Callouts & quotes from 37,061+ activist slides

"Twist is not a big vendor...they have their market, which is laboratories in universities and smaller startups.... — A longtime executive in the space"

"“I'm not interested in minimum risk. I want long term gains without risk.” — a.bacall (Cartoonist); “an almost perfect money machine.” — Business Week"

"We evaluated the Entity's ability to accurately forecast EBITDA by comparing actual results to historical EBITDA forecasts — KPMG (2022 Annual Report)"

""but the way we looked at it was, as I said earlier, this is a brand-new category that's starting to form up now." — CEO FLAWLESS Deal Call March 2019"

"According to Glassdoor, PPG's CEO approval rating currently stands at 61%, more than 20 percentage points lower than the peer average — Trian Partners"

"ウシオ製の光源を、Isteqというロシア系の会社から調達した光源と差し替えた。そうせざるをえなくなってしまったのだ。そして、日本発で、社内で開発された技術と見せかけるために「Urashima」に改名した。 — Scorpion Capital (based on expert interviews)"

"「しかし、アクティニックパターンマスクはマスクブランクスと比べて光学系がより複雑で、一層多くの光が必要になるのです。難航していたのでなんとかならないかと思ってウシオに切り替えたのです。しかし、今なお難航しています。また別の光源に切り替えなきゃダメでしょう。」 — サイマー（のち、ASML）の元科学者"

"Tomas los sueños de esta gente y sus esperanzas y los conviertes en una pesadilla para ellos. No es correcto... Simplemente no es correcto. — HOMBRE 7"

"Overall, there is no clear evidence of equity-related gains having translated into additional consumption and thus no real economic growth. — Swiss Re"

"Terms of the deal were not disclosed and both the purchase price and ongoing financials are deemed immaterial to the business. — Aerojet Press Release"

"「2019年、2020年にも買ったと思います」とTSMCの元幹部は説明する。 「A150は高額で、約5000万ドルです。TSMCはそれくらいの値段で6台買いました。また、それはファブの生産ラインでなく、電子ビーム投影露光技術（EPL）で作成するマスク検査のために購入しています。」 — TSMC元幹部"

"A Canadian adjudicator found allegations of abuse to be credible.* — Drew v. Canadian National Railway Co. and Miller v. Canadian National Railway Co."

"I will be careful with patients that have impaired glucose tolerance because then type 2 diabetes, I think, is quite an issue. — Trial investigator #8"

"I don't think pitolisant ever really took off, to be honest. People seemed to be a bit reluctant to use it for whatever reason. — UK-based neurologist"

"“Pitolisant purportedly inhibits the negative feedback mechanism for histamine, resulting in increasing histamine release.” — FDA CDER Clinical Review"

"“No major development will be required to meet future needs such as higher sensitivity and throughput.” — 2021 SPIE presentation by Intel and Lasertec"

"The company has offered no credible explanation why the preference is not applied to profits earned during the period from January 2012 to July 2012."

"Management expects this $300mm cost reduction program and continued operating leverage to increase operating margins from 25% in 2014 to ~34% by 2017"

"The disconnect between executive compensation and shareholder returns at Phillips 66 represents a profound governance failure that must be addressed."

"The disconnect between executive compensation and shareholder returns at Phillips 66 represents a profound governance failure that must be addressed."

"As of January 20, 2017, QSR’s share price including dividends has increased 214% (3.14x) from our average cost since it merged with Justice Holdings*"

"CP reached its four-year targets, including a 65% Operating Ratio, in just two years given the rapid pace of the Company's operational transformation"

"Fast forward to today, Amazon has dropped the price by an additional 20% to $47.99. Ecobee's lowest price model, the ecobee3 lite retails at $149.99."

"We believe Jeffrey Jolcover is related to Scott Jolcover.(1,2) Jeffrey Jolcover pleaded guilty to securities fraud and was scrutinized by the FTC.(3)"

"However, our research finds significant skepticism among former Procept sales reps and current Aquablation users regarding both of those assumptions."

"CP reached its four-year targets, including a 65% Operating Ratio, in just two years given the rapid pace of the company's operational transformation"

"URI case cited improper accounting for customer relationships, while we observe XPO consistently stretching out assumptions for customer relationship"

"XPO conveniently ignores return on capital as a key metric to compensate management, and has defined its own flawed and aggressive financial metrics."

