Callouts & quotes from 37,061+ activist slides

"Over the past few years, certain of our competitors have added oilseed processing and refining capacity in response to growing demand. — Bunge 10-K"

"KOL commentary such as “smoke and mirrors,” “a big scam,” “criminal” data manipulation, and “falsification of data” — Scorpion Capital citing KOLs."

"今こそ花王は成長に注力すべき時。花王は高いROEを維持するのに苦労してきました。実際、2017年以降のROEは減少傾向にあり、最近では更に悪化し5%を割れています。花王自身の「リストラ」計画は、根本的な成長課題の解決にはならず、短期的な修正策にすぎません。 — Oasis Management"

"“the OPO’s are being cut out of the process by TransMedics...dictating where the organ is going or how the list is run.” — Transplant surgeon, Utah"

"“AOL's actual total cash compensation is high as a percentage of EBITDA in relation to peers.” — A leading independent compensation consulting firm"

"I've been involved with 12 clinical trials for Prader-Willi Syndrome. — Trial investigator and physician; one of the leading KOL's in the PWS field"

"Note to rows (7)(9)(11): Includes 1,614,152 shares of Common Stock underlying certain forward purchase contracts exercisable within 60 days hereof."

"I'd like to pay. Can you add a private massesue, six bottles of fine champaign in the bill? Also please put a pack of condomn in each room. — Guest"

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

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

"The company's response here is jaw-dropping. The company states that its borrowings are short-term, and therefore net presentation is appropriate."

"It should be noted that at no point in this call does a single member of the Ströer SE management team ever specifically deny a single allegation."

"It should be noted that at no point in this call does a single member of the Ströer SE management team ever specifically deny a single allegation."

"SBUX’s share price including dividends increased 39% in 2019 and decreased 4% year-to-date in 2020 through our last share sale on January 31, 2020"

"Third Point has identified potential board members who we believe would make essential contributions to the Company's Board at this critical time."

"In its short life as a public company, FireOne Group (AIM: FPA LN) destroyed tremendous shareholder value after its risky business became illegal."

"Management compensation should be restructured to incentivize returns on capital and per-share value rather than top-line growth or profit dollars"

"All of the people we spoke with knowledgeable about Avery believe that flexible packaging growth is real and a disruptive factor for its business."

"These initiatives do not deliver the strategic evolution required to remedy Southwest’s challenges. They are a normal part of running the business"

"Southwest must bring in new leadership from outside of the Company to improve operational execution and lead the evolution of Southwest’s strategy"

"ABML’s forecast for facility operation has already slipped from “fully operational in 2H 2020” to “finalizing permitting processes in early 2021”."

"Out of the ten convertible financings shown below, all included significantly larger investments than KKR's investment in the Preferred Financing."

"The NEOD001 “Best Response Analysis” is misleading in our view as to efficacy, and we further believe it has led to undue optimism about the drug."

"If valued at 0.5x to 0.75x NTM revenue, shares in Carvana would be fairly priced at approximately $9.60 to $16.00, implying 50%-70% downside risk."

"XPO is trying very hard to position itself more like a technology company, when in reality it is just a trucking company and a logistics provider."

"We strongly believe that change is necessary at the Company given its terrible performance over the past several years, across almost any measure."

"The short activist alleged improper accounting related to inventory and reserves while comparing Natus to a fraud that occurred at Logitech Int'l."

"Accordingly, the most critical differentiating factor between Dexcom's and Abbott's CGMs will be erased once the Libre 2 is introduced in the U.S."

"If Dexcom fails to cut prices by a substantial (yet unsustainable) margin to better match Abbott, its near-term growth runway is severely limited."

"We believe we must replace the Board promptly to strengthen and secure the Community Proposal and to enhance investor understanding and confidence"

"If PowerSchool capitalized software development costs at the industry average of 3.7%, that would lead to a $23 million difference in Adj. EBITDA."

"Spruce Point believes that Xylem's root problem is that organic order growth is drying up and has shown accelerated decline for multiple quarters."

"These initiatives do not deliver the strategic evolution required to remedy Southwest’s challenges. They are a normal part of running the business"

"Southwest must bring in new leadership from outside of the Company to improve operational execution and lead the evolution of Southwest’s strategy"

"After paying for transport costs, at spot commodity prices, Pioneer’s revenues average $36 per BOE – compared to the $59 headline price for crude."

"Clear aligners are well on their way to becoming plastic commodities from a manufacturing perspective, not difficult-to-produce medical equipment."

"Since becoming CEO, Dr. Klaus Kleinfeld has underperformed the Company's own self-selected proxy peer median by 156% and the S&P 500 Index by 150%"

"PCC and Novelis ProxyCo is a close approximation of Arconic but with a little bit greater weight from Rolled Products – specifically, can and foil"

"Putting all that together, Arconic is actually saying that the core EPS business will grow no faster – in fact, slightly slower – than the market."

"Summing these FU groups’ gift contributions, we identified 48.0% of livestreaming gift revenue above to be fraudulent based on IMEI sharing alone."

"The revenue from 20,715 performers we monitored covered over 88.3% of the YY Live segment revenue as reported by XHL during the monitoring period."

"Despite stability in the size of the investment team, total headcount grew by over 50% from 2012 to 2016 as PSH was launched and capital increased"

"Put very simply, Trian intends to work with the Board to help drive Disney's outperformance with tangible targets, goals, and true accountability."

"Our skepticism regarding iRhythm’s ultimate prospects for success in the asymptomatic market could materially impact the Company’s growth profile."

"Engine has initiated a search for a CEO who possesses the following characteristics and has the capability to execute on the following priorities:"

"Essentially, Sunnova is purchasing future origination volume. While this model reduces sales and marketing expenses, it creates significant risks."

"While we understand that there is often attrition post-acquisitions, we find that only 2 of 11 senior Reflexis executives remain with Zebra today."

"“Made for You” program is an example of a historical capital investment decision that may have been amended or prevented by an arm's-length McOpCo"

"We believe deconsolidating both NetCo and Sparkle could allow TIM to maximise the value of its assets as well as bring leverage in line with peers"

"The only reason Twist has not yet received a going concern qualification is because US auditors, unlike IFRS, only look at solvency 12 months out."

"IDT is Twist’s “biggest threat”; large players have “released new chemistry” that eliminated Twist’s momentary advantage within their niche in NGS"

"As Chair, Nelson Peltz proudly (and 100% correctly) deflects credit for Wendy’s digital success to Wendy’s world-class marketing & management team"

"Vitek's transactions involving Villa Mas du Figuier give rise to concerns about potential money laundering facilitated by CPI PG bondholder money."

"Basically the file the protocol describes is supposed to be an .APK file. This file is later chmod'ed to become r+x so it could be executed later."

"Assuming an implied purchase price of ~$30 billion, we estimate pipeline products will need to generate ~$15 billion of revenue to be NPV neutral!"

"SAIC's choice of using Sunrise Power to supply the fuel cell stacks for the FCV80 again shows the strategic failure of Ballard's choice of partner"

"NVDA failed to release a single traditional benchmark, leading many to believe the ray-tracing technology came at the cost of overall performance."

"Under Fred Green’s stewardship, CP’s total return to shareholders (including dividends) has been negative 18% while peers generated strong returns"

"By creating a highly liquid investment security that is insured against credit risk, the GSEs allow borrowers to access the global capital markets"

"The GSEs should never have guaranteed subprime and Alt-A loans, which are much riskier than conventional 30-year, fixed-rate, prepayable mortgages"