Callouts & quotes from 37,061+ activist slides

"THE COMPANY’S FINANCIALS IMPLY NEARLY $300MM OF SPENDING ON CONSULTANTS SINCE 2022(1) WHICH SEEMS TO HAVE DELIVERED LITTLE TANGIBLE BENEFIT"

"Our due diligence of Quantumscape's six key technical claims leads us to conclude they lack credibility and exhibit Theranos-like red flags"

"All modules leverage and contribute to one of the largest independent repositories of equipment profiles and price data for print suppliers"

"Nearly half of Elanco’s proxy peers are poorly correlated with Elanco’s stock price and as such, do not make for an appropriate comparison."

"Experts at Georgetown University's Edunomics Lab also believe that the end of ESSER will spell danger for K-12 vendors such as PowerSchool."

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

"We estimate that an appropriate valuation for SE would be $41 to $48 per share (+32% to +55% upside) if it were to take the following steps"

"If TheFork is sold at 5x CY26E revenue and Viator improves its EBITDA margins, Tripadvisor trades at just ~3.0x EBITDA on a pro forma basis"

"Olam is using Ernst & Young as a crutch, rather than attempting to provide substantive answers to issues we and other analysts have raised."

"THE COMPANY’S FINANCIALS IMPLY NEARLY $300MM OF SPENDING ON CONSULTANTS SINCE 2022(1) WHICH SEEMS TO HAVE DELIVERED LITTLE TANGIBLE BENEFIT"

"A 42% increase to its inventory fair value appears highly unusual especially in light of the closeness of relationship between the parties."

"Dramatic reductions in catheter ablation procedural times and safety risks will also negatively impact AtriCure's core open-heart business."

"In June 2017, the FBI raided Code Green Solar, a Sunnova partner. When the Company collapsed in 2018, we found it owed Sunnova $15 million."

"This seemingly inverse relationship between profitability and performance-based compensation begs the question: what is performance to GTT?"

"We view this product failure as an indication that Fetch/Zebra's products are struggling to move into more complex automation applications."

"As a result of the re-work and duplicative manufacturing caused by errors, it is simply implausible that Twist has a positive gross margin."

"Twist has no value proposition beyond price and is a bottom-tier vendor with a poor reputation, viewed as inferior to even Chinese vendors."

"BK's ever-deepening gap of core revenues / average employee in comparison to State Street show significant increasing employee inefficiency"

"The material share price disconnect between Plc and Ltd results in US$24 billion of unrealised value as a result of the DLC structure alone"

"Coffman's extensive executive level operating experience in the refining industry would make him a valuable addition to the Phillips Board."

"This contradicts what 2U tells investors and administrators – that a program partnership will net more cash flow to the university then 2U."

"I think [Phillips 66] employees are feeling a bit like second-class citizens, like the focus has been turned elsewhere in the recent years."

"Despite its portfolio of attractive land development and profitable Canadian operations, BRP trades at a substantial discount to U.S. peers"

"Kratos' premium valuation of earnings and EBITDA does not reconcile with its below average financial performance and mix of revenue quality"

"NQ's focus on gaming and advertising will not allow it to "grow into the fraud" by generating real numbers approaching its fraudulent ones."

"More than $1 billion in shareholder capital has been spent on repurchases over the past four years ($63 avg. price) generating a (52%) loss"

"As shown below, transactions in these industries have been executed at considerably higher valuations than where Magellan currently trades."

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

"While there are only two approved CAR-T therapies currently on the market, there are hundreds of pre-clinical and clinical studies underway"

"Bristol-Myers management projections for the Company on a standalone business are significantly better than Wall Street consensus estimates"

"By 1935, facing a dramatic rise in the price of silver and a shrinking money supply, Hong Kong abandoned silver as backing for its currency"

"In 1971, Nixon gave up the gold standard and devalued the USD. In 1972, Sterling broke its USD peg. Two weeks later HK announced a USD link"

"Major business publications, prominent investors, local politicians, and economists have all recently questioned the suitability of the peg"

"On the full board, there are no international marketing nor digital experts; only one outside director is from a consumer goods background."

"Over the past five years, McDonald's has only slightly outperformed the S&P 500 while its QSR peer group has vastly outperformed the index."

"Three Methodologies Show that ELF's Most Recent Three Quarters of Imports are Not Materially More Valuable per kg than Prior Period Imports"

"The GSEs’ balance sheets do not reflect the ~$30bn in annual revenue they will receive from g-fees on their ~$5 trillion of outstanding MBS"

"The irony is that the Board is now taking credit for how much it “values refreshment” and how it is composed of a group of “change agents.”"

"Can credible institutional investors get behind a Company that markets messages about masturbation as a means to generate clicks and sales?"

"The Cognizant Value-Enhancement Plan calls for a 23.0% adjusted operating margin in FY18E, as compared to a 19.7% operating margin in FY15."

"HHC owns a collection of other assets that it inherited as part of its spin-off from GGP, which can be valued using comparable transactions"

"We believe the current order placement and fulfilment system undermines hard-earned customer relationships and leads to unnecessary errors."

"State Street's investor day provided little clarity on promised initiatives and underscored the lack of focus on total shareholder returns."

"By bringing performance in line with relevant peers, Marathon could see a full potential share price of more than double its current price."

"In summary, the OOH transaction is another example of FMCN management putting their own interests well ahead of those of FMCN shareholders."

"The magnitude and growth of Agrium's corporate overhead illustrates several key shortcomings and raises questions regarding board oversight"

"The business does not benefit from refining upside to the same degree as pure-play peer Valero, but still has the same downside volatility."

"THE COMPANY'S FINANCIALS IMPLY NEARLY $300MM OF SPENDING ON CONSULTANTS SINCE 2022(1) WHICH SEEMS TO HAVE DELIVERED LITTLE TANGIBLE BENEFIT"

"The 16% minority stake, despite TWC's relatively large capitalization, creates insufficient float for investors seeking to build positions."

"TWC needs to do more to meet these challenges. TWC would have more options and a better ability to maneuver as a fully independent company."

"We view XL Grid’s recent announcement as a sham, which if it actually comes to fruition, only does so because of the conflicts of interest."

"The average WFG agent earned around $6,500 for the 2023 calendar year, far less than any amounts showcased in WFG's compensation materials."

"Senior distributors have profitable side businesses by selling leads at high prices to low-level distributors eager to grow their downlines"

"Should this data be accurate, it raises the possibility of securities fraud on top of the reported adverse events from the past two months."

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

"As seen in the table below, Axon has been booking substantially more revenue under “multiple performance obligation” accounting since 2014."

"Across the vast majority of countries, higher market share in one business unit has not translated into better organic growth for the other"

"Trian recommends that the Board take the following actions*: Strengthen management by immediately bringing back Chuck Bunch as Chairman/CEO"

"The business does not benefit from refining upside to the same degree as pure-play peer Valero, but still has the same downside volatility."

"THE COMPANY’S FINANCIALS IMPLY NEARLY $300MM OF SPENDING ON CONSULTANTS SINCE 2022(1) WHICH SEEMS TO HAVE DELIVERED LITTLE TANGIBLE BENEFIT"