Callouts & quotes from 37,061+ activist slides

"In the Convergent arm, 67.7% of patients were free from AF/AFL/AT at 12 months, while in the Endocardial Catheter Ablation arm, that proportion was only 50%."

"“I think [Phillips 66] employees are feeling a bit like second-class citizens, like the focus has been turned elsewhere in the recent years.” — Brian Coffman"

""We have looked at this every way you can and we just see the profitability a long way out." — Ford and Volkswagen (regarding their self-driving car venture)"

"We are rebuilding and increasing inventories in an effort to reduce the excessive cost of trucking long distances to satisfy demand. — Co-CEO Sacks, Feb 2022"

""Any damage to our reputation or brands may materially and adversely affect our business, financial condition and results of operations" — e.l.f. Beauty 10-K"

"Lazard recommends the separation of TWX into four independent companies: (1) AOL, (2) Content (Networks + Filmed Entertainment), (3) Publishing, and (4) TWC."

"MW: 93000个网点和110000个银幕。就是差不多一个点一块多一点。 / 93,000 locations and 110,000 screens. So it is pretty much a little more than one screen per location. — Muddy Waters"

"$DRI management shuts me out of another earnings call.. Running out of time is not an excuse. @jannarone article on #CNBC was $$$ — Howard Penney @HedgeyeHWP"

"a recent search of sell-side research covering Nidec yielded the words “synergy” and “synergies” in 153 Nidec reports over the past five years. — Alpha-Sense"

"If you only use Medicare data, you’re missing 18% of the market that is still in the cap period. — Bloomberg transcript from conference presentation 1/9/2019"

"Why were so many people willing to believe in something that so few actually understood? — Bethany McLean, "Why Enron Went Bust", Fortune, December 24, 2001."

"Olam CEO Sunny Verghese defiantly announced plans to spend an average of S$226 million to S$308 million on investments per quarter over the next three years."

"“And how do I prep all these samples? Hamilton Robots” — Ginkgo Bioworks (Twitter). “Great product for liquid handling.” — Daniel Wen (SelectScience Review)."

"Our primary rail competitor is CSX Corporation (CSX); both we and CSX operate throughout much of the same territory. — Norfolk Southern FY 2023 annual report"

"Ladies and gentleman, the holding of this role by a spouse of the chairman - please check for me; perhaps I'm wrong - is highly unsatisfactory. — Shareholder"

"“not a good investment”; “I don't think it's worth $2 million”; “not enough customer interest to justify more machines” — Samsung Biologics ex-lead scientist"

"“P66 has regularly run afoul of market expectations, has not generated competitive value during the span of Mr. Lashier’s executive service...” — Glass Lewis"

"“no question...it sounds sketchy” — Global Foundries; “pretty scary...pretty weird” — Research source; “tricks that any supplier can play” — Research source."

"Sampo's underperformance has not been driven by operational missteps; rather, sentiment in Sampo has degraded: IF P&C + Mandatum have de-rated ~8x vs. peers"

"The RUN Partnership Flips are designed to allow RUN to monetize multiple tax benefits of owning PV Systems even though RUN does not have any taxable income."

"Despite significant share price appreciation in 2016, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"Third Point had limited confidence that Campbell’s incumbent Board (after years of abysmal oversight) would conduct a proper and thoughtful strategic review"

"FIGS' days inventory outstanding (DIOs) are high on an absolute basis compared with its DTC peers, and also grew above industry average over the prior year."

"The Company would like investors to think these are somehow not equity. Call it what you want, but they convert into equity, and can ultimately be dilutive."

"Spruce Point believes that, with such heavy capital needs, and with so many things that can go wrong, Carvana can be deemed a zero without much imagination."

"Spruce Point believes that, with such heavy capital needs, and with so many things that can go wrong, Carvana can be deemed a zero without much imagination."

"Now everyone has to see for him- or herself: is Ströer tea cloudy or clear today at the end of the day? I hope that you can help a little with your replies."

"We believe ERIE's share price has benefited from multiple index inclusion catalysts and the belief that its increasing financial performance is sustainable."

