We have listened carefully to Marathon's stated reasons for remaining integrated, devoted substantial resources to evaluating them, and respectfully disagree."

"Error rates are so high that computations break down completely after about 40 gates, rendering the computer useless; regular computers have millions of gates"

"Combining Forces With Alibaba Pictures Could Give Paramount a Unique Story for Filmmakers Over the Next 20 Years on How Their Films will get Promoted in China"

"In reality, HDDs have reigned supreme in the data center because their high capacity and low cost make them a perfect fit for massive amounts of bulk storage."

"It would be highly concerning if capital from his stock sales were used to inject further capital into Pathos's recent Series D capital raise of $365 million."

"Spruce Point adjusts the Company’s capital structure for Restricted Stock Units, interest payable on outstanding debt, and the book value of the SB Tempus JV."

"Three CFOs within the past five years; Three heads of technology within the past five years; Switched head of sales four times over within the past five years"

"A superior plan exists for shareholders. Houghton Mifflin should execute a Dutch tender offer between $21 and $22 per share for 19% of its shares outstanding."

"Largest group of federal spending packages in U.S. history aimed at K-12 spending. The last of the ESSER funds are required to be obligated by September 2024."

"For many months we believe Xylem side-stepped any discussion or reference of the $90 million required to achieve the $140 million of estimated cost synergies."

"The answer isn't surprising: Current development economics don't cover the company's cost of capital, so the discounted cash flow spits out a negative number."

"Arconic generates far fewer sales from its assets than peers despite a recently refreshed capital stock that is younger than that utilized by its competitors."

"Not only does management eschew responsibility for the Company's poor performance, it shockingly insists that Arconic's performance has in fact been excellent"

"We believe YY's 2010 buyout of Bigo for $1.45 billion in cash and stock was a scheme to bilk investors by buying another fraudulent company from the chairman."

"From 2011-2015, ROC has declined as the Company executed $34.2 million of acquisitions, while the CEO and CTO enriched themselves at the shareholders' expense"

"Spruce Point believes the bull case has been misguided ever since Dropbox’s highly promoted IPO, and that cracks are finally emerging everywhere in the story."

"Considering these circumstances, we question why Zebra chose such a short useful life and did it reflect concerns with the allegations made in the litigation?"

"Based on our research, it appears Reflexis has experienced limited new customer growth and some customers are under distress and/or with low growth prospects."

"We are short Skillz, Inc. (Nasdaq: SKLZ) because its top games appear to be stagnant to declining, leading us to believe its revenue projections are farcical."

"Twist is not a big vendor, and they cannot offer many different things. They have their market, which is laboratories in universities and smaller startups...."

"Twist is not a big vendor, and they cannot offer many different things. They have their market, which is laboratories in universities and smaller startups...."

"Strategic investments are unlikely to reach breakeven until at least 2019, assuming Management does not underperform on its current plan as it has in the past"

"Senior leadership should be hands-on and actively focus on cultivating client relationships, and the CEO needs to be active as the face of the firm to clients"

"We question how the Company can manage this huge component of expense growth without detailed visibility and thoughtful analysis of its components and drivers"

"Trian believes P&G’s decade-long record of underperformance relates in great part to a culture that is insular – rejecting outsiders and new ways of thinking."

"We believe that with resolute and decisive action, Phillips 66 is primed to deliver far greater returns for its shareholders than it has over the past decade."

"If P&G can achieve its underlying earnings potential of $6/share by FY 2016, P&G would be worth $125 per share in approximately two years, including dividends"

"The notion that a decade from now, universities are going to be paying half or two-thirds of their revenue for some marketing and tech services is ridiculous."

"In our view, WD-40 has no visibility in an economic recession. It missed FY 2009 sales and EPS estimates by 13% and almost 10% at the mid-point, respectively."

"This means that Bristol-Myers is assuming that Celgene can produce, on average, 10 blockbuster drugs in 8 years...after only producing 3 in the last 15 years!"

"This means that Bristol-Myers is assuming that Celgene can produce, on average, 10 blockbuster drugs in 8 years...after only producing 3 in the last 15 years!"

"This means that Bristol-Myers is assuming that Celgene can produce, on average, 10 blockbuster drugs in 8 years...after only producing 3 in the last 15 years!"

"This means that Bristol-Myers is assuming that Celgene can produce, on average, 10 blockbuster drugs in 8 years...after only producing 3 in the last 15 years!"

"Moreover, the Company recently retracted a long-standing claim that its relationships allow it to understand where best to procure various product categories."

"Unlike most companies, and deviating from SEC guidelines, Amdocs provides limited details regarding executive or director remuneration on its proxy statement."