Callouts & quotes from 37,061+ activist slides

"Americas SSS growth has steadily decelerated since the beginning of FY 2016 and transactions have been roughly flat since the end of FY 2016"

"We forecast high-single-digit revenue growth underpinned by ~7% annual net unit growth led by China as well as other underpenetrated regions"

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"In the unlikely scenario that a SPS conversion could be accomplished, Treasury would own a higher percentage of much less valuable companies"

"「当初は光源の問題でかなり苦労しました。......問題は光源の寿命がたった3ヶ月で、交換後に補正するために1ヶ月を要します。光源の寿命3ヶ月のうち、実質的には60%～70%しか利用できませんでした。結果として、顧客は当初の予定より多くの装置を購入しなければならなくなりました」。"

"Muddy Waters Capital LLC (“Muddy Waters”) is short Nidec, and we value its shares at JPY 4,764. We view Nidec as a gigantic stock promotion."

"In Q3 2018, INGN lowered provisions in two categories, sales returns and bad debts and warranties. Doing so increased gross margin by 1.77%."

"As a result of poor execution and missed commitments, GoDaddy’s combination of growth and profitability is at the low end of its peer group."

"Unparalleled expertise in i) management, both enterprise and consumer, ii) M&A/capital markets/restructuring; iii) governance/gender balance"

"But with the transition from desktop to mobile, the reasons to come to Yahoo Properties have either atrophied or the audiences have churned."

"Why the proposed separation of Chair/CEO at BlackRock represents also a test on the coherence and integrity of the Asset Management Industry"

"At every chance, the CEO talks up how much Amgen loves the machine – so much so that the entire bull case seems to be that “Amgen likes it.”"

"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"

"Lasertec's EUV ambitions have always been vaporous given the impossibility of developing an EUV light source without investing USD billions."

"Rentokil is a gold standard company. If anyone can turn Terminix around, it’s them. Rentokil has some of the best operators in the industry."

"Revenue from recent acquisitions has declined double digits for three quarters and incentive earn-out payments also fell sharply in Q2 2023."

"Rollins frequently cites the recurring nature of its revenues, but fails to provide regular updates about gross, net, or acquired customers."

"We identified two recent Enforcement Actions against ACE Aggregates, LLC ("ACE") which were settled prior to its recent acquisition by ROAD."

"LSP's financial statements are audited by Armanino LLP albeit the firm does not list construction, materials or mining as an industry focus."

"The segment's revenues and margins have been fairly stable because it specializes in multi-year projects, especially offshore and deepwater."

"Fairfax Spent Cash for Accounting Gimmicks on Disposal of a Loss-Making Subsidiary that Misleadingly Preserved Book Value of $105.5 Million."

"A simple check of the SAIC data for BEKE’s subsidiaries imply that the Company is materially inflating its agent count in these key markets."

"By any objective measure, over any relevant time period and against any pertinent benchmark, BMC's shares have significantly under-performed"

"Phillips 66's claims that our non-binding annual-election proposal (Proposal 6) is “illegal” are based on a fundamental mischaracterization."

"Now that any DME can offer you a portable oxygen concentrator, Inogen will get much fewer Medicare leads that can be turned into cash sales."

"And copper prices have already taken off, more than doubling from last year’s low to over $10,000 a tonne and it’s up already 30% this year."

"Supply roughly equals demand and analysts expect the market to remain balanced, though we believe it may fall into deficit in the near term."

"Spruce Point believes current sell-side analyst price targets are wildly optimistic, with all but one analyst recommending buying the stock."

"There is more evidence that REZI is losing the technology race where product software solutions are critical to customer wins and retention."

"Like most synthetic biology scams, Ginkgo bends over backwards to obscure what it actually does, flinging buzzwords at the wall with abandon"

"I would say not, mostly because of what I was talking about before. I think Ginkgo is overvalued. I can't understand the basis for the hype."

"Given management's inability to achieve its #1 most important goal, organic growth, we believe it is appropriate for the CEO & CFO to resign"

"The Audit Committee found that management had employed highly questionable business practices in the interest of flattering Company results."

"LHCG insiders have sold the stock aggressively through the past four years, slashing their collective stake by over 50% over this time span."

"None of these changes make banks safer or benefit the customers. They raise costs, reduce liquidity, and add leverage and counterparty risk."

"Parsing through Heska's revenue disclosure also shows that CVM revenue has declined the past two years, and the YoY decline is accelerating."

"Another prominent KOL stated that the study was "rigged," not reproducible, and that Nevro's approach in general was to "rig their studies.""

"Several KOL’s indicated that doctors who deny the existence of explants do too few implants per year to notice or care that they’re failing."

"Spruce Point believes a major red flag is when companies claiming to have a key technology advantage start to curtail technology investment."

"For too long, Phillips 66 has suffered from an inefficient conglomerate structure, weak operating performance, and a lack of accountability."

"For too long, Phillips 66 has suffered from an inefficient conglomerate structure, weak operating performance, and a lack of accountability."

"As a result of declining interest rates and a global search for yield, HC REIT cap rates have compressed along with the real estate industry"

"You’d expect results in excess of the “targets” of 30% annual revenue growth, and improving gross and operating margins. But you’d be wrong."

"If all goes according to forecast, revenues will compound at 18% for the next 15 years and athena will become a $10 billion revenue company."

"It does 76% of its business in the United States, Brazil and Argentina, in contrast to Bayer, which is much more focused in Europe and Asia."

"All of these businesses deserve multiples of 14-22 times, and people buying Bayer today get the package for about 10x, if the merger closes."

"Achieving a growth + profitability rate of 35% would be a step in the right direction, but we believe significantly more opportunity exists."

"As a result of poor execution and missed commitments, GoDaddy’s combination of growth and profitability is at the low end of its peer group."

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"Timken’s calculation distorts its trading discount by relying on a cash flow multiple that fails to adjust for short-term, temporary impacts"

"Extreme Concerns With Nova’s Geology Consultant Tasked With Data Validation And Quality Control; Is He A “Competent” And “Qualified” Person?"

"Including pro-rata distributed warrants, PSTH appreciated 44% from its IPO through December 31, 2020, and increased 21% year-to-date in 2021"

"Of course, Ban and Khuong aren't the only insiders that have been rapidly dumping their stock. CEO Tim Herbert is a habitual seller as well."

"However, just a month earlier in its Proxy Statement filed on April 2014, IRBT used a vastly different peer set to measure its performance!!"

"Soleno’s promotional efforts appear to heavily involve both groups, as indicated by a high-profile town hall a few weeks after FDA approval."

"QSR’s share price including dividends has increased 300% (4.0x) from our average cost since it merged with Justice Holdings to Jan. 19, 2018"

"Far from looking like the box on IonQ’s site, the system is a primitive skunkworks contraption that appears to take up the size of a garage."

"However, Wall Street analysts have historically been overly optimistic in their estimates for both Celgene’s marketed and pipeline products."