Callouts & quotes from 37,061+ activist slides

"The trial was packaged neatly into a paper that makes no mention of the alleged hepatic signal and early termination, and declared a success."

"A key early warning sign was the occurrence of 13 deaths during the pitolisant development program, as noted by the FDA in its safety review."

"Common sense indicates that the only purpose of such a plan is to incentivize sales reps to proliferate inappropriate patient referral forms."

"Valued at 8x its estimated peak earnings contribution, Valeant’s late-stage pipeline, excluding Salix, may be worth as much as ~$40 per share"

"CORZQ’s budget disclosed in its bankruptcy filing anticipates a 7-fold increase in the amount of hosting revenue that it brings in per month."

"R&O / Russell Reitz’s lawsuit against Valeant creates the impression that R&O was not aware of Valeant’s relationship with Philidor / Isolani"

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow."

"We dare to ask the question: Did this property really increase by over 10x in value or did IIPR inject money into its struggling main tenant?"

"APD’s share price including dividends and the spinoff of Versum increased by 67% from our average cost at announcement date to April 18, 2017"

"This reliance on referral tied to home sales is a problem for GSHD because demand for mortgages has fallen off a cliff, declining by 67% YoY."

"The company's profitability is largely reliant on paper-gains, namely mark up on biological assets. Real cash flow has been in fact negative."

"We believe that Trulieve has been supplementing if not getting most of their marijuana supply from these low-quality outdoor production hubs."

"If this local news report is accurate, then we think de Masi badly misled investors by hiding the fact that IONQ self-financed this customer."

"In our opinion, this contract is nothing more than a fake PR piece, abused by EOS' management to fuel the hype and inflate their stock price."

"The AXDX rep confirms above that the Pheno system doesn't replace cell culture, thus it is an adjunct to standard of care, not a replacement."

"Given CTO's omission of recurring capex from its AFFO calculation, it is the only one of its six peers below to boast a higher AFFO that FFO."

"Enfusion recently weakened its description as a cloud-native SaaS company, even going so far as removing it as a reason why it wins business."

"The alarming spike is apparent visually – we show inventory as a percent of both revenue and assets annually from 2010 to the last 12 months."

"The CEO was evasive when the analyst pressed for an answer on production capacity: "we have not announced...how much production will expand.""

"Interview with Former Tax Equity Buyer at Major Bank, December 2021. NB: RUN Investor Relations estimated an 8-9% return to us. — Footnote 51"

"FLC reduction is paralleled by simultaneous NT-proBNP reduction and clinical improvement — Palladini G et al. Circulation 2003;107:2440-2445."

""rundown strategy is the responsible strategy for both our business and for the world" — CEO Gary Nagle, Investor Update, 2nd December, 2021."

""the specific mechanisms and determinants remain to be elucidated, along with their implications for therapy." — 2017 HRS consensus statement"

""Just had a chance to quickly scan [Marcato's] BDubs deck...the HQ staff is silently cheering" — Former Buffalo Wild Wings Executive, 2/22/17"

"1/12/09: “We have quickly shifted gears to put increased emphasis on maximizing cash and transforming the cost structure.” — Alcoa Management"

"Offline is also very stable. I think their net revenue from the Peiyou small class segment, that was up by 52.4% this quarter. — CFO Rong Luo"

""Sinking ship, resignations every month, extremely poor data infrastructure and processes on Growth team" — Former Employee - Revenue Analyst"

""It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you will do things differently." — Warren Buffett"

"ISS has highlighted to shareholders that over a three year period, bottom quartile performance has been rewarded with top quartile pay. — ISS"

"“Our total new client win rate from 2018 to 2020 was 42%” — TaskUs, Inc. / “Our new client win rate from 2017 to 2019 was 36%” — TaskUs, Inc."

"The increase in new life sales was driven by the indexed universal life product line, which is the main Transamerica product marketed by WFG."

