Callouts & quotes from 37,061+ activist slides

"In June 2018, SOCFIN CEO and (still current) Bolloré SA director Hubert Fabri was found guilty in the Criminal Court of Brussels of active corruption."

"HASI purchased its 49% equity stake for just $10,000, yet we estimate that it booked 2021 non-cash, unrealizable gains of $34.8 million from Vivint 3."

"Why would Darden spend money to attract customers into the restaurant, only to disappoint them with more the same underwhelming food and poor service?"

"We believe international franchising could add more than $5 per share in value over time – this value is not included in our $67 – $86 valuation range"

"BP shareholders paid more than 1.5x the undisturbed price for Archaea Energy shares, than they could have purchased them directly on the stock market."

"We consulted a leading academic, who concluded the cells are less than 200mAh – that is, less than 1/3th the capacity of a common hearing aid battery."

"We believe it is obvious that holders of the PIPE shares – purchased at $10/share – raced for the exits the very next trading day, crushing the stock."

"Why does Target’s board continue to nominate its own members and not conduct a professional search for new directors with senior operating experience?"

"Due to the nonexistence of the "strong reply", investors showed hesitation about NetQin's business performance, and the stock price continues to drop."

"In 2016, he boasted of already knowing how to build a 50-100 qubit trapped ion computer - "right now" - yet IonQ appears stuck at 11 qubits for years."

"I could go and write a 20-qubit simulator probably on my laptop in a couple of hours, and it would do everything that that 20-qubit computer could do."

"The executive didn't state the customer's identity, but we believe it to be Goldman Sachs, perhaps the highest profile "customer" that IonQ has hyped."

"We estimate that, on a per-patient-per-day basis, Dexcom spends 59% more to produce the G6 system than Abbott will generate in revenue on the Libre 2."

"Beating management revenue guidance would require a significant beat in net patient adds given likely downside in average revenue per customer per day"

"Shareholder Nominees are completely independent, would constitute a minority of directors, and, unlike Hess's nominees, have not preapproved any plan."

"The Board has failed to effectively oversee the Company’s ESG and sustainability efforts, resulting in poor disclosures and little meaningful progress"

"Tempus has a relatively uncommon requirement that it must maintain minimum consolidated revenues at $1.0 billion to avoid violating its debt covenant."

"We do not believe the analysts fully factor in the concerns we've identified which we believe make owning Tempus at these levels a poor risk / reward."

"Why would Darden spend money to attract customers into the restaurant, only to disappoint them with more the same underwhelming food and poor service?"

"We believe international franchising could add more than $5 per share in value over time – this value is not included in our $67 – $86 valuation range"

"This is the NYMEX futures price for natural gas. The curve reflects a recovery, subject to seasonality. We use the commodity forward curve in our DCF."

"We believe Xylem may have misrepresented revenue dis-synergies by failing to disclose and quantify intercompany sales and competitive product overlap."

"The fundamental test of success and sustainability is performance - the delivery of real results, quarter by quarter, year by year against promises..."

"It is difficult to understand how SOFI would recover materially more for a loan that is, e.g., 110 days past due versus one that is 125 days past due."

"This implies a recovery rate of roughly 24% to 40%, which appears unrealistic and raises concerns about the reliability of the DCF model used by SOFI."

"SOFI seemingly provides substantially all of the financing, all the servicing, and holds a security interest in the same loans it claims to have sold."

"As low-cost workflow options grow increasingly diverse and easier-to-use, we expect more and more Align doctors to explore alternatives to Invisalign."

"Mark Donegan has a clear understanding of the relationship between PCC’s activities and its strategic ends. The genuine article. Accept no substitutes"

"Edgewater's legacy directors represent a tired and broken Board that has failed to maximize shareholder value despite having over ten years to deliver"

"However, this is a charade. In the substantial majority of cases, the owners of these distributors are merely proxies for ANTA Chairman Ding Shizhong."

"Warning: We believe Oatly’s Chairman of the Board provides a disingenuous biography that fails to capture his recent experience with Genius Foods Ltd."

