Callouts & quotes from 37,061+ activist slides

"Spruce Point has caught Magnite clearly exaggerating its SPO efforts, first calling 2019 a period of “acceleration” and then backtracking to call it “slow”."

"FTAI has wide latitude to estimate residual values, giving it the benefit of potentially moving equipment to Inventory with artificially low carrying values"

"The bullet points below catalog the various discrepancies. Note that 2019 numbers remain consistent, confirming that these are apples-to-apples comparisons."

"The double duty being pulled at Branch no. 56 is not a single incident. We also found Branch No. 36 and another Deyou store share a same registered address."

"SCT's share price performance does not reflect core business growth. Intrinsic value has doubled but the share price is down 18% since the merger with Cheil"

"It is curious as to why such a small company would arouse the attention of a multi-billion dollar market capitalization advertising powerhouse such as FMCN."

"The ACMR valuation makes no sense, and valuing ACMR’s stake at ACMS current trading levels would imply an ACMR share price of $73, representing 318% upside."

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

"Genomatica illustrates how Ginkgo injects cash into related-party “customers,” with Ginkgo investors like Viking, Casdin, and others playing a central role."

"It is highly unlikely a well-run Midstream SpinCo requires ~3x the G&A as peer operators (1.7% management guided G&A / TEV vs. 0.6% peer average G&A / TEV)."

"Why should investors buy into the cloud growth strategy if insiders won’t? Recent trades by CEO Bodner suggest that he thinks the stock is getting frothy..."

"The FTC settlement requires a “top to bottom” restructuring of HLF’s business model to “dismantle the alleged deception” and “start complying with the law”."

"We also presented a bear case that highlighted several large headwinds that athena would have to contend with that led to a DCF value of just $14 per share."

"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 find few reasons for a vet to use Heska other than price, and even Heska management struggles to explain how it will compete with the industry's leaders."

"Heska is trading at a material premium to some of the most innovative diagnostic equipment companies despite having a margin profile closer to distributors."

"BP had previously - in the case R (Galloway) v. Durham County Council - unlawfully sought authorization for a 76 MW plant while claiming it was below 50 MW."

"BKD must act now with 1) major initiatives complete, 2) IRS REIT moratorium lifted and 3) average HC REIT forward cash flow multiple trading at 7.4x premium"

"Morgan Stanley’s Inpatient forecast assumes athena launches a new revenue cycle management service in 2017 that will reach $2.5 billion of revenues by 2030."

"Assuming a 7x Forward EBITDA multiple, even if the recovery is protracted or prolonged, we believe we will earn an attractive IRR at the current share price"

"The Percentage of Disney Films That Are Sequels, Prequels, Spin-Offs or Remakes Has Dramatically Increased – Suggesting a Creative Engine That is Sputtering"

"Given that Disney's plan for ESPN involves products that have yet to be launched, we see two potential paths for ESPN that Disney should evaluate in detail:"

"Contrary to DWAC's perpetually future intentions, we believe it has never had any reasonable hope of filing an S-4 that the SEC would allow to go effective."

"Vivion appears to take pains to conceal its relationship with rent24. We suspect that rent24 could be used to artificially inflate rent receipts in Germany."

"Fannie's $5bn IPO is readily achievable given its scale and return profile. Freddie's larger IPO will benefit from the learnings from Fannie's capital raise"

"The Model 3 is profitable. I didn't think it was gonna happen this way, but the Model 3 is profitable. Over 30%. No electric car is getting 30% net, nobody,"

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

"Truck and vehicle growth are averaging just 1.9% over the last three years, falling short of the Company's target of mid to high single digit organic growth"

"Clear path to remove share price discount by separating the Steel business to allow the market to independently value Timken's Bearings and Steel businesses"

"We attribute Timken's significant outperformance since the public announcement of our proposal to shareholder anticipation of a separation of the businesses"

"Timken’s Bearings Sales growth over the last five years is virtually identical to SKF’s, implying that the revenue synergies from integration are negligible"

"Ardehali is a self-promotional, LA-based “celebrity surgeon” who gives TED talks with claims about the OCS pump that we view as false, reckless, or quackery"

"TransMedics would then hijack and take over the organ allocation process from the OPO, and bypass the match list to start offering the organ preferentially."

"The ex-OCS specialist stated that TransMedics executive team is on text messages and internal chats to direct the scheme during organ procurements in the OR"

"We believe a major reason for FirstGroup’s consistent underperformance since 2008 is the Company’s increased complexity following the acquisition of Laidlaw"

"BOL has likely been misunderstood because the complexity of its structure makes it infeasible to use Excel to estimate the percentage of circular ownership."

"The point of Soleno’s, in our opinion, is to create the illusion of a Tmax shift, as shown in the graph - that the suspension spikes quickly vs. its tablet."

"I have not really talked to colleagues...and one endocrinologist said she did not see a big difference...she just said a lot of her patients didn't respond."

"It appears that LSPD loosened its revenue recognition policies post IPO to allow for recognition "on the date the services are made available to customers"."

"LSPD has not actively pointed out multiple changes to its ARPU KPI disclosure. We had to figure this out by close examination of its filings and statements."

"Recent consumer spin-offs have generated significant total returns relative to the S&P 500. Many of these companies were struggling prior to the separations"

"For example, it shows that Abbot, J&J, Merck, Pfizer, and others all tried and failed in their H3R programs for narcolepsy and excessive daytime sleepiness."

"The BEA board should, in the best interests of BEA shareholders, conduct an auction process to explore the scope for a sale of BEA at an appropriate premium"

"Thus, the flimsy foundation upon which DCCR’s efficacy rests is a worsening of hyperphagia, as assessed by HQ-CT scores, in the placebo group over 16 weeks."

"The FTC settlement requires a “top to bottom” restructuring of HLF’s business model to “dismantle the alleged deception” and “start complying with the law”."

"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."

"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"

"Atkins' conduct directly violated his fiduciary duty as a partner of TSG and TMG to refrain from personally profiting from the misuse of partnership assets."

"We believe Simpson Nursery and May Nursery were only involved to help Trulieve get it’s license, and show no signs of operational contributions to Trulieve."

"This reminded us of the China-based frauds we exposed a decade ago, who simply didn’t have enough employees to be manufacturing in the volumes they claimed."

"GSX is the only publicly traded Chinese online education company that consistently reports bottom line profitability and an overall superior margin profile."

"Cumulatively, we expect CAIC, MCY’s subsidiary, to incur over $2 billion in losses between their landlord and homeowner (HO-3) policy exposure to the fires."

"While the company markets its offering as “Quantum Computing as a Service” (QCaaS), the reality is far from anything resembling a scalable, SaaS-like model."

"Key customers are “really struggling about what to do”; “it’s painful, extremely painful” to use Lasertec’s tool; “it would be stupid” to buy more machines."

"GoDaddy trades at an almost 40% discount to this broader set of technology companies with a similar revenue growth profile and a high recurring revenue mix."

"its pro rata utilization of space at each facility plus a pro rata share of each facility's actual insurance costs and real estate taxes — CVNA FY 2017 10-K"

"“Towers kind of run themselves, so management’s value add comes from keeping costs down and intelligently allocating capital.” — MoffettNathanson, June 2019"

""Expedia to Spin Off TripAdvisor" — Scott Morrison, Wall Street Journal. "Barry Diller sells shares in TripAdvisor, steps down as chairman" — Business News."

"“We may have general difficulties in obtaining raw materials, particularly oats, due to our high quality standards.” — F-1 SEC Registration document, pp. 25"