"The CEO of Phillips 66 (NYSE: PSX) is talking down the value of his own company’s shares, saying they are fully valued despite 10 years of underperformance."

"Guidance vs. Peers: In the past 4 quarters, MPWR's quarterly sales guidance has been within 2% of its midpoint and its gross margin guidance range is 0.70%."

"Could stretched financials give the impression of stronger underlying earnings and sales growth as Penumbra faces increasingly strong fundamental headwinds?"

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"We believe the push of the financing program is the major root of CTC's credit risk and it is evident by the growth of higher risk loans in CTC's portfolio."

"Hannon Armstrong has still failed to publicly acknowledge – or deny – that in 2021, it booked ~$300 million of non-cash income that will never be collected."

"The actual change in the audit guide occurred in 1996/1997. This cannot explain why the 2001 audit letter should be worded differently from the 2000 letter."

"We believe that without these controlled entities, ANTA’s financials would show materially lower margins, belying the notion that ANTA is a strong operator."

"We have assembled a comprehensive operational turnaround plan and a team with vast experience in the casual dining industry and at Olive Garden specifically"

"Nothing – FDO trades at nearly the same consensus forward EBIT multiple as DG (~9x), a company with similar growth prospects, excluding the productivity gap"

"We would welcome the opportunity to schedule a meeting with you, at your earliest convenience, to have a constructive discussion on the topics raised above."

"Engine has engaged with more than 50 boards of directors over the last decade, and we have never encountered a situation where one has been so unresponsive."

"There is a clear pattern of fraud and scandals permeating the battery startup world, with key examples like Envia, Satki3, and most recently, Nikola Motors."

"Due to its extensive transactional experience and reputational equity, Pershing Square is well-positioned to pursue privately negotiated control investments"

"We look forward to the day when we can see Mario and Luigi on our smartphones, the same devices that we use to keep in touch with all our other old friends."

"We believe dual-class share structures are NOT in the best interests of shareholders and are NOT reflective of best-in-class corporate governance practices."

"We are left to ponder his mysterious background - did Chapman even attend college, does the child prodigy have a computer science degree; if so, from where?"

"CTR stated that CCME’s LCD network had 2,127 buses in Shanghai with 5,114 screens. In reality, CCME had no more than 296 buses with 315 screens in Shanghai."

"Unlike Autodesk, ServiceNow disclosed both the actual magnitude of the mid-year adjustment & the original targets and capped payouts on the adjusted targets"

"If this multi-faceted process is carried out by Messrs. Barber and Boychuk, Norfolk Southern can reduce its operating ratio to the low 60s within 12 months."

"Tempus insiders have not waited long since the IPO in April 2024 to start selling stock. In fact, each of the top 5% stockholders have recently sold shares."

"Spruce Point believes the Street is structurally too bullish on PowerSchool's prospects, which is reflected by the Company's lack of "sell" recommendations."

"We are calling on the Board to collaborate on the following changes to strengthen oversight and select the best new CEO to lead the Company into the future."

"We are calling on the Board to collaborate on the following changes to strengthen oversight and select the best new CEO to lead the Company into the future."

"A correct classification would identify SOFI as the primary beneficiary of an undisclosed VIE, requiring consolidation of the assets it claims to have sold."

"To a person – everyone we spoke with stated that leaving NYC is an important potential initial step to improving the connection with employees in the field."

"Since Engine has been involved and pushing management to do less M&A and focus on FCF, transaction-related costs have decreased, and free cash has increased"

"Oatly's CFO Christian Hanke provides an incomplete biography that obscures his role as Manager of Financial Reporting at Stratus Technologies (1999 - 2005)."

"Oatly’s price was cut by $0.50. In addition, we find that it lost a SKU among the top 12 offerings. Silk increased its promotion and is the low-cost leader."

"We are calling on the Board to collaborate on the following changes to strengthen oversight and select the best new CEO to lead the Company into the future."

"In a highly competitive industry where all players compete for each incremental customer, we find it unlikely for companies to pass through increased costs."

"Spruce Point believes the need for cost driven mergers, rather than revenue driven synergies, is a bearish sign of the competitive pressure in the industry."