Callouts & quotes from 37,061+ activist slides

"For our readers’ convenience, clicking on the bullet points or using our table of contents will take you directly to the section that interests you."

"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."

"Is it possible to book a private massage session with some young and beautiful female Filipino ladies? Is it possible to receive massage in my room?"

"Is it possible to book a private massage session with some young and beautiful female Filipino ladies? Is it possible to receive massage in my room?"

"During the course of our site visits and inquiries about Berlin office space we found that rent24 plays a major role as a re-lessor of Vivion space."

"Ratings fees should be "set aside" and paid over time by issuers to NRSROs and failure to pay fees would be deemed an "Event of Default" for issuers"

"The answer, as we detail shortly, is that the ACTIS system is defective and unreliable to the point that Lasertec has no functioning EUV technology."

"Lasertec could be caught with inventory they're going to have to significantly mark down...they would end up having to impair...an asset write-down."

"Lasertec’s tool is simply not production-worthy, which makes two mask shops at Intel and TSMC, both now full, as the bulk of its market opportunity."

"Net lease REITs have underperformed REITs when CPI has been greater than 2.5% as the lack of pricing power reduces attractiveness of the portfolios."

"The franchise fee is generally 600,000-800,000, and it remains the same regardless of how many branches we open. — EDU (New Oriental Representative)"

"Odd that even SilverRock –Ernest Garcia’s non-public auto insurance company – describes itself as a “disruptive” and “innovative” “tech business”..."

"The accusations by Muddy Waters were refuted by Ströer the following day as they were obviously false with regard to the IFRS figures. — Dr. Metzner"

"Supermicro has denied allegations of a security breach, but the company’s share price suggests that the market is skeptical of management’s defense."

"“Now I'd like to turn the call over to Viacom's CEO, my great, great friend, the wisest man I have ever known, Philippe Dauman...” — Sumner Redstone"

"An investigative report by CNBC highlighted an investor lawsuit alleging that C3.ai misrepresented a partnership with Baker Hughes ahead of the IPO."

"I believe Twist went to 2 cents. That's my understanding. I mean, I didn't see the contract. — Executive previously at Gen9, a key Twist competitor."

"We continue to hold a 20% stake in this very successful business and to play a significant role in its governance. — The Fimalac Group 2014 AR, p. 5"

"consistently evaluate all options to unlock value in all of our assets, and that includes TheFork — Tripadvisor management (Q3 FY2025 earnings call)"

"The Company reserves for estimated uncollected receivables based on historical trends, which historically have been immaterial. — Floor & Decor 10-K"

"The business has remained resilient in the COVID-19 period and experienced strong collection rates — Vivion Investments, 1H2020 results presentation"

""the cost of cloud storage, we are trying to monetize carefully because of cost." — CEO of Perion Network Ltd. at the Needham conference on May 17th"

"「プロセスとしてうまく制御されていない」。「何とか光を引き出すことはできますが、条件的には厳しいです。不良技術を採用すれば、思うように稼働しません。放電生成プラズマ方式には本来的な問題があります」 — インテルの上席エンジニアとして長年の経験を持ち、極端紫外線関連の製造について管理責任を持つ人物"

"“NZS has determined that a New Zealand based system involving predominantly grass feeding is not viable for a Uruguayan environment.” — Grant Samuel"

"“So if you want to characterize Core Lab in a statement, we tend to work for big companies in big fields outside the U.S.” — David Demshur, May 2013"

"The assumptions underlying our full year fiscal 2012 expectations include... ESM license bookings growth in the low 20's — BMC Management (Q4 2011)."

"Delayed SEC filings in late 2024, faced criminal probe and was charged by the SEC in early 2026 — Spruce Point Capital Management (referencing ADM)."

