Callouts & quotes from 37,061+ activist slides

"Наша гостиница использует товарный знак ibis и Accor, но юр. лицо гостиницы зарегистрировано в РФ. — Reservations Manager, IBIS Moscow Oktyabrskoye Pole"

"“Thanks to our Board, who knows that we will be the standard of care and to our patient shareholders, thank you. We are on our way.” — Mehren (AXDX CEO)"

"Southwest’s response demonstrates how profoundly out of touch the Board and management are with shareholder sentiment and the reality of the situation."

"Nuvei's CFO David Schwartz provides a biography that fails to fully disclose that he was appointed the CFO of SureFire Commerce (TSX: FIR) in May 2002."

"Sparman's partner Nathan Shew (of Vantage Payments) brokered business between Rex Venture Group (RVG) and PCI in March 2012 according to legal filings."

"Based on CEO Locke's choice of words on the Q1 2021 earnings call, we are concerned by his lack of conviction to achieve profitability on the NFL deal."

"Note: that the current definition now allows HTA to remove properties from the same property pool that are INTENDED for disposition and/or development."

"Spruce Point believes that if revenue cannot be accurately depicted, then investors should have limited confidence in GFL's entire financial reporting."

"Southwest’s response demonstrates how profoundly out of touch the Board and management are with shareholder sentiment and the reality of the situation."

"WTRG is no longer showing the slide below and, for the first time since 2019, is warning that long-term trends favor 1% annual declines in water usage."

"To make matters worse, we believe the CEO may have insulted the homebuilding industry by referring to them as "land developers" interested in flipping."

"Third party behavioral analysis strongly indicates that Burford’s management was deceptive in their written and verbal responses to our initial report."

"Lowe's sales/ft² is 25% less than peak levels achieved nearly six years ago. EBIT margins are ~350bps below peak margins achieved nearly five years ago"

"We believe that the home centers face limited risk from online shopping because the majority of products they sell do not meet most of these conditions"

"We highlight that, for the first time in four years and the first time as a public company, Procept failed to pre-announce Q4 results in early January."

"Muddy Waters' intention was to damage Ströer shareholders for its (MW's) own commercial interests, which were based on the hedge fund's short position."

"The purchases announced in these releases never came to fruition. As for the coal supply agreement, if coal were supplied, it was not by Superb Summit."

"Properly operated, ADP should produce industry-leading long-term results. ADP should be the ecosystem and partner of choice given its breadth and scale"

"ADP’s accounting for PEO “revenues” overstates growth and economic revenue and complicates operational benchmarking given the significant pass-throughs"

"Subscription video streaming has consistently gained share from the declining Pay TV ecosystem, with revenues in the U.S. more than doubling since 2017"

"First, the Board must work with Darden’s management team to unify the strategic plan going forward while completing the CEO search as soon as possible."

"Conservatively assuming Valeant never makes another acquisition, has modest organic growth and reduces leverage significantly, the stock is inexpensive"

"We independently verified that IonQ's 11-qubit quantum computer, accessible through Amazon Web Services, is a farce that can't even properly add 1 + 1."

"We independently verified that IonQ’s 11-qubit quantum computer, accessible through Amazon Web Services, is a farce that can’t even properly add 1 + 1."

"The difficulty of going to 100 or 500 or thousands of qubits, it doesn't scale linearly. It's not just twice as hard to do 1000 qubits compared to 500."

"In other words, IonQ spent $414K with its two largest customers, who then turned around and “purchased” $164K of quantum computing access and services."

"36% incremental margins are not acceptable and not fully explained by the agency transition. We believe Autodesk should target 55% incremental margins."

"As a result, the industry would need to invest an incremental $200 billion to build the capacity to displace anticipated HDD exabyte shipments in 2027."

"We have nominated four director nominees to the 10-person Board, thereby seeking minority representation on the Board on behalf of common shareholders."

"First, the Board must work with Darden’s management team to unify the strategic plan going forward while completing the CEO search as soon as possible."

