Callouts & quotes from 37,061+ activist slides

"Southwest’s operational meltdown stranded 2 million customers over the holidays and drove 30%+ share price underperformance relative to peers over 2 months(1)"

"After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct."

"Commit to a mid-30% consolidated EBT margin (35% servicing and 40% Investment Management) by 2014 and to leveraging compensation and non-compensation expenses"

"Our linear regression on similar companies suggests a valuation based on EBITDA of approximately 11.0x which equates to a price target of approximately $28.00"

"The two co-founders of Movers+Shakers appear to have been close with Alison Mack (sentenced to prison) and Nikki Clyne, two central players in the NXIVM cult."

"As compared to comparable companies and transactions, Elliott's $21.00 offer represents a higher premium and higher multiple than the median valuation metrics"

"Allocating M&S to refining significantly widens the opex/bbl gap, suggesting there is even more operational upside if the refining system was run efficiently."

"The Company's actual net leverage ratio ended up significantly higher than what had been communicated to shareholders at the time of the Rockwood transaction."

"RINO's raw material balances have not grown in line with sales. Raw materials are one of the best – if not the best – ways of gauging a manufacturer's output."

"This analysis yielded an implied enterprise value for Networks of $39.5 - $43.5 billion implying 12.2x - 13.4x 2006PF OIBDA (excluding unconsolidated assets)."

"Based on these assumptions, the DCF valuation is approximately $43.3 - $49.3 billion ($44.7 - $50.6 billion including the value of the unconsolidated assets)."

"MH Education would be better positioned to compete standalone with greater attention and incentives to reverse share loss and direct the business for success."

"After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct."

"Despite being identical products, IKEA’s buyer catalogue is between 18% and 35% cheaper than the regular CSTE agent’s retail price, and includes installation!"

"The Samsung group ownership structure is complicated by legacy treasury, circular and cross-shareholdings which create a significant drag on shareholder value"

"Allocating M&S to refining significantly widens the opex/bbl gap, suggesting there is even more operational upside if the refining system was run efficiently."

"The amount paid into the “Clean Advantage” program to date is at a minimum $100 million and growing, making this THE LARGEST CLEAN ENERGY FRAUD in US history."

"At least Intuit discloses QuickBooks revenue, which is more than we can say for the NINE other revenue streams that comprise the SBSE “services” sub-segments."

"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 we are largely correct about the inflation of France retail EBITDA, it means that the core business in France has been in a significant decline since 2013."

"Plasma based sources are the dirtiest parts in EUV tools. In inspectors, the problem of isolating the mask from source debris is more severe than in scanners."

"Former employees repeatedly confirmed one of the most devastating findings from customer interviews – that the machine is not robust enough for commercial use"

"We estimate the future payment obligations for just the apartments under construction to be in excess of ~€220 million and coming due over the next few years."

"Stryker talked a big game in its deal to acquire K2M Group to bolster its spine business. The CEO said it expected mid-single digit performance going forward."

"Spruce Point believes Stryker is becoming dangerously levered as it pays hefty premiums for low quality acquisitions that it has failed to properly integrate."

"We believe Magnite’s shares represent an incredibly poor risk / reward. The current sell-side consensus price is $21.71 which is ~20% below the current price."

"Unlike its peers, executive incentive compensation at HMA through 2012 has been based solely on EBITDA – with no focus on per share metrics or quality metrics"

"For a full year, HMA had given 2012 guidance to Wall Street that excluded HITECH incentive payments – while holding themselves to a much lower internal target"

"However, this restatement doesn’t jibe with the changes made to Note 5 in the 2009 AR, which provides a breakdown of costs included in the cost of goods sold."

"We intend to install an independent slate and legendary CEO to abandon the blocked deal, collect the $565 million breakup fee and Make U.S. Steel Great Again."

