Callouts & quotes from 37,061+ activist slides

"The unnecessarily rushed deal process led to the Science and Technology Committee meeting only once, which was the day the deal was approved"

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

"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"

"We've reported GreenPower to the SEC for making this statement. It is a false and misleading statement, which is a securities law violation."

"In general, we only need to add Debt and subtract Cash from Equity Value. Therefore, you can just say that formula by default in interviews."

"It is logical that Archer has zero or close to zero flight test data (on a conformal design) as a basis to claim progress from RRL3 to RRL4."

"Archer Midnight's total powertrain mass is almost 1.8 times heavier than Joby's S4 even though they are both designed for a 1,000lb payload."

"Management's stock sales indicate to us that things will continue to get worse for UFPT and that any potential turnaround is a long way off."

"We don’t believe this to be a coincident and think that Trulieve has on purpose disguised a related party loan as coming from a third party."

"Trustpilot is either terrible at enforcing its own policies, or, as we believe, is selective in enforcement based on who is a paying client."

"It's clear that Farapulse had done thorough diligence and experimentation, and decided that micro-second PFA is better than nano-second PFA."

"The vigilance plan also sets out mechanisms intended to respond to and remediate identified risks of sexual violence and child exploitation."

"Goldrone's revenue peaked in 2018, with only US$476,000 (₩700,000,000) in revenue, while incurring a loss of over US$400,000 (₩600,000,000)."

"Apparently, if you are looking to put out a press release with a penny stock that has no money, Nature's Miracle's CEO James Li is your guy."

"Intel, TSMC, and Samsung are quietly using their own in-house inspection system using an alternative HHG source given problems with Lasertec"

"The worst is over for this industry. That doesn't mean that we are there and the future is rosy — Marten Pieters, MD & CEO of Vodafone India"

"Why would you accept under the tropics something you would never find acceptable in the West? — President of the Ivorian Chamber of Commerce"

""Debts to related companies mainly consist of cash deposits received from subsidiaries of the Company." — Eurofins 2018 Financial Statements"

"The Group has not set up any factoring or securitization transactions with third parties. — Eurofins Scientific Annual Report 2020, Pg. 189."

"an accounting fiasco that's potentially insolvent and possibly facing a liquidity crunch — Twitter user (referenced in Muddy Waters report)."

"The National Endowment for the Arts released a study in July 2004 that documented the decline in the amount of time Americans spend reading."

""If I started seeing changes, I'd carry my car to the eye doctor's office. That's how on top of your vision you have to be." — Henry Winkler"

"“MSCI has benefited from a first mover advantage in ESG, but that sales engine is slowing and data competition is escalating.” — Morningstar"

"「光源に問題があります」「従来のKLA製のマスク検査装置と比較すると鈍重で、性能も劣ります」「間違いなくレーザーテックにとって大きなリスクです。さまざまな意味で腑に落ちない話です」「だからこそ、顧客は不満を抱き、失望しています」 — Unnamed source/customer"

"“Our capped patients as a percentage of total patients on service was approximately 17.1% as of December 31, 2016.” — INGN 2016 10-K, p. 24."

"anticipate[s] having an update to share about our Classifieds business by the middle of this year — eBay Management (Q4 2019 earnings call)."

"The Planning Permission, correctly interpreted, required “strict accordance” with Approved Plans PDL-08 and PNL-6839. — The Harwood Argument"

"Conclusion The 12-mo results from the Avalon study show the highest degree of pain relief recorded for an SCS system to date. — Avalon Study"

"“fight for the First Amendment protections and freedom of all Americans, protect democracy, and defend capitalism.” — TMTG mission statement"

"“I know of one family, the person got diabetes” — Longtime researcher involved in PWS clinical trials at one of the two key PWS associations"

"We are not satisfied with the technology because the desulfurization rate is lower than what we want. — Panzhihua Iron & Steel ("Pan Steel")"

"According to the EMA, the absolute bioavailability of Pitolisant “has not been determined”. (EMA 2015, p 34). This is the correct statement."

"PSH’s 58.1% net return in 2019 was the fifth time Pershing Square funds generated net returns of 39% or more (on average, every third year)"

"We need management focused on achieving at least 38% revenue growth return and the Board focused on accountability and raising expectations"

"We generated substantial negative returns from Q3 2015 to Q1 2016 driven largely by our Valeant investment, and positive returns thereafter"

"We are concerned by the continued rise of noncash revenue as Genius has stated it will continue to “aggressively deploy its “contra” model”"

"In this contract, 100% of the $89,400 value is provided as value-in-kind at no cost to the Partner, resulting in no cash benefit to Genius."

"In contrast, Muddy Waters sees significant SAIC filing discrepancies – particularly in the revenue line – as important indicators of fraud."

"In our opinion, GFL's announced acquisition of WCA right after Q2 2020 earnings illustrates its desperation to paper over poor performance."

"Since we began accumulating our positions in October 2013, Fannie Mae and Freddie Mac share prices have increased 46% and 52%, respectively"

"In an attempt to assuage frustrated investors, Box claimed that this series of transactions would be neutral or accretive for stockholders."

"Wi-Fi enables this goal and the proliferation of Wi-Fi will continue to expose towers as the high cost data delivery option of last resort."

"While Carvana presents itself as a tech-forward ecommerce business, it's important to bear in mind that it is ultimately a used car dealer."

"After working with Elliott, Marathon Petroleum's Board and management acted decisively to create a more focused and efficient organization."

"On March 17th, Allergan merged with Actavis for $242 per share in cash and stock representing a 88% premium to Pershing Square’s cost basis"

"CCI's trades at a ~2.0x discount to AMT and SBAC on Consensus 2014E AFFO / Share, and a ~1.0x-1.5x discount on Consensus 2015E AFFO / Share"

"I have already answered that. We have learned that, on short notice, only limited defense is possible against false claims and allegations."

"Superb Summit's only business skill seems to be having a public company, which is not really applicable to undertaking real world projects."

"When asked to choose between creating value for the Company or retaining an additional 7% of voting rights, Vivendi chose the voting rights"

"In periods of market and/or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"The proposed transaction has a tortured and convoluted structure that results in Fuji acquiring control of Xerox “without spending a penny”"

"This fact reveals yet another bald-faced lie about ANTA's business, and once again reinforces that ANTA's financials cannot be relied upon."

"Rather than look out for the best interests of shareholders, it appears that Darden's Board has taken steps to further entrench themselves."

"A financial buyer could pay 40% to 55% above the current stock price and still earn a high teens to low 20s% rate of return over four years"

"DESPITE HAVING A LEADING CONSUMER BRAND AND COMPETITIVE SCALE, GOODYEAR’S CONSUMER RETAIL BUSINESS HAS FAILED TO PARTICIPATE IN SHARE GAINS"

"Opportunity of ~201 basis points of margin improvement based on reducing the higher channel costs incurred following the launch of TireHub."

"BP should therefore regularly disclose capex spent, as well as a profitability metric (e.g. EBIT, EBITDA) for each of these new businesses."

"Spruce Point interviewed an industry executive and prospective customer who had experience evaluating IPX's business, products and markets."

"We believe GoDaddy can reach growth + profitability of 40% by Q4'24E through a combination of stable growth and meaningful margin expansion"

"This allegation is an example of how far the bloggers will go to try to create the illusion that there is something wrong with the Company."