Callouts & quotes from 37,061+ activist slides

"They’re clueless – they’re operating like a small, tech company and they’re not even close to being in the playing field of what they have to do."

"How is it that in 2010 shareholders paid more in compensation than in any year except 2008 to produce the lowest amount of EPS in recent history?"

"As of Q1'09, GGP's trailing twelve month cash NOI grew 1.4% on a year over year basis. Adjusting for lease termination income, cash NOI grew 2.4%"

"As we will show, ELF's viral marketing campaigns have been led by individuals that were associated with a cult that trafficked and branded women."

"Linear Networks Operating Income declined -7%; Direct-to-Consumer Operating Income declined -184%; Studio Segment Operating Income declined -128%"

"Universal is generating ~$5 at the box office for every $1 budgeted on its animated films...while Disney is struggling to consistently break even"

"Huntsman’s long-term stock price performance has significantly lagged peers, demonstrating the need for improved accountability in the boardroom."

"Huntsman sold its remaining stake in Venator for only $140 million, which was $860 million LESS than what shareholders had been promised in 2018."

"Actual FY 2020 Adjusted EBITDA was 6% below threshold, which should have resulted in NO annual cash bonus payment if targets had not been revised"

"Actual FY 2020 Adjusted EBITDA was 6% below threshold, which should have resulted in NO annual cash bonus payment if targets had not been revised"

"We doubt that the couple was unaware it was improper to borrow / take money from RINO. PRC Company Law article 149 clearly prohibits this action."

"I'd like to remind everyone that the ideas I'm about to present are existing positions in our portfolio. We may change our positions at any time."

"Section 5 of the FTC Act provides: “unfair or deceptive acts or practices in or affecting commerce, are hereby declared unlawful.” 15 U.S.C. § 45"

"DESPITE A LITANY OF MISSED PROMISES, THE BOARD HAS INEXPLICABLY CHOSEN TO GENEROUSLY COMPENSATE MANAGEMENT AND REWARD THEM FOR FAILED PERFORMANCE"

"It is therefore reasonable to assume that CSTE's depreciation and maintenance capex schedule would be very similar to its competitors. It is not."

"In Trian's experience, dis-synergies are often more than offset from savings following a break-up as standalone management has "no place to hide""

"Pershing Square purchased an additional 2.3 million shares of HHC in Q4 2022 at an average price of $72 per share and now owns 32% of the company"

"With capital levels appropriate for pure mortgage guarantors/insurers, the GSEs can be a simple, low-risk, long-term solution for housing finance"

"However, as the same $2,000 gold price pit shell cut off was applied again, we view the resource totals with a considerable degree of skepticism."

"Hill-Rom has achieved effectively zero margin expansion via "organic" means (restructuring, cost reduction, price increases, M&A synergies, etc.)"

"Hill-Rom has achieved effectively zero margin expansion via "organic" means (restructuring, cost reduction, price increases, M&A synergies, etc.)"

"③イノベーション・パークでの建設活動に向けて、レーザーテックが何らかの許可を申請した形跡を確認できなかった。調査員が横浜市建築局に問い合わせた結果、当該敷地について確認できたのは、1997年に東芝が5棟のうちの4棟の建築に向けて行った申請の証明書だけだった。（5棟目のA棟は1969築だ。）"

"Vote the GOLD card FOR all four of Elliott's highly qualified board nominees: Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt."

"Spruce Point estimates that Porch has a maximum potential liability associated with financial guarantees made to home inspectors of $1.1 billion."

"How could these numbers vary so significantly when supposedly informed by the same bottoms-up sales pipeline and expense analysis as of Jan 2020?"

"The single, shared goal of our candidates is to maximize the value of TIM, working together with minority directors without any personal ambition"

"Director Ms. Wagner has had professional relationships lasting decades with 15 out of the 24 members of the BlackRock Global Executive Committee."

"Initial talk of portfolio synergy and collaboration amongst the sales team ultimately led to a reduction of the sales force three quarters later."

