Callouts & quotes from 37,061+ activist slides

"Street estimates for ACMR's Chinese equipment peers call for continued 30%+ YoY revenue growth. If anything, this suggests potential upside for ACMR."

"Bunge made a noticeable shift in its discussion of interest income after the closing of Viterra by now referencing "funding strategies in Argentina"."

"The implied valuation range for Target Corp based on several methodologies outlined below is $27.5 – $32.5bn, or $38 – $45/share 12 months from today"

"Perhaps purely coincidental, REZI implemented multiple restructuring programs after buying First Alert despite the business performing ahead of plan."

"Given its market position and decades-long runway for sustained earnings growth, UMG’s current valuation represents a discount to its intrinsic value"

"Ginkgo reported $41MM of what appear to be “Biosecurity” cost of goods – suggesting a pitiful 6% gross margin on $44MM of 1H revenue for the segment."

"We highly doubt that an improper undisclosed transaction of this nature would be accompanied by a proper reassignment of loans and other liabilities."

"Why did the adoption of ASC 606 have such a significant positive impact on Verint, whose accounting should be extremely similar to NICE’s accounting?"

"Herbalife can only pay its distributors compensation at the current levels if 80% or more of the Company’s sales fit into one of the above categories"

"The only way I know to change that doctor's practice paradigm is bribing. It works. You give a doctor some money and they will say whatever you want."

"The potential for Müller and Dirk Ströer to have made unjustified profits contributes to our belief that the entire digital strategy lacks substance."

"Investors are concerned over management's slow response to poor performance & missed targets, leading to doubts about leadership's execution ability."

"In our view, with resignation of Fortress Directors, BKD Board is deficient in both real estate experience and independent shareholder representation"

"The thing about bubble stocks is that the best reason to own them is that they are going up. When they stop going up, there is no reason to own them."

"We estimate that the probability of making $178,000 per year, the average income suggested by Herbalife’s published testimonials, is about 1-in-5000."

"Two of Zillow's founding members hold 59% of the voting power which allows them to exercise authority over institutional investors and Board members."

"Her association with the serious troubles at NewPower and Qwest should make Limbach investors question her fitness to identify protentional problems."

"Japan's Most Actively Traded Stock Is A Colossal Fraud And Ticking Time Bomb, Reminiscent of Olympus, Toshiba, And Other Infamous Accounting Scandals"

"In a revealing moment, he stated TransMedics is not even really a medical device company: “instead of selling devices, we started selling a service.”"

"For both financial and operational reasons, we believe the Company should pay back as much of the bonds as possible (see slide 42 for details of why)"

"Immediate reinvestment of hedging gains allowed us to increase our exposure to high-quality businesses we understood well at deeply discounted prices"

"We intend to shortly submit an emergency Citizen Petition asking the FDA to request Soleno to conduct a voluntary recall of VYKAT XR from the market."

"Both DCCR and GH are independently diabetogenic, and the combination therapy poses a significant and underappreciated metabolic risk in PWS patients."

"people may just say, let's try this other medication, just the regular diazoxide, which is not an ideal drug. Let me put it that way. We know that..."

"Spruce Point calculates a higher pro forma enterprise valuation when factoring in Lightspeed's recent deals and the August 2021 equity capital raise."

"The #1 recipient of payments from Harmony is Haramandeep Singh, who we believe to one of their highest volume prescribers and most prolific speakers."

"Taubman has underperformed its Class A Mall Peers by 20%, 24% and 56% over the past 1-, 3- and 5-year periods through the unaffected share price date"

"The plaintiffs argued that the defendants breached their fiduciary duties, gained unjust enrichment, and wasted corporate assets, among other claims."

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

"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"

"Herbalife can only pay its distributors compensation at the current levels if 80% or more of the Company’s sales fit into one of the above categories"

"A company has positive earnings and positive cash flow just went bankrupt. What can cause this to happen? We'll leave this one as food for thought :)"

"QTT went to great lengths to attempt to justify the acquisition of Dianguan. In our opinion, this section of QTT's response is entirely disingenuous."

