Callouts & quotes from 37,061+ activist slides

"Saputo's second strategic pillar is to accelerate product innovation. We see a few reasons to be skeptical of its ability to execute on this objective."

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

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

"Analysts' estimates of the value of Filmed Entertainment is generally in line with the fully-distributed enterprise valuation of $15.0 - $16.5 billion."

"There is not a single dose of skepticism expressed with a "Sell" recommendation amongst the analyst community when it comes to Momo’s 12 month outlook."

"From 2004–2009, Latino market Volume Points as a % of total Americas Volume Points more than doubled, while the ‘Core’ U.S. market appeared to stagnate"

"In addition, Herbalife's products are typically sold at a 50% discount to SRP, whereas many of its competitors sell their products at a 30–40% discount"

"Since 2007, Michael Johnson has sold ~$140mm of HLF stock. These sales were discretionary. His shortest dated options were not set to expire until 2013"

"Allegations and controversy surrounding Axon influencing police chiefs and decision makers create uncomfortable headline risks to the investment story."

"Cush would bring deep experience to Southwest’s effort to build upon the Company’s core cultural strengths while evolving and modernizing the strategy."

"Phillips 66's misleading claims of success on its 2022 targets echo the Board's and previous CEO's failure to hit the AdvantEdge66 cost savings target."

"This is an outright “green fraud” that has brought FleetCor to their Philidor moment and should lead to the immediate resignation of CEO Ronald Clarke."

"Starbucks plans to nearly double its units in China over the four years, and estimates that China will ultimately surpass the size of the U.S. business"

"Why does Mettler claim Olivier was the Head of Process Analytics from 1999 when its own filings and employment agreement clearly show it was from 2001?"

"This bolsters our concerns that either they are wildly underspending to develop and maintain their technology assets, or that their sales are inflated."

"PERI’s revenue per average employee has compounded at nearly 30% since 2019. This is a remarkable achievement that should draw skepticism and scrutiny."

"レーザーテック製の装置を整備する苦悩は、現役・元のフィールド・サービス・エンジニアのリンクトインのプロフィールに窺える：「極端紫外線の光学系における透過率の低下に関わる難易度の高い問題の解決に努めた。」「整備上の複雑な課題」「既存の装置の問題」「システム故障」「フォトマスク関連装置・工程の問題解決」。"

"None of these committee members appear to have backgrounds as REIT executives, real estate investors, or specialists in UPREIT compensation structures."

"We believe BR will be in violation of its Leverage Ratio covenant at 3.5x but has avoided tripping it through an aggressive cost capitalization policy."

"By retiring Yahoo's stake, YJ Shares would go from Yen 500 to Yen 770 overnight Softbank's 43% stake would immediately jump in value from $9.5B to $15B"

"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."

"Stryker preliminarily revalued its inventory to $39 million, with a final inventory valuation of $25 million (421% more than the final reported value)."

"Stryker preliminarily revalued its inventory to $39 million, with a final inventory valuation of $25 million (421% more than the final reported value)."

"Fake capital expenditure press releases are a trick we see often in corporate frauds, to create the illusion of customer demand, expansion, and growth."

"Olam has a knack for generating publicity for new agreements, while it avoids informing investors and analysts when the agreements fail to materialize."

"Private equity is changing the landscape. They are buying companies, and way overpaying for them, and will sell them to another PE firm or a strategic."

"We Believe FTAI Is Selling Whole Engines and Telling Investors it Sold Three Modules. This Helps FTAI Sell Investors on an Aerospace Aftermarket Story."

"We believe this is the latest accounting lever Fairfax will pull in Q4 2023 and note the stock trades lower than the price Fairfax paid for the buyout."

"In our view, inserting a straw buyer likely enables BEKE a convenient mechanism to fake cash that is a byproduct of significantly overstating revenues."

"CXW provides services under management contracts to all three federal agencies, 19 state agencies, the District of Columbia and multiple local agencies"

"The collection of Shopify event data is critical to the success of the e-commerce launch because these behavioral actions inform APP’s ad auction bids."

"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."

"The Croatti family's stake, which is worth today around $568 million, would have been worth close to $1.84 billion, a staggering ~$1.3 billion mistake."

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

"Despite poor organic revenue growth, management has seen healthy increases in its base salary. Why is management being rewarded while investors suffer?"

"Amcor Flexibles Soliera S.R.L in Modena, is directly in an Italian lockdown zone.(1) The entity generates €15m and €0.5m of sales and profits annually."

"I estimate households have about $7 trillion in exposure to short-term interest rates, so a 1% change in rates adds about $70 billion to annual income."

"It shouldn't be surprising that Japan and Europe, which have worse fiscal situations than we do, have implemented even more aggressive monetary policy."

"PSH's discount to NAV narrowed by 7.1% from 31.2% in the beginning of 2025 to 24.1% at year end, and has narrowed slightly to 23.3% thus far in 2026(3)"

"Ownership of Aerojet’s stock by long-term fundamental owners has been on the decline, while passive index buyers chasing ETF flows appear to be adding."

"Juniper must be focused on delivering both an immediate large return of capital AND incorporating a consistent and ongoing dividend and buyback program"

"However, Eurofins Scientific SE's annual accounts available from the Luxembourg registry show €89.235 million of "shares in affiliated undertakings...""

"Two lines are HF and conventional stimulation, showing no meaningful difference at various intervals up to a year, on several endpoints measuring pain."

"The impossibility of Ströer’s claimed 2014 overall organic growth rate of 11.4% is laid bare by the inconsistency in a single paragraph of its 2014 AR."

"Even with the broader macro challenges faced by the Cosmetics industry in 2024, derma-cosmetics remains a growing... and highly profitable bright spot."

"NewMed's recommended offer represents a US$242 million discount to ERCE's independent assessment of Capricorn's current cash-weighted fair market value"

"Successful negotiation of modernized fiscal terms in Egypt could generate ~50% upside to today's fair market value of Capricorn's Western Desert assets"

"Shareholders Now Have A Unique Opportunity To Vote For A Highly-Qualified Slate Of Alternate Directors And Chart A New Strategic Course For The Company"

"RSUs not being captured by Zillow’s Diluted Share Count; We Believe They Should Since The Current Share Price Is Greater Than The Grant Date Fair Value"

"BUR has a tendency to avoid recording impairments when they are near-certain or, in some cases, total losses, which results in inflated IRRs and ROICs."

"Our research shows that Inspire’s management exaggerates its TAM by at least 50x in order to sell investors a growth story they must know is fictional."

"This shift provides a powerful tailwind to Sony's profit growth, as Sony captures ~60-100% more gross profit dollars per unit in a download transaction"

"Inadvertently revealed several red flags about the trials, while continuing to defend the drug despite an almost 100% discontinuation rate at the site."

"Of the 15 start forms submitted, only 3 have been approved with 6 outright denials and 4 with a soft denial, for a roughly 3:1 denial to approval ratio"

"The adverse events table in the Phase 3 double-blind study manuscript never even uses the word diabetes, burying and conflated it with “hyperglycemia.”"

"The blue error bars on Soleno’s HbA1c chart are the key to understanding the clear evidence of T2D risk – which is obfuscated by the green line (mean)."

"The mean HbA1c line is moved upward, thereby moving the population into pre-diabetic range (HbA1c > 5.7%). We added a red line to show pre-T2D cut off."

"I don't think that you're going to see many payers covering that right now. I don't see it. And I can tell you that Anthem Elevance is not one of them."

"I do remember looking at one of the — I think it was an investor deck...where they were talking about why this works. And I was like, "That's rubbish.""