"SEC Charges SolarWinds and Chief Information Security Officer with Fraud, Internal Control Failures — U.S. Securities and Exchange Commission"

"「顧客はP2段階において、レーザーテックのバックアップとしてKLA製の装置も備えなければなくなり、非常に迷惑している。激昂しています」。そのうえ、「マスクを洗浄し、その上にペリクルを貼り付ける間にも粒子を放出するのです。逆効果です」 — KLAで極端紫外線マスク検査を担当した元幹部"

"「極端紫外線マスク検査の責任者は、ストレスのためにいつもぴりぴりしていました。私は装置の診断結果について彼に報告する立場でした。先方から目標値を与えられ、その達成に努めましたが、無理がありました。装置については大きな不満を持っていたようです」 — 元フィールド・サービス・エンジニア"

"current evidence does not support IVF as a first-line therapy for unexplained infertility — American Society for Reproductive Medicine (ASRM)"

""the rocket gives you the keys to space. It's critically important, but the big revenue is doing things in space." — Firefly CEO Tom Markusic"

"Overstated Margins from Day One. CoreWeave assumes EBITDA margins hit 80% immediately, a figure a former CoreWeave engineer called “utopian.”"

"The Potential Role of Activating the ATP-Sensitive Potassium Channel in the Treatment of Hyperphagic Obesity — Neil Cowen and Anish Bhatnagar"

"Otherwise healthy 42-year old taken to emergency room within two months of starting Wakix and diagnosed with QT prolongation — Prescriber #15"

"Footnote 7 in HARMONY CTP mentions HARMONY 1 as the inspiration for the “centres” reallocation, also used in HARMONY 1-bis — Scorpion Capital"

""an aircraft of at least 6,000 pounds will be critical to being able to carry economically viable passenger payloads" — Tom Muniz, Archer CTO"

"“a regulated forex broker committed to providing a secure, transparent, and client-focused trading experience.” — 24yield website description"

"GoDaddy's 2023E EBITDA margin of 25% is significantly below the peer group average of 43%, representing an 18% margin expansion opportunity."

"We will demonstrate that FIGS management has a long history of exaggerating multiple aspects of its business, financial, and product claims."

"Beam’s share price increased by 104% including dividends from the date FBHS was spun off from Fortune Brands until the day Beam was acquired"

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow"

"We do not believe that ATL, with only 10,000 towers, can compete with Bharti and Indus, which own approximately 150,000 towers between them."

"Carvana Is An Auto Dealer, Not An Asset-Light Tech Company – And Management Is Forecasting Pie-In-The-Sky Results On Unrealistic Scalability"

"Crown Castle has realized a paltry 3% EBITDA yield on its fiber capex, relative to the highly attractive ROIs achieved in its tower business"

"[Crown Castle] has been flagged for an entrenched board as around 50% (as of March 2020) of its members have a tenure of more than 15 years."

"Since we began accumulating our positions in October 2013, Fannie Mae and Freddie Mac share prices have increased 84% and 86%, respectively."

"We believe the realization of these catalysts will yield a valuation of $183 – $194/share, representing 56% – 66% upside from current levels"

"A consistent theme of TRE's stated business practices is that they are unnecessary, overly complicated, and risky for a legitimate business."

"ERIE employs management fee adjustments as a critical tool to balance its fiduciary responsibilities to both policyholders and shareholders."

"We believe these opportunities can only be captured with an innovative and nimble culture supported by appropriate leadership and investment"

"ADP’s underperformance has been concealed due to complex accounting and reduced disclosure which makes benchmarking to competitors difficult"

"When adjusted for PEO pass-throughs, ADP substantially trails its competitor group in efficiency, despite ADP’s significant scale advantages"

"ADP’s Corporate HQ (Roseland, NJ), SMB (Florham Park, NJ), and Mid-Market (Parsippany, NJ) offices are a 15-20 minute drive from one another"

"Governance risks faced by minority investors at each of these companies will be centered on the alignment of interests with Vincent Bollore."

"Lowe’s continues to trade at a significantly discounted P/E multiple relative to Home Depot despite materially higher prospective EPS growth"