"While Zebra talked about double digit and mid-teens growth in RFID, Impinj grew systems revenues (which include readers) at a 26% CAGR from 2020-2023."

"HASI books non-cash, unrealizable income when another financing partner in the deal, the Tax Equity Partner, realizes its investment tax credit (ITC)."

"Twist used “shocking” discounts of 75% to lure customers away from Danaher/IDT, which allegedly used the phrase “Ponzi scheme” in internal discussions"

"BK will incur hundreds of millions of dollars of expenses to pursue strategic investments that will only become accretive to earnings in 2017 and 2018"

"Instead, the BNY brand is splintered across a multitude of names, entities and preconceptions, without a motivating image the public can connect with."

"Despite the attractive cash flow characteristics of OUTR’s core Redbox and Coinstar operations, shareholders have NOTHING to show for their investment"

"Motive safety camera solutions dramatically outperformed Samsara in a recent independent test conducted by the Virginia Tech Transportation Institute."

"Driver monitoring is particularly at risk if autonomous vehicle technologies are adopted, which seems increasingly likely over an extended time frame."

"Spruce Point's forensic accounting analysis reveals that the most recent amendment actually reduced the net cash commitments from the Baker Hughes JV."

"Former employees have also indicated to us that management is unusually conscious of Wall Street expectations, and aggressive in pushing to meet them."

"Why We Believe The Global Strategic Plan Will Fail. Saputo's Upside Opportunities In Plant-Based Cheeses And Direct-To-Consumer Are Already Struggling"

"Spruce Point believes that Saputo’s ambitions to grow its U.S. dairy-free cheese business will be problematic given its current distribution partners."

"HHC’s 66-acre lakefront Hughes Landing project highlights how a well-planned commercial downtown development within an MPC can create meaningful value"

"Given the incentives of the various parties involved in a typical bankruptcy, equity holders require a shareholder advocate to protect their interests"

"Multiple credible news sources reported that "badass" was the terminology used by NXIVM's subcult of women known as DOS (Dominus Obsequious Sororium)."

"The Company believed that it would nearly double Adjusted EBITDA in the Textile Effects business and raise Adjusted EBITDA margins into the mid-teens."

"Wall Street analysts overall expect TWC to continue its double-digit revenue growth in 2006, outstripping the growth rates of Comcast and Cablevision."

"Zoetis stock increased 35% including dividends from inception of our position to date, and increased 31% including dividends from inception to YE 2014"

"Furthermore, consistent with our view of weakening governance measures, we find that Director ownership has noticeably declined in the past few years."

"73% of respondents very or somewhat interested and, even more telling, 68% of those using self-preparation software very or somewhat likely to switch."

"Starbucks' global market share in specialist coffee shops is 15x larger than the #2 player and over 3.5x larger than the other top 10 players combined"

"We call on Burford to disclose the history of its fair value gains from appraisal rights claims, and the results of such claims relative to the marks."

"We believe that Treasury’s warrants could generate over $300 billion over time, providing a meaningful source of funds for other government priorities"

"Why did the Compensation Committee decide, out of thin air, that management should receive its full 50% revenue bonus despite missing on STIC Revenue?"

"レーザーテックが極端紫外線マスク検査の分野で築きあげてきた独占的な地位は、マスクをデブリから保護するための薄膜＝「ペリクル」を貼った極端紫外線マスクを検査できるということが、その基礎にある。しかし実際のところ、レーザーテック製の検査装置はペリクルを貼ったマスクを検査することにおいても、信頼性が低い。"

"But missing 12 cases of rejection out of 27 is an unmitigated failure, and reveals the inability – and risk – of using AlloSure to rule out rejection."

"Is the opportune time to realize maximum value for shareholders really when input costs are at an all time high due to specific and temporary reasons?"

"We believe Porch's business was falling apart in the second half of 2020 and it burned a massive $31.7m in the quarter leading up to the deal closing."

"Software companies with high gross margins and solid revenue growth can generate high incremental margins, which should drive margin expansion at BILL"