Callouts & quotes from 3,960+ activist slides

"We believe adding yet another layer between management and the guest has only exacerbated Darden's #1 problem - a lack of focus on the day-to-day in-restaurant experience."

"To the extent this is true, we believe it would create another major challenge for IPX's supply chain in validating that its titanium scrap is authentic and unadulterated."

"We believe adding yet another layer between management and the guest has only exacerbated Darden’s #1 problem – a lack of focus on the day-to-day in-restaurant experience."

"We believe GY's excess real estate is worth ~ $370m today, and potentially much more as real estate markets recover and the Company makes progress on its development plans"

"Based on our many conversations with Bristol-Myers management, we believe management is assuming ~$18 billion revenue contribution from Celgene's pipeline products in 2028"

"We believe investors have lost sight of Samsara’s failed attempts to expand beyond its narrow fleet applications since the efforts were abandoned before the Company’s IPO."

"We believe that it is unlikely that Disney can realize its full potential if it refuses to sufficiently right-size expenses in legacy businesses that are growth challenged"

"Intuit generates $1.2 billion of revenue from fundamentally less attractive sources that we believe should be valued at a multiple dramatically lower than the current 11x."

"We believe that the strategic rationale for the Red Lobster Separation provided by the Company in its recently filed investor presentation is incomplete and highly flawed."

"While Pershing Square believes Chipotle remains a great business with a long growth runway, the wide range of potential future outcomes led us to sell our remaining shares"

"We believe that it is unlikely that Disney can realize its full potential if it refuses to sufficiently right-size expenses in legacy businesses that are growth challenged"

""We do not believe that Pershing Square's nominees would add value to the Board." — Target spokesperson; "Ackman campaign for Target like prize fight" — Reuters, 4/18/2009"

"Clearly, the financial combination is transformative for New Age, and we believe the level of acceleration from the transaction for shareholders will be outstanding. — CFO"

"Clearly, the financial combination is transformative for New Age, and we believe the level of acceleration from the transaction for shareholders will be outstanding. — CFO"

"We believe that BXMT will ultimately recognize significant losses in its loan book, ranging from $2.5 billion to $4.5 billion. These losses could wipe out its market cap."

"We believe restoring the magic at Disney starts with a focused, aligned and accountable board, intensely committed to returning an 'ownership mentality' to the boardroom."

"We spoke with two medical device regulatory compliance consultants, both of whom believed that, in their opinion, iRhythm’s failure to report complaints was indefensible."

"We believe iRhythm has benefitted from a number of transitory tailwinds. We see a plethora of emerging headwinds and potential investor disappointment in the coming year."

"We believe an increase in the discount of the secondary offering from 5.8% to 11% shows increasing investor skepticism as the largest shareholder continues selling shares"

"We believe an increase in the discount of the secondary offering from 5.8% to 11% shows increasing investor skepticism as the largest shareholder continues selling shares"

"We believe C3.ai has gone through multiple iterations as a company chasing popular technology themes and buzzwords while incorporating them into its formal business name."

"We agree with the goals of the recent proposals for housing finance reform, but believe the proposals are impractical and will work against the goals they seek to achieve"

"We believe the Board conducted an incomplete analysis of Dr. Beckerle’s independence and a consideration of all the facts suggests Dr. Beckerle is clearly not independent"

"Four of the agencies gave the unsolicited opinion that Momo has a reputation as a (sex) cam site. We believe that this has directly contributed to Momo’s advertising woes"

"We believe in-home communication compatible Cardiac Devices should be recalled, either voluntarily by STJ or mandatorily by the U.S. Food and Drug Administration ("FDA")."

"We believe the typical distributor earns less than $100 per year before expenses. Only the top ~0.1% of Herbalife distributors earn enough to “achieve financial freedom.”"

"Part 1. TransMedics National OCS Program (NOP): an unsustainable, anti-competitive scheme based on what we believe to be coercive tying, price extortion, and retaliation."

"Spruce Point believes that a major and growing risk is that as MSCI expands, it is encroaching into more direct competition with BlackRock, which is its biggest customer."

"We believe the typical distributor earns less than $100 per year before expenses. Only the top ~0.1% of Herbalife distributors earn enough to “achieve financial freedom.”"

