Callouts & quotes from 3,960+ activist slides

"We believe Macy’s has an opportunity to create massive value for the benefit of all shareholders by strategically monetizing its highly valuable real estate portfolio."

"We believe the megacaps that we own are trading at compelling valuations relative to the overall market in light of their superior business quality and growth profiles"

"TransMedics is therefore, we believe, extremely reckless, as the off-label use occurs by its own device technicians, known as OCS Specialists – who hospitals must use."

"We believe past success of our new product introductions as well as our consumer brand loyalty will drive the successful launch of new products. — Oatly IPO Prospectus"

"we are concerned by the Company's low research and development expense as we believe Genius will have to continue reinvesting in new technology to remain competitive."

"Spruce Point believes that the diverging fortunes between Dycom and its telecom and media clients which constitute 90%+ of contract revenues is not likely to persist."

"DigitalGlobe carried just $74m of intangible assets, but Maxar believes C$1.3 billion of deal value exists here at the expense of its physical satellite constellation"

"Spruce Point believes WSP’s sell-side promoters are taking management’s results at face value and not critically evaluating the results with greater analytical rigor."

"Muddy Waters believes that many of the items we discuss in this report are symptomatic of a highly troubled enterprise that is run solely for the benefit of insiders."

"However, as pricing pressures appear to have increased, we believe it is likely that DV will face downward pressures as contracts roll-off and reset to market prices."

"WFG actively encourages its independent agents to develop downlines. Based on the definition provided by the FTC, we believe we can reasonably conclude WFG is an MLM."

"We believe investors buying LSPD at 23x and 47x 2022E sales and gross profit are failing to see the titanic competitive shifts happening in its business and industry."

"We believe Harmony is aware of pitolisant’s bioavailability problem and that their claim of 90% oral bioavailability/absorption in the package insert is simply false."

"We believe that it would be prudent for the Board to evaluate the Company's intellectual property and determine whether there are certain areas that can be monetized."

"THE COMPANY WOULD LIKE YOU TO BELIEVE THAT 2021, “THE BEST YEAR IN HUNTSMAN’S HISTORY,” IS PROOF THAT MANAGEMENT IS FINALLY DOING A GOOD JOB – PLEASE DON’T BE FOOLED!"

"We believe splitting SRG from the core brands makes sense from an operational and customer demographic perspective, in addition to the potential valuation advantages"

"As revenue growth slowed, Autodesk’s incremental margins declined to 50% – below prior levels and below the 55% incremental margins we believe Autodesk should target"

"We believe that EHTH has now decided to book an additional ~15 years of forecasted commissions in order to squeeze further revenue growth out of their customer base."

"We believe splitting SRG from the core brands makes sense from an operational and customer demographic perspective, in addition to the potential valuation advantages"

"Ancora strongly believes that our director nominees will be able to help restore Forward Air to producing best-in-class results from a margin and return perspective."

"Given our documented concerns about intensifying competition, we believe any investor owning 2U shares at these elevated valuation carries multiple contraction risk."

"2U's current valuation implies that investors are paying +$3.5B for their future prospects. We believe the NPV value of their future prospects could be less than $1B"

"Given its product mix, Oasis believes Kao should over time be spending closer to 15-20% of Consumer Goods revenue on marketing depending on the ultimate product mix."

"Though Herbalife believes the amount of Internal Consumption "is not relevant to the business or investors," the FTC highlights it as a red flag for a pyramid scheme"

"We believe PGNY may be violating corporate practice of medicine laws by providing contractual financial incentives for clinics to pursue certain treatment protocols."

"As revenue growth slowed, Autodesk's incremental margins declined to 50% – below prior levels and below the 55% incremental margins we believe Autodesk should target"

"Spruce Point believes that Amcor’s roll-up is in its final stages, having merged with Bemis in a $6.8 billion dollar transaction – the largest in its recent history."

"We believe Nelson Peltz's turnaround expertise and strategic mindset is far more relevant than Mr. Froman's government experience to the problems Disney faces today."

"We believe one of the clearest signs of aggressive accounting at Limbach is the disconnect between its steadily rising adjusted earnings and stagnant free cash flow."

"We believe one of the clearest signs of aggressive accounting at Limbach is the disconnect between its steadily rising adjusted earnings and stagnant free cash flow."