"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*"

"Would the $4.63 billion aviation initiative fund a $500 million purchase of 100 eVTOLs? Given the huge masterplan shown below, it is highly doubtful."

"We estimate that the probability of making $178,000 per year, the average income suggested by Herbalife’s published testimonials, is about 1-in-5000."

"Therefore, GreenPower can't receive any federal funding, like from the FTA. None of GreenPower's buses have ever been purchased with federal funding."

"Please note that, as per our hotel policy, guests who are under 18 years of age are not allowed to check in without their parents or legal guardians."

"Nunes chooses not to disclose his directorships of these three trade bodies on his LinkedIn page, nor are they mentioned on his bio on SGH’s website."

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

"Enfusion has made multiple revisions to its “Strength in numbers” claims on its website. Notably, it omitted reporting of users, funds and retention."

"Japan’s Most Actively Traded Stock Is A Colossal Fraud And Ticking Time Bomb, Reminiscent of Olympus, Toshiba, And Other Infamous Accounting Scandals"

"Lasertec’s accounting scheme bears similarities to Olympus and Toshiba, as we shall explain, with a looming impairment that will exceed the former’s."

"The most likely overstatements of assets in order of likelihood are accounts receivable, cash, inventory, investments, or intangible or other assets."

"At that moment, we came to understand the only purpose that the so-called fab serves: as a storage facility for overflowing finished goods inventory."

"The Transaction Would Enable HHH to Leverage Pershing Square’s Deal Sourcing and Execution Capabilities in the Private and Controlled Company Markets"

"“although the sale and leaseback of the towers improved their liquidity, their lease adjusted leverage remains essentially the same.” — Fitch Ratings"

""A lot of frauds are in effect Ponzi schemes. And so when they can't raise more and more capital, they collapse" — Jim Chanos, II Magazine, Sept 2018"

"Enhanced due diligence is necessary when a material part of a U.S. listed company's business is in China. Buyer beware. — Ben Axler, CIO Spruce Point"

"And so we feel still quite bullish about, in the long term, being able to grow based on this great franchise. — Union Pacific Management (April 2015)"

"I am convinced that the only edge we have on our competitors, is the quality of our employees as reflected each day by the job they do. — Bill Darden"

"The China Reverse Merger stock that is 'Too Good to be True.' — Citron Research; China MediaExpress the Wall Street Drama Continues. — Bronte Capital"

""shitting on TLC drives and pointing to QLC drives is a little disingenuous. It's like comparing a Ferrari to a Ford." — An executive at a competitor"

"What they click. Where they go. What they do, even when you're not looking. — Q.J. et al. v. PowerSchool Holdings LLC et al. (Class Action Complaint)"

"Last week, Alibaba Group's CEO, Jack Ma, provided a gross merchandise value target across Taobao Mall and Taobao Marketplaces of $157 billion in 2012"

"At this time, we are not interested in selling a piece of the Orange St. property. — Bryce Kell, Business Administrator, Millville Board of Education"

"Asked whether the money would have been withheld had Beckerle not been reinstated, Huntsman responded, "Of course it would have been." — Deseret News"

"What about cost capitalization and accounting levers? Is it really possible to never miss an EPS estimate in 10yrs? — Spruce Point Capital Management"

"「現時点では、レーザーテックの検査装置について完全に満足している会社は一社もありません。どんな装置であろうと、それぞれに問題があります。完全に満足している会社などありません。アクティニック・プラズマ・マスク検査（APMI）はたいへんな技術ですよ」 — Isteqの研究開発部門における中心的な従業員"

"「理想をいえば、マスクに回路を転写するために使う極端紫外線と同じ波長を、検査にも使いたいところです。しかし、それはあくまでも正しく設計されている装置であることが前提条件で、レーザーテック製の装置は正しく設計されているとはいえません」 — KLAで極端紫外線マスク検査を担当した元エンジニアリング幹部"