"This implies that Lusheng has an extremely efficient computer system (given that it processes so much money and so many payments with a small staff)."

"It is the responsibility of management and the Board of Directors (the “Board”) to drive improved consolidated financial results across all of Yahoo."

"JANA's required multiple of over 12x for Retail is unsupportable relative to all publicly traded distribution companies and all equity research views"

"Müller: Yes, I can attest to that in every respect. I think that in any case we answered most of the questions, it feels like five to ten times over."

"PHILLIPS’ REFINING KIT IS COMPARABLE TO PEERS MARATHON AND VALERO – UNDERPERFORMANCE IS PRIMARILY DRIVEN BY POOR OPERATIONS, RATHER THAN WORSE ASSETS"

"Spruce Point identified revenue recognition anomalies in contract assets leading up to the resignation of the Chief Accounting Officer in March 2024."

"Reduced underwriting standards appear to drive accelerated written premiums, benefiting ERIE while leaving the Exchange to bear the resulting losses."

"Enhanced technology offerings, on the front-end and back-end, would drive improvements in ADP’s competitive position, long-term growth and efficiency"

"Most importantly, and what the stock market is forgetting, is that Snapchat is a bridge to Generation Z...and that cannot fit into a financial model."

"Highly resilient and focused organization seamlessly navigated the impact of COVID-19 with no business disruption and recently returned to the office"

"Based on our calculation of Adjusted Net Income, management would have been below the threshold of $690m required to receive a bonus under CTC's STIP"

"Darden’s employee base is its greatest asset – we plan on improving the focus and culture of the organization to empower the people and drive success"

"GoDaddy expects to generate 7% revenue growth and 28% Adj. EBITDA margins in Q4'23E as growth headwinds abate and operating leverage improves margins"

"Even if VW commits to QS at that point, 5-year lead times for production roadmaps imply a QS revenue ramp between 2030-2040 - if the science is real."

"If the AI market continues to grow at its current pace, Nebius is well-positioned to capitalize, with a stock price potentially reaching $50 or more."

"For the life of me, I don't understand why those attributes in combination would cause anyone to want to get into an active mode of analyzing a sale."

"HHH will implement best-in-class governance provisions to ensure that it represents a compelling investment opportunity for public float shareholders"

"Post-transaction, HHH will become a diversified holding company that pursues the acquisition of controlling interests in public and private companies"

"Pershing Square has an extensive track record of working closely with portfolio companies on value creation initiatives and business transformations."

"The 10Q referenced its 11-qubit computer, while the 10K appears to bend over backwards to avoid any mention of qubit counts at all, whether 11 or 32."

"Rodney's deep experience in every facet of oil & gas and significant industry public board experience will be a meaningful addition to the Hess Board"

"Instead of Buying Over-priced Shares in Their Structurally Challenged Assets, They Could Have Remodeled Their Company to Better Withstand the Future."

"BlackBerry's Radar could be compelling evidence that the company can use its mobile, embedded systems and security knowhow to grow in new industries."

"We believe the surge in viewership of the Yellowstone drama series has served as a tailwind for BOOT's sales, a phenomenon that looks to have peaked."

"Darden’s employee base is its greatest asset – we plan on improving the focus and culture of the organization to empower the people and drive success"

"A major consulting firm that evaluated BWLD at Marcato's request identified several areas for potential margin improvement equivalent to 275 – 600bps"

"PCC had better margins when it was the same size as EPS is today; EPS actually has greater Net Property, Plant and Equipment than Precision Castparts"

"This was the proposal that initiated Alcoa's apparent cat and mouse game of what we believe was a disingenuous effort to improve corporate governance"

"Moving to a market-rate shareback on its purchases made through Premier would increase Acurity income by close to 30%, and total GNYHA income by 20%."

"We believe Valeant can earn ~$28 to ~$39 per share in 2020, if management is able to continue its historically successful capital allocation strategy"

"Keisei should have a capital allocation framework properly dimensioned to assess the best use of its available capital for the future of the Company."

"Warning: Oatly’s expansion into other product categories, notably yogurt, is also being tested in a brutally competitive and promotional environment."