"We don’t track this number [of sales outside the distributor network] and do not believe it is relevant to the business or investors. — Herbalife (8-K, dated May 1, 2012)"

"We don’t track this number [of sales outside the distributor network] and do not believe it is relevant to the business or investors. — Herbalife (8-K, dated May 1, 2012)"

"We believe that TROX post-Exxaro deal ("New TROX") will be the strongest player in its industry with 100% vertical integration and unparalleled free cash flow generation"

"Elliott believes that there are clearly identifiable steps to realize value at ACAS and that a capable Board actively overseeing a strategic review can unlock this value"

"We believe rationalizing Bristol-Myers footprint to improve capacity utilization and streamline geographic cost areas could result in over $100 million in total savings."

"Board members and senior executives have also donated significant funds to HCI / HCF, which we believe creates further financial conflicts of interest with Dr. Beckerle."

"Spruce Point believes there is significant upside to Majorel's share price as it also transitions to higher value-added clients with differentiated technology solutions."

"Given the deteriorating small business credit environment, we believe these disclosures may be a harbinger of potential adverse future disclosures regarding loan losses."

"We don't believe Mettler's share repurchase strategy is disciplined, particularly as it buys its stock at 26x EBITDA and 37x book value, and while insiders rapidly sell."

"We believe it is illogical to assume consumers will continue to pay the same inflated price for a product if supply increases 5x, with no obvious demand growth segments."

"While backlog does not have a standardized definition, based on our review, we believe that ROAD incorporates extremely liberal and aggressive interpretation of backlog."

"Many of these deals were significantly back-end loaded because nobody wanted to pay an upfront payment for a technology that they didn't really understand or believe in."

"Spruce Point believes that Amcor's free cash flow, and commitment to repurchasing shares, leave it little room to protect its dividend under current market expectations."

"Spruce Point believes that Amcor's free cash flow, and commitment to repurchasing shares, leave it little room to protect its dividend under current market expectations."

"Spruce Point believes it is only a matter of time until MBP agents leave the platform in these coexist markets due to lack of transparency and questionable lead quality."

"We believe Ramaco Carbon's coal to carbon initiative is a glorified science experiment, designed by METC's management as a promotional point to dupe credulous investors."

"Despite these recent missteps, which have badly damaged the credibility of management and the Board, we believe that Perrigo has a strong franchise with valuable assets."

""The Compensation Committee does not believe that equity-based incentives are a valuable incentive for employees of the Company" — Weis Proxy Statement, p. 8, April 2018"

"We believe this PU activity was all or substantially all from bots, likely conducted via a server whose real location was masked behind a VPN or other similar software."

"Technology opinion leaders in respected magazines, along with experts we spoke to, believe that Dropbox has limitations and challenges in serving the Enterprise market."

"The expert believes that product replacement cycles are very long in machine vision, which may dampen investor optimism for a near term recovery in the Matrox business."

"We believe HIMS is exposed to material operational and reputational risks from the third-party pharmacies that comprise nearly 50% of its current pharmacy supply chain."

"We believe HIMS is an e-commerce business selling generic products and services and currently trades at a large premium to peers as a result of its high revenue growth."

"Spruce Point believes the airlines could be the biggest threat to CLEAR as they have both the influence of the airports and the capital to donate the eGates to the TSA."

"We believe there is further reason to be suspicious of CLEAR's revenue quality. The Company gives inconsistent descriptions of the factors driving the revenue increase."

"We believe Danimer's business is a closer comparison to traditional chemical and plastic companies than the waste businesses that the Company has selected as its peers."

"Bernstein believes that China's WFE self-sufficiency ratio (ie, the percentage of WFE purchases in China from domestic suppliers) could more than double to 36% in 2026."

"We believe international franchising could add ~$50-80+ per share in value over time, which would accrete significantly from additional capital allocation efficiencies"

"The Ford/Blackberry partnership is well known, but Chen would not have responded "likely" if he did not believe BBRY was on the cusp of a transformative change in QNX."

"Therefore, we believe that neither of management’s stated reasons for its overwhelming revenue contraction offer a robust justification for its lackluster performance."

"If all aspects of our value creation plan are implemented by the company, and if Alibaba continues to recover, we believe that Yahoo’s shares may trade over $100/share"