Callouts & quotes from 37,061+ activist slides

"These are our estimates, and we acknowledge that for 2026, we are 30-40% higher than consensus, which we think is justified based on our work."

"In other words, an SMD level agent must perform 12.5x better than average to achieve the income levels marketed in WFG's recruiting materials."

"This petition requests that the FDA take the following actions: 1. Withdraw FDA approval of pitolisant for all current and future indications."

"as shown in the chart below, over the past 5 years, on average, the Company has spent almost double the percentage of revenue on R&D as peers."

"SPRD's lack of any cash income tax payment in 2010 is inconsistent with prior years as well as the PRC's provisional tax payment requirements."

"Based on the Draft Guidance and its recommended tools, we therefore assess the severity of the exploit to patient health to be “catastrophic.”"

"Lastly, we observe that MSCI is increasing its cost capitalization of development expense, which has the obvious effect of flattering margins."

"Spruce Point believes that investors should carefully consider if UEC is really the right company to entrust with handling nuclear activities."

"Since 2010, Starbucks unit growth has been primarily driven by growth outside the U.S., which has averaged 12%, while the U.S. has averaged 4%"

"The deceleration in SSS growth since FY 2016 has been primarily driven by weakness in Frappuccino and some softness in core beverage platforms"

"We estimate $661m of costs have been capitalized in software since 2007, yet only $217m has gone through the income statement as amortization."

"We estimate $661m of costs have been capitalized in software since 2007, yet only $217m has gone through the income statement as amortization."

"Spruce Point warns that PERI uses multiple large numbers to promote its “Retail Media” opportunity, and at times makes conflicting statements."

"Hill-Rom (“HRC” or “the Company”) is a low-quality medical equipment roll-up which is rapidly approaching the end of its current growth cycle."

"If NQ reports strong Q1 2014 advertising revenue, as Mr. Khan indicates, it would be absurd given the contradiction in Mr. Khan's own comment."

"Regardless, if NQ’s independent committee reports that there is no evidence of significant wrongdoing, this will be an attempt at a whitewash."

"We believe BILL can maintain a healthy growth rate given market leading solutions, steady customer count growth, and strong customer retention"

"We fail to understand why a silver producer would purchase an interest in a privately-owned travel website from another silver mining company."

"Nidec’s revenue recognition policy is not as conservative as it can be, and in our opinion, could help to enable the alleged channel stuffing."

"The Business Tax YDT paid, which supports total transaction processing volume and therefore gross revenue of only $2.9 million, is irrelevant."

"Yidatong's staffer even told iFeng Finance that after the Muddy Waters report, NQ advised them to "provide the media with good communication.""

"Spruce Point interviewed a former executive leading a key growth business at Broadridge and asked for opinions on its UBS project and culture."

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

"The new quality metric rewards achieving the median, half the time – far afield from “leading the industry” in quality or “achieving top tier”"

"We do not believe that Olam is really that savvy of a shopper, and we also believe that most of Olam’s NCAG acquisitions are poor investments."

"The result was a stunning 257.2% increase in the group's net PP&E from S$55.5 million (NGN 4.5 billion) to S$194.5 million (NGN 15.9 billion)."

"Offshore spending, which today generates close to 50% of Core’s revenues and even more of its profits, is likely to decline for years to come."

"In this down-cycle, oil prices have fallen further and stayed down longer. Foreign capex has collapsed and this time, so have Core’s revenues."

"We believe management's plan is achievable, and the ARPU tailwind from Pulse will lead to ADT exceeding revenue and profit estimates over time"

"Given Vertiv’s business quality, high-growth end market exposure, and margin opportunity, we believe the Company warrants a premium valuation."

"CXW’s repurchase of 10.7 million shares in Q4 ’08 – Q2 ’09 (~8.5% of total shares) provides a tailwind for NTM free cash flow per share growth"

"The complex group structure causes inefficiencies, which reduces agility, slows decision making and leads to undervaluation of Group companies"

"FMCN's bizarre acquisition of a ginseng plantation at the Russian and North Korean border illustrates that FMCN's acquisitions are not kosher."

"As it turns out, it appears the last priority of acquisitions became the top priority and REZI has levered up while failing to return capital."

"Pershing Square purchased an additional 3.0 million shares of HHH in 2023 at an average price of $72 per share and now owns 38% of the company"

"Strong gains across the portfolio enabled PSH NAV to slightly outperform, and PSH share price to substantially outperform, the S&P 500 in 2023"

"As of June 30, 2021, the Company had a deferred revenue balance of $11.9 million with Kalo, consisting of the non-cash consideration received."

"A former strain engineer stated that “9 out of 10” projects didn’t succeed, out of a cumulative 200+ projects he was aware of since inception."

"The employee described Ginkgo as simply a CRO, a contract research organization, and one that they don't trust to pass meaningful projects to."

"Huishan is making huge prepayments for unspecified raw materials, which given the company's stretched financial position, does not make sense."

"Investors should have limited confidence in Amcor's financial reporting given unresolved material weaknesses that have lingered for 18 months."

"Proposed terms of the spin-off and the merger ratio do not ascribe fair value to Mobis's module manufacturing and after-sales parts businesses"

"Meanwhile, HLF senior distributors continue to peddle false and misleading income representations in violation of the FTC Settlement Agreement"

"Meanwhile, HLF senior distributors continue to peddle false and misleading income representations in violation of the FTC Settlement Agreement"

"Meanwhile, HLF senior distributors continue to peddle false and misleading income representations in violation of the FTC Settlement Agreement"

"Rapidly shifting investor narratives around AI enabled us to purchase shares in GOOG at ~16x earnings, a >40% discount to its current multiple"

"The 112% increase in the S&P 500 from 2020 through 2025 has been largely driven by cumulative earnings growth of 77%, with P/E multiple up 20%"

"Dr. Martin appears to have been covertly enriching himself by peeling off real estate portions of Eurofins’ M&A transactions as early as 2005."

"Kao is unique among global FMCG companies for having NEGATIVE underlying REAL sales growth between 2020-24 and no organic sales growth target."

"Based on our estimates, private-pay Independent Living (IL), Assisted Living (AL) and Memory Care units trade at implied 5.00%-5.50% cap rates"

"CCME tells investors that it has over 27,200 buses in its network. However, it tells advertisers that it only has 12,565 buses in its network."

"We believe the root cause of Disney's underperformance is a Board that suffers from a culture that impedes oversight and lacks accountability."

"We believe the root cause of Disney's underperformance is a Board that suffers from a culture that impedes oversight and lacks accountability."

"While there is no perfect comparable, we believe a commitment fee of ~25 basis points is conservative in light of available market benchmarks:"

"I think buyer commissions are going to become unbundled from seller commissions and buyers are going to have to pay their own agents directly."

"It would therefore make sense that VON VONNI ads would appear on AOL.com, as shown below, given the broad demographic and reach from the site."

"The Company's diversification across multiple industries and geographies provides a natural hedge against cyclical and general economic swings"

"We think there was a cover-up prior to FDA approval. Now the drug is in the real world with nowhere to hide, versus a tiny rare-disease trial."

"At any plausible valuation of TIP REIT and Target Corp, the Transaction results in a significant premium to the stock price of $37 / per share"

"The only reason to enroll as a Preferred Customer is to begin the qualification process to reach the level of Distributor and earn commissions"