"We believe Nelson Peltz’s turnaround expertise and strategic mindset is far more relevant than Mr. Froman’s government experience to the problems Disney faces today."

"We Believe YT Lied When He Told the Bankruptcy Court He Had No Remaining Interest in the Entities Holding the Lucid Shares (They Were Controlled by Close Associates)"

"We believe that AMT has placed such an extreme emphasis on growth that they went for quantity over quality and this is evident in acquisitions such as Vivo in 2012."

"We do not believe this capital allocation scenario would increase CCI's risk profile or materially reduce operating flexibility – minimal execution risk in our view"

"We believe that if expanding the physical footprint were as lucrative and attractive as BOOT claims, that competitors would simply mimic BOOT's aggressive strategy."

"Spruce Point believes that very recent and underappreciated developments in the clear aligner landscape undermine most of the key tenets of the bull case for Align."

"Overall, we believe ~85% or more of the XHL-reported RMB 18.2 million in gifts Big Li received to win the December 2019 annual competition originated from YY’s FUs."

"Spruce Point believes that WSP's Q4 2023 results would be less spectacular if results are adjusted for a reversal of provisions related to the Wood E&I acquisition."

"You may find yourself at the fulcrum of choosing between protecting consumers or protecting the Company. Based upon our research, we do not believe you can do both."

"Oasis believes that by implementing a marketing campaign and looking to expand well beyond its traditional salon channel, Oribe should reach similar revenue levels."

"We believe the Company is attempting to harass Starboard and our nominees and falsely insinuate there are undisclosed agreements between Starboard and our nominees."

"Spruce Point believes that current market data services fail to accurately reflect ROAD’s share count and capital structure pro forma for the Lone Star acquisition."

"Based on our research, we believe AOS spent nearly $174m on the project, or ~6.5% of average sales over the time period - significantly more than avg. ERP projects."

"We believe large retail partners are more likely to have a greater product offering on their shelves in the robotic vacuum category; this is a big negative for IRBT"

"Spruce Point believes that its dividend policy is flawed because of WTRG's large growth capital expenditure ("capex") requirements and commitments to acquisitions."

"As much as Carvana bulls wants you to believe that it’s a high-flying, asset-light, highly-scalable “fintech” business, make no mistake: this is a used car dealer."

"L&B believes the combination of a monetization of SIX real estate and optimization of the repositioning plan could see the share price double in the next 18 months"

"L&B believes the combination of a monetization of SIX real estate and optimization of the repositioning plan could see the share price double in the next 18 months"

"We believe that Valeant's track record of value-creating acquisitions is a sustainable competitive advantage that should be reflected in the company's market value"

"If the McDonald's Board does not immediately improve on ESG, we believe it could cause the Company and its shareholders serious harm over the next five to 10 years"

"We believe AstraZeneca structured the $35M payment through Tempus so it would count toward its existing contract obligation, reducing its total commitment by $35M."

"AS THESE COMPANIES SHOWED, WITH THE RIGHT LEADERSHIP AND STRATEGY, PHILLIPS 66 CAN CHANGE THE NARRATIVE - NO MATTER WHAT CURRENT MANAGEMENT WOULD HAVE YOU BELIEVE."

"We believe the above strategy, clearly articulated to shareholders and properly executed, would create SIGNIFICANT shareholder value in a very short period of time"

"Accordingly, we believe TI should adopt a dynamic capacity-management approach and flex its capacity buildout in a manner consistent with its historical practices."

"Spruce Point believes that the wider delta in GAAP and Non-GAAP Gross Margins pre and during COVID-19 are a reflection of greater financial strain in the business."

"Spruce Point believes that Magnite's financial reporting does not accurately reflect the economics of its business, and may be concealing the struggles of Telaria."

"On both an EV/transaction basis or an EV/store basis, BEKE paid nearly 4x for Zhonghuan. We believe this underscores the absurdity of the price paid for Zhonghuan."

"We believe Bunge’s declining transparency also extends to its Brazil operations where it recently stopped reporting the amount of indefinitely reinvested earnings."

"We believe Casino flowed this entire amount through EBITDA, thereby making its core France business appear to have a smaller profit decline than actually occurred."

"Spruce Point believes Leidos has not been particularly transparent about what is driving its cash flow, notably its 2020 target increase in Q2 from $1.0 to $1.2bn."