Callouts & quotes from 37,061+ activist slides

"We believe that a realistic range for Net Earning Assets is $426 million to $1.0 billion, an adjustment downward of between -77.5% and -90.4%."

"It appears that Kroll, hired by RUN, does not find enough cash flows in the pool of collateral to meet the claimed FMV for ITC basis purposes."

"Fannie Mae and Freddie Mac stock prices have decreased 24% and 24%, respectively, from our average cost at announcement date to April 21, 2016"

"CMG’s share price declined 7% from our average cost to year end 2016, and is approximately flat from our average cost through January 20, 2017"

"Spruce Point believes Genius’ revenue recognition practices and lack of financial disclosures leaves investors with many unanswered questions."

"Party B is will to accept the leadership, management, and training of Party A in the overall operation of the licensed brands discussed herein"

"Anyone new to the WTRG equity story should be aware that the Company has a track record of failure when it comes to growth expansion ventures."

"Generac's core products are heavily marketed towards the residential and consumer market as an “insurance” policy from grid and power outages."

"We believe Enterprise should have consolidated operating margins of mid-20s% to 30%, including the drag from lower-margin BPO / benefits, etc."

"If ADP returned to FY 2012 productivity levels in ES this would drive ~$65m–$90m of profit, or ~75bps – 110bps of margin opportunity for ES(2)"

"We believe there are many similarities between CTC's acquisition of Party City's Canadian business and its failed acquisition of Helly Hansen."

"Despite the growth opportunities and its #1 share in Japan and Asia, Fuji Xerox is on pace to report two consecutive years of revenue declines"

"you must be a great restaurant operator to run restaurants that create a great experience while simultaneously generating significant profits."

"Red Robin (focused on an under 21 customer base) is the only casual dining concept that performs worse than Darden in regards to alcohol sales"

"As an Italian chain, Olive Garden should have a significant advantage in delivering value to consumers while offering a highly profitable menu"

"The Company could repurchase a significant amount of stock at a price of $58 per share and be left with substantial cash on its balance sheet."

"If Quantumscape had found a material that naturally resists dendrites, they would not have had to resort to the same gimmick as everyone else."

"Only one building, Building C, is currently under construction. This is the first of the buildings planned for the Kolbenova Park development."

"We are not aware of any recognized authority for valuing Platform Value, but we believe that the market should assign value to Platform Value."

"Our nominees can support McDonald’s’ efforts to ensure quality, safe, and healthy food for its customers across its entire global product line"

"The GPU utilization argument understandably resonates with GPU-obsessed investors, but the picture painted by the pro-flash camp is distorted."

"In the coming weeks, our slate will release details regarding its vision for delivering enhanced value for long-suffering Elanco shareholders."

"Even FOREVER 21 with over 380 locations is making a push into western and targeting women, a demographic where BOOT has acknowledged weakness."

"Spruce Point has a track record identifying education technology companies spinning exaggerated growth stories to justify their overvaluation."

"DNMR misleads investors regarding the commercial viability and timeline of partnerships with major corporations like Mars Wrigley and PepsiCo."

"Red Robin (focused on an under 21 customer base) is the only casual dining concept that performs worse than Darden in regards to alcohol sales"

"REALITY: Medical-grade clear aligners are plastic commodities that can be printed by any 3D printing lab which bothers to obtain FDA approval."

"The January 1, 2023 sale to Vitek was excluded from the related party transaction disclosures in the management reports. Why was this omitted?"

"Of note, close peer BioTelemetry was significantly more profitable at similar revenue scale. Thus, we question iRhythm's financial management."

"As previously mentioned, BlackRock has a weak governance framework which is evidenced by a clear lack of independent oversight over management"

"Gen9 is the canary in the coal mine for Twist investors, as it was an identical manufacturing business using the same Agilent “chip” as Twist."

"Twist spent little on capex for most of its life, but capex suddenly spiked in 2021, and then went absolutely parabolic in the last 12 months."

"Management received 132% of their target bonus in 2017, despite P&G losing market share and generating EPS growth in the bottom 1/3rd of peers"

"But they certainly give rise to reasonable concerns that the Villa Le Mas du Figuier, which is now owned by CPI PG, was used to launder money."

"A company levered only 2x requires ~45bps less margin expansion per year to achieve the same EPS growth than an identical company with no debt"

"This polymetallic nodule mineral field within the CCZ is essentially a single mineral deposit almost 5,000 km in length and up to 600 km wide."

"In other words, the data collected indicates use of persistent identifiers used to target and re-target users across domains and applications."

"CMG’s share price declined 7% from our average cost to year end 2016, and is approximately flat from our average cost through January 20, 2017"

"We believe that significant cost savings opportunities exist across various functional areas at Bristol-Myers to substantially improve EBITDA."

"The HKMA’s 2008/2009 intervention, in response to over HKD $600bn of money flows, greatly increased the size and leverage of its balance sheet"

"Most importantly, the HKMA and other important decision makers in Hong Kong have a track record of behaving in an economically rational manner"

"We believe REITs trade in the range of 13x-17x EV/'06E EBITDA, depending on the type of real estate and the businesses the properties support."

"At McDonald's current price of approximately $33 per share, we estimate Pro Forma McDonald's dividend / FCF yield would be approximately 6.7%."

"Despite the headline saying “Fortune 500 companies” seven logos are now U.S. government related entities, and Swift is a European Cooperative."

"The recent growth rates of ecommerce sales that FND cites on conference calls do not match calculated growth rates based on prior disclosures."

"Spruce Point's research into each of Amdocs' recent acquisitions reveals that M&A has added materially more to sales than management suggests."

"Amdocs' 20-F explicitly discusses business process outsourcing, and its PSA with AT&T alludes to performing call center work on AT&T's behalf."

"We find these patterns difficult to explain from a purely strategic perspective, and worry that they may be evidence of financial engineering."

"Spruce Point remains skeptical that Saputo is being overly optimistic in its terminal growth assessment to delay or avoid goodwill impairment."

"Monster is trading at an extremely elevated valuation and at the consensus average price target which we believe is a very poor risk / reward."

"SSgA would be the second largest publicly traded asset manager by AUM. It would also be the only substantially pure play passive asset manager"

"Based on these precedents, we believe the court could confirm a plan at a rate that is lower than GGP’s current weighted average interest rate"

"In at least 21 instances, FMCN has written acquisitions down to zero and given the companies away—usually back to their original shareholders."

"Current and prospective investors are ascribing a near record multiple to GLOB's share price, despite evidence that organic growth is slowing."

"We estimate 50% to 70% upside in Amcor shares as the combined company executes on synergies and the acquisition integration comes to fruition."

"AWB Landmark did not meet key criteria for acquisition of a distribution business in a new geography (where traditional synergies are limited)"

"The data we collected corroborated a significant delta in the turnover with Mengniu and Yili exceeding Huishan in sales revenue by over 1500x."

"If TWX had continued to own a 50% stake in Comedy Central, it would have benefited from the increase in the intrinsic value of Comedy Central."

"TWX does not break down revenues by business line within Filmed Entertainment, however, an estimate of the division's revenues are as follows:"

"The financial strategy pursued by TWX should be overhauled to exploit the leverage capacity of the Company and its individual operating units."