Callouts & quotes from 37,061+ activist slides

"“conducted no commercial mining or material processing but only surface exploration and limited surface core drilling” — Silver Sand Technical Report"

"The steady progress of K27 can largely be attributed to the contribution of oversight and advice made by the current Outside Directors. — Kao's Claim"

"They need more aggressive targets in both growth and profitability — Analyst, Domestic Asset Manager, Via Investor Survey Commissioned by Oasis, 2024"

"DCCR may lower the frequency and severity of C-max related adverse events compared to diazoxide oral suspension. — 2018 poster by Soleno’s Neal Cowen"

"“...the main drawback is that it doesn't work or works very little”; “not going to be like a miraculous wonder drug that goes nuts.” — Prescriber #12"

"There was a recognised “degree of landscape harm” with a policy “conflict ... in respect of public rights of way”. — UK Court/Planning Report Excerpt"

"Progyny’s live birth rate calculation may be impacted by miscarriage data and may be overstated if miscarriages are under-reported. — Milliman Report"

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

"I can give you any IRR you want by changing urea prices by $5 or $10 or changing natural gas prices by a couple of cents to the dollar — Mr. Verghese"

"Perhaps Mr. Wang is just not versed in the transaction, or perhaps the inconsistency is a sign of a deeper problem with the accounting for the loan."

"Based on our proprietary Vets First Choice algorithm, we believe Vets First Choice is onboarding +80 vet practices per week to their online pharmacy"

"We believe that the Chipotle brand is still in its growth phase with significant opportunity to increase its unit count and its average unit volume."

"We believe that the dividend declaration was made to preempt a report from Muddy Waters that EDU knew would be damning to the Company's credibility."

"We estimate 40% - 50% downside risk ($110 - $132 per share) as Generac’s financial situation deteriorates and lofty analyst expectations are missed."

"AMT’s compensation structure goes a long way toward explaining why it is destroying value through poor quality and risky international acquisitions."

"Increased operating margins from negative 32% to analyst expectations of 20% in a little over a year and sold the company for a significant premium."

"Because TRE has $2.1 billion in debt outstanding, which we believe exceeds the potential recovery, we value its equity at less than $1.00 per share."

"If incentives can be used by a company with a flawed business model to offset substandard operations, we think it is time to rethink the incentives."

"AT&T and T-Mobile tower portfolios traded for premium multiples in excess of 21.0x EV / EBITDA, in comparison to CCI's recent multiple of only 17.3x"

"We view it as a major red flag that DY stopped providing commentary in its SEC filings (10-K and 10-Qs) about what caused changes in its DSO metric."

"Complicating the issue, ADP's product portfolio spills across multiple business units, creating duplicative implementation and support organizations"

"For the record, we believe that Carlyle and the other sponsors' investors will experience a significant loss on the FMCN transaction if consummated."

"Netflix’s advantaged streaming model is similarly taking share from international Pay TV, which positions the company for continued long-term growth"

"Darden's management has built a lavish corporate bureaucracy with little focus on best practices, shareholder value, or the in-restaurant experience"

"If Family Dollar’s square footage were as productive as Dollar General’s, the company would earn ~$6 of EPS and be worth ~$90 per share at a 15x P/E"

"Performance of the battery at low temperatures, especially sub-zero temperatures; that's something that they were never able to get right back then."

"QS has an early lockup expiration that we believe is fast approaching. We expect insiders to dump stock and race for the exits, as is their pattern."

"IDR Simplification at a 250 bps premium to the LP yield undervalues the GP by ~$2 billion. However, there are substantial merits to the transaction."

"As a diversified holding company, HHH will have an attractive investment universe, which we believe Pershing Square is uniquely advantaged to pursue"

"Pershing Square’s hedging strategy generated substantial gains during the same three bear markets when HHH/GGP suffered severe economic consequences"

"It is unclear if any new Corporate Integrity Agreement will be put in place, but Novartis does not believe the settlement will impact their business"

"IonQ’s design remains a clone of Sandia’s and dismissed the “chip” as “not special” and easy to replicate with standard microfabrication technology."

"I direct that no official shorthand note shall be taken of this Judgment and that copies of this version as handed down may be treated as authentic."

"Nestlé's CY16 EBIT margin 15.3% (16% ex-items) is at the low end of its peers, nearly all of which are now targeting high-teens to low 20's margins."

"Amid this massive tailwind several ed-tech companies, including PowerSchool, went public, making 2021 the biggest year for Ed-Tech deals in history."

"Darden's management has built a lavish corporate bureaucracy with little focus on best practices, shareholder value, or the in-restaurant experience"

"DND shares fell about -12.5% after Canada’s Competition Bureau obtained a court order to investigate alleged anti-competitive conduct at the Company"

"Of the group that underwent PVI and PW ablation, 65% were free of AF/AT/AFL at 12 months compared to only 20% of the group that underwent PVI alone."

"This scenario of strong Peiyou offline growth results in 36.8% small-class ASP growth, whereas TAL disclosed that small-class ASPs declined by 9.9%."

"There is a case study for creative acquisition accounting in the engineering sector that famously foretold problems ahead of a major stock collapse."

"Only 42% of non-Toyota Group shareholders need to tender for the TOB to succeed. This falls materially short of a true majority-of-minority standard"

"It is possible that Zebra is factoring lower quality receivables or retaining them and under-reserving for bad debts which would overstate earnings."

"The gross margin and operating profits are accretive overall to Zebra but not quite to where some of the other public companies in the space are at."

"We find it ironic that Zebra, who is in the business of asset tracking, cannot seem to accurately track its segment financial results and inventory."

"Insider ownership levels are at the lowest since inception, while index buyers such as Vanguard represent a disturbing trend of increased ownership."

"We find it troubling that both 3W Partners and NFT Investment Limited appear to have the same address in Hong Kong, suggesting that they are linked."

"Twist has “no advantage”; manufacturing oligos is a commodity process any vendor can do using traditional DNA synthesis steps on plastic well plates"

"Headcount has grown disproportionately versus revenues since the Mellon merger (22% total growth in headcount vs. 4% total growth in "Core" Revenue)"

"Many peer companies with lower emerging markets exposure, weaker brands and/or less advantaged categories are achieving 4% - 7% organic growth rates"

"Between capex across brands, a dividend, and buybacks, there is significant potential for capital allocation optimization to drive shareholder value"

"Once the Company has committed to returning the majority of its free cash flow in dividends every year, the stock’s valuation should correct quickly"

"We believe that the Chipotle brand is still in its growth phase with significant opportunity to increase its unit count and its average unit volume."

"Beyond the remaining troubled “below investment grade” exposures, AGO has significant exposure to other potentially problematic areas down the line."

"Since promoting fourteen significant products in early 2017, Celgene management has steadily scaled back their enthusiasm and eliminated milestones."

"Celgene paid more than $1 billion upfront plus contingent payments for fedratinib after Sanofi discontinued it due to concerns around patient safety"

"In Bristol-Myers base case projections for Celgene’s pipeline products, Adjusted EBITDA is negative for the first SIX years of the forecasted period"

"Investigators heard from competitors that Broad Ocean has failed to sell those 400 motors and this has become a huge drag on the company's cash flow"

"Despite the quality of BHP’s assets, BHP has underperformed a portfolio of comparable mineral and petroleum companies over a variety of time periods"

"HIMS' own disclosure proves that the Affiliated Medical Groups do not have "exclusive authority" over their medical practice as HIMS clearly states."

"We find that FDA inspections of Curexa in 2022 and 2020 uncovered sloppy operations, below-strength products, and even facility structural concerns."