"Q4 is implied from full year results and not readily transparent but is starting to rapidly decelerate and that is before a slow down of new awards in Q4 2024"

"With today's oil price outlook, there are fewer new multi-million dollar, multi-year, international deepwater projects that benefitted Core in the last cycle."

"And because Core’s business is tied to this, its revenue held up in the down-cycle and then grew in the recovery right along with capex outside North America."

"BEKE claimed that the average price per new home was RMB 2.1 million from Lianjia stores and RMB 1.4 million for the connected stores in its 2020 20-F filing."

"and 10-year notes raised at 4.25% and 4.75%, respectively and for $2bn incremental debt assumes 7-year and 10-year notes raised at 4.5% and 5.0%, respectively"

"EHTH's overstatement of future commissions booked as upfront revenue by approximately $128 million, detailed above, means that sales are exaggerated by 33.8%."

"Freedom Holdings has faced criticism for their questionable business practices, including their IPO model, Potemkin board of directors, and lack of oversight."

"Is it possible that PGNY inflated the amount of member lives that would be added from the 2022 selling season to cover up for an underwhelming selling season?"

"How did the PGNY existing client member base grow by only 100,000 members when just four clients, AMZN, MSFT, GOOG, and FB/META, grew by nearly 150,000 alone?"

"WE BELIEVE THE BOARD'S SEEMING DISINTEREST IN DEMANDING ACCOUNTABILITY IS DUE TO STRONG INTERCONNECTS AND PERSONAL LOYALTIES BETWEEN BOARD MEMBERS AND THE CEO"

"It is the US version of the “China Hustle,” when Chinese frauds – generally of the related-party genre - listed in the US a decade ago, with a recent revival."

"With organic revenue growth consistently disappointing and pressures intensifying, there is no basis to project revenue growth will miraculously change course"

"We conclude that Huishan has fraudulently inflated its gross margins and reported profits since at least FY14 by lying about being self-sufficient in alfalfa."

"This finding is significant because it implies an even greater delta between the real CapEx expenditure on PP&E, and that derived from the cash flow analysis."

"Spruce Point finds it concerning that much of the behavior outlined in the Audit Committee investigation parallels behaviors which we observe at Verint today."

"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."

"HMG needs to achieve a group-wide improvement in corporate governance standards that should reflect its status as a multinational and leading automotive group"

"One of our learnings from past mistakes is to act promptly when we discover new information about an investment that is inconsistent with our original thesis."

"Heska didn't invent the consumables subscription model. However, it has innovated a special brand of it that seems to create a lot of friction with customers."

"Optomed co-founder Arnaud Duchene has already left the Company. Optomed is another low quality asset that is wholly inconsistent with Heska’s stated strategy."

"The number of times PDN was hyped by the CEO and sell-side on the recent Q3 earnings call - 19 mentions of PDN - is suggestive of its importance to the story."

"Mr. Martinez announced his mayoral candidacy just two weeks after company began its strategic review, the same month that his $500k consulting contract ended."

"Kao’s nominees have lower skills coverage across critical areas compared to peers such as supply chain, marketing, finance, consumer goods and digitalization."

"We estimate Oribe's revenue to be roughly half their size, Oribe could match these figures and more through expanded marketing and distribution beyond salons."

"If you apply a constant P/E multiple on the new Apple earnings, Apple common stock would have a new price of $430 per share versus the current $450 per share."

"The result was a surprisingly high average of 66%. This is primarily due to two major properties currently marketing substantially all of their NLA for lease."

"Pioneer Power stands out as Limbach’s lowest-margin acquisition, with EBITDA margins meaningfully below those of its prior targets and of the legacy business."

"Apollo Hospitals seems to be a recidivist when it comes to organ trafficking scandals – which seems par for the course for hospitals in major cities in India."

"To Microsoft and OpenAI, CoreWeave is simply a “bare metal” provider of GPU access, competing on price and availability, not differentiated software features."

"Every hospital that Inspire names under “independent” clinical studies has received substantial payments from Inspire for vaguely named post-approval studies."