"One might expect that Shunshun had to pay TAL for this new lease on corporate life. However, the opposite is true. TAL invested cash in Shunshun."

"We believe that most – to all – of that deferred revenue fell to the pretax income line. We also believe that most – to all – it – is fraudulent."

"23 out of 35 total line items in the FY2010 AR statement of cash flows differed from the figures provided in the Q4 2010 statement of cash flows."

"This trend in combination with a level playing field on Google Maps creates significant headwinds for Rollins in a digital marketing environment."

"An examination of recent tenders on the Texas DOT website in December 2024 indicates that LSP has not been competitive on three of four projects."

"BMC's growing Professional Services segment barely breaks even at the gross margin level compared to peers who have significant operating margins"

"The net effect of this extra year of customer life on the books is that we estimate EHTH’s constrained LTV for MA members is overstated by 28.2%."

"Meta expressly prohibits the collection or storage of any data obtained from any Ad or use of the Audience Network Service (Bold emphasis added)."

"The obvious effect of this reclassification is to improve Gross Margins which was a promoted long-term goal in 2021 that subsequently fell short."

"UMG shares have generated a total shareholder return of 58% (Net: 40%) from our average cost at announcement, vs. a 18% return for the S&P 500(2)"

"Was this raise really a product of organic momentum, or was it a “draw-down” on expected ForeSee sales which hadn’t yet been baked into guidance?"

"Was this raise really a product of organic momentum, or was it a "draw-down" on expected ForeSee sales which hadn't yet been baked into guidance?"

"The FTC – with access to Herbalife’s internal information and data – has independently confirmed all of the allegations of our investment thesis."

"CPKC's share price including dividends and FX hedging increased 8% (1.1x) from the inception of our investment to our final exit date in May 2025"

"We question the value of an acquired asset when half the founders have left the Company and the Co-CEO maintains his “day job” as a veterinarian."

"The former executive provided a particularly damning data point that illustrates the depth of investor misunderstanding of Nevro’s m&a potential."

"One estimated that 25-50% of Nevro’s revenue comes from surgery centers pushing patients into "one stimulator and then another and then another.""

"The Board claims we seek influence disproportionate to our ownership position, however, the current directors collectively own only ~0.2% of ROVI"

"The stark contrast in handling these similar situations raises serious questions about Board transparency and approach to shareholder engagement."

"The company with the highest profits and the most repeat customers actually has high loyalty and uses almost no marketing fees in their business."

"Survey respondents are negative about K27, doubting its global expansion plans and criticizing the strategy's unclear, undifferentiated approach."

"Europeans in particular have objections to GMOs, and are especially put off by Monsanto’s reputation as the company that brought us Agent Orange."

"Epiq now trades ~28% below the initial P2 proposal, and is nearly unchanged from the unaffected stock price prior to Villere's initial 13D filing"

"Linear Networks Operating Income declined -7%; Direct-to-Consumer Operating Income declined -184%; Studio Segment Operating Income declined -128%"

"Universal is generating ~$5 at the box office for every $1 budgeted on its animated films...while Disney is struggling to consistently break even"

"Aspermont went from having no loan payable to either Polma 1 or CPIPG Management S.A. in 2020 to an €8.8 million payable as of December 31, 2021."

"The fact that BCAC's purported discussions with TMTG concluded exactly one week before DWAC had its IPO seems too convenient to be a coincidence."

"With capital levels appropriate for pure mortgage guarantors/insurers, the GSEs can be a simple, low-risk, long-term solution for housing finance"

"The reason I mentioned all that is RESPA stuff is scary. Zillow is attuned to it from having fought that last battle and won kind of just barely."

"Another year of empty rhetoric and broken promises is unacceptable. We believe that Phillips must pursue the following initiatives without delay:"

"According to TM Capital's 2024 Facility Services report, the number of well-informed investors keyed on facility services has never been greater."

"The factors leading to the failure of Israel's second largest supermarket chain, Mega, have striking parallels to Casino's current circumstances."