"Spruce Point favors shorting a no-edge commodity company at cyclical and unsustainable highs, especially one with strong evidence to suggest foul play."

"Spruce Point has a track record of prescient calls in the consumer and retail sector and has typically found warning signs around inventory accounting."

"The other appointed members of the private Ding family ANTA (Fujian) Shoes Industry sales offices are family members, ANTA company “veterans”, or both."

"Our proposal is not intended to be a vote of no-confidence in CEO Larry Fink, but simply aims to address the lack of independent oversight by the Board"

"As of today(3), BlackRock is still a leading shareholder of thermal coal companies Glencore Plc, Thungela Resources Ltd, Exxaro, Peabody and Whitehaven"

"BlackRock's destructive approach toward the energy companies that this state and our world depend on is incompatible with our fiduciary duty to Texans."

"Sunnova is essentially a financial engineered platform that benefits debt holders and tax equity investors who receive all of any generated cash flows."

"Sunnova is essentially a financial engineered platform that benefits debt holders and tax equity investors who receive all of any generated cash flows."

"In fact, GTT adjusted the value of every single line item from the original PPA. Incredibly, GTT revalued 6 of the 9 ‘asset’ line items by 40% or more."

"This approach is often taken in situations where individuals, entities, or both are attempting to conceal information, particularly acts of wrongdoing."

"Consolidating the forklift business would enable bottom-line impact, through sourcing optimization, R&D streamlining and other operational improvements"

"Zebra now mentions China’s Chainway as a competitor and the expert we consulted also referenced them as an emerging competitor worth keeping an eye on."

"A publicly traded McOpCo would increase financial transparency and would allow investors to appropriately value McDonald’s on a sum-of-the-parts basis."

"This is NOT a solicitation of authority to vote your proxy. Land & Buildings is not asking for your proxy card and will not accept proxy cards if sent."

"It’s one of those companies that’s always been a question mark for me. I didn’t get it. It went against everything that I learned in my science career."

"We advise focusing this above-the-line effort in key financial capitals in the world: New York, London, Shanghai, Hong Kong, Chicago and San Francisco."

"Rio's 29-year-old DLC structure has outlived its use and is no longer fit-for-purpose - causing Plc to underperform and inhibit Rio's shareholder value"

"Based on our extensive investigation over the past three years, we believe Herbalife operates the largest and best-managed pyramid scheme in the world."

"Only a radical redesign of Herbalife's compensation system could remedy serious and ongoing violations of consumer protection laws and securities laws."

"GE' s industrial balance sheet supported GE Capital's credit rating and therefore precluded GE Industrial from utilizing an efficient capital structure"

"To be explicitly clear, Norfolk Southern's OR was ~780 bps worse than CSX's rail-only OR in FY2023. In 1Q24, the OR differential ballooned to ~900 bps."

"Instead of yet another half measure, we believe Tripadvisor should be formally exploring a sale of the entire company, in one or multiple transactions."

"It’s very evident from our primary research that PB Blaster is intensely competing for shelf and advertising space with WD-40 at very low price points."

"We believe there are three obvious and credible ways for Bristol-Myers shareholders to lose significant value if the Celgene acquisition is consummated"

"The GSEs’ subprime and Alt-A investments amounted to ~6 times the minimum capital requirements of the FIA business at the onset of the financial crisis"

"Phillips 66's (NYSE: PSX) CEOs reaped an eye-popping $140M from 2020-2024—despite ongoing stock and operating underperformance and missed cost targets."

"Stores opened in YTD 2024 were in zip codes with ~6% lower average median household incomes than in 2023 and ~10% lower than the stores opened in 2022."

"While we recognize these values to be estimates, the order of magnitude relative to previous cost assumptions from 2022 and our own estimates are high."

"Sizable Selling: One stock sale alone worth $14M (note that whoever filled out the document made an error in this column – reads $1.4M instead of $14M)"

"We find it telling that Amdocs’ largest customer no longer has sufficient conviction in the Company to maintain its previous levels of share ownership."