"“Wilkins here, has come up with a real gem of an idea. Why not charge our customers for actually depositing their money with us?” — Kes (Cartoonist)"

"arbitration decisions are very difficult to overturn and it rarely makes sense to spend incremental capital trying to do so — BUR 2018 Annual Report"

"“if volumes were not maintained, they would not offer more cassettes for purchase.” — Congressman Paul Gosar letter to TransMedics CEO, Feb 21, 2024"

"an increased pace of technology development, particularly in the area of artificial intelligence and machine learning. — Amazon (4Q24 earnings call)"

"Where customers elect to pay their full contract upfront, a deferred revenue balance is created on our balance sheet. — FY 2020 Annual Report, p. 14"

"ADOMANI will be licensing and purchasing EDI’s technology and ADOMANI will be a manufacturing and marketing arm for EDI. — ADOMANI S-1 Filing (2014)"

"Kindly note that if each room there is an adult we can confirm so please advice if you want to proceed. — Fairmont Nile City Reservations Department"

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old). — Vladimir"

"If EDU's servers were only equipped to support 3,000 students at a time, how did they accommodate the 200,000 paying users that it claimed to have?"

"Southwest's disappointing performance over the last several years highlights the need for new leadership and an evolution of the Company's strategy"

"The Board has effectively disenfranchised shareholders while entrenching itself for an additional four-month period and should be held accountable."

"We see in the data a lack of correlation between cardiac responses and the depth of hematologic responses, which casts doubt on NEOD001's efficacy."

"Mr. Weimann conjectures that we are playing three-card monte with intangible assets. This assumption is incorrect,as Mr. Metzner already explained."

"Even though costs have been cut to end the cash burn, Peloton still achieves basically zero adjusted EBITDA versus the peer median of $406 million."

"Superb Summit's failure to provide Mr. Ng's full name is unusual and can reasonably be interpreted as a deliberate attempt to obscure his identity."

"ADP’s buy, instead of build, strategy has led to weak product offerings (most notably in Enterprise) and inefficient legacy back-end infrastructure"

"Enterprise is ADP’s most dysfunctional business segment – ADP goes to market with overlapping and often competitive products on legacy architecture"

"Engie harvested the asset for cash, while HASI's most recently quarterly filing indicates that negative revenues and losses continue to accumulate."

"Without providing detailed analysis of each of these points, it seems clear that Allied has adopted policies that are inconsistent with SEC policy."

"Icahn Enterprises, Icahn’s main holding company, has returned over 1,500% since 2000 when the company began to fully embrace the activist strategy."

"QS is worth $15B because investors expect it to dominate batteries for electric vehicles – off a prototype with 5% of an iPhone battery’s capacity."

"Zooming into the fine print indicates “1C charge and discharge” – which is a technical term for a 1 hour rate, NOT 15 minutes, which is known as 4C"

"In other words, the contract expressly states that Manulife will honor the 10-year term account at 4% per annum as long as the policy is in effect."

"If this proposed transaction fails, we expect investors would correctly conclude there is no potential future strategic alternative for the company"

"We hope that all listed Chinese companies in the U.S. will form an anti-Muddy-Waters group, to fight against short-selling firms like Muddy Waters."

"Elliott believes a 100-200bps cut by consolidation of facilities and reduction in corporate overhead should be achievable as growth is deemphasized"

"BXMT would like you to believe that the only issues are in older office properties, but newer properties in struggling markets also pose a problem."

"Data suggests districts will prioritize preserving labor over contract extensions and renewals, leading to pressure to vendors such as PowerSchool."

"The allegations of the case portray PowerSchool as an organization that acts with little regard for the privacy of the students using its platform."

"Southwest’s disappointing performance over the last several years highlights the need for new leadership and an evolution of the Company’s strategy"

"MDA's dependency on purchasing intangible assets as a % of total capex increased considerably leading up to its recent acquisition of DigitalGlobe."

"As the single most cited source for travel data, we believe Tripadvisor has an opportunity to monetize its unique dataset of user-generated content"

"It's interesting that while short-term oil prices fell more than half, longer-term prices were much more stable, and fell less than $20 per barrel."