Callouts & quotes from 37,061+ activist slides

"Through an exhaustive search process, we identified and nominated twelve candidates with exceptional and relevant credentials, including:"

"24.6% of current advertising costs (assumes a ~40% reduction in traditional media combined with a ~120% increase in digital/social media)"

"realign supply to demand, revising upward BP's oil and gas production target to 2.5 mmboed by 2030 (versus current target of 2.0 mmboed)."

"As the growth + profitability profile of each of the companies declined in 2022, each company saw extremely poor share price performance."

"The chart appears to be fake, as it shows a cell being discharged at over 100% of its energy, which common sense indicates is impossible."

"HHH Services Agreement advisory fee is in-line with non-traded REITs with no additional upfront commissions or stockholder servicing fees"

"Abbott is currently capturing 96% of the incremental growth among U.S. insulin-dependent T2 diabetics (and 72% of incremental T1 growth)."

"The simple fact is the market doesn't trust Hess to run its business well, and thus places a discount on everything the company controls."

"Increasing revenue from plant-based alternatives directly impacts FIVE of the top 10 ESG factors that are most important to stakeholders:"

"Elliott has conducted extensive research, including with the help of external advisors, to understand the opportunity at American Capital"

"Spruce Point believes it is a classic red flag that PowerSchool recently moved to obscure critical line items in its cash flow statement."

"Through an exhaustive search process, we identified and nominated twelve candidates with exceptional and relevant credentials, including:"

"Xylem’s Measurement & Control Solutions segment failure can be seen by its steadily reduced disclosures of organic growth by application."

"With Align's software patents now having largely expired, uLab represents the first new user-friendly CAD/CAM software offering in years."

"With Align's software patents now having largely expired, uLab represents the first new user-friendly CAD/CAM software offering in years."

"TCS might be Arconic’s “best performing” business. Run by long-time Alcoan Tim Myers, TCS turns its assets essentially in-line with peers"

"At New Arconic, headquarters will be an afterthought. The plants will be empowered to make decisions and compensated based on performance"

"Brothers’ channel owner is YY itself. Therefore, there is little question of any interested third party being the force behind the fraud."

"The transaction will show the gift originating from the VPN provider even though in reality it is originating from inside the LUSH cloud."

"Accounting for 20% of 2021 revenues and making a major contribution to growth, Skechers' China business is vital to its investment story."

"How can management make these claims when Unity® Accounting is only in Canada and is a rebranded legacy product with minimal integration?"

"BlackRock's meritless and self-referential arguments to oppose the separation of Chair/CEO proposed by Bluebell Capital Partners (Item 6)"

"We believe Oatly’s grand ambitions to grow in the U.S. are being challenged by Califia Farms, a California plant-based food manufacturer."

"If she was really confident about the platform's growth potential, why would she leave even before having a chance to market the product?"

"Why wouldn't a dealer sign up to receive "exclusivity payments" with those benefits, while still being able to work with other providers?"

"Spruce Point observes a degradation in the quality of the short-term incentive definitions applicable to management between 2021 to 2022."

"Third-party app data shows installations of the three games responsible for 88% of SKLZ’s revenues all declined substantially in Q4 2020."

"After estimating HASI's income inflation, we adjust HASI's 2021 GAAP income downward by $362.7 million to a net loss of ($235.4 million)."

"HASI’s “Distributable Earnings” are the Product of a “Have My Cake and Eat it Too” Methodology, and are Non-Cash and Largely Unrealizable"

"KIM is another example of a REIT where their same store growth profile was reduced and the result is a stock down 52% since July of 2016."

"If true, and if the CFO retains stock in Televerde, we would question why it’s not disclosed in the related-party section of the filings."

"If elected, Nelson’s first action as a P&G Director would be to recommend that the Board reappoint the P&G nominee who was not re-elected"

"Older commercials featured cowboys, explorers, surfers, musicians, football, and the outdoors – showcasing the fun in the Outback concept"

"NQ is “scare ware” – NQ Antivirus 7.0 is hardcoded to tell the user the NQ discovered two viruses the same day the user installs the app."

"Unfortunately, as the saying goes, talk is cheap, and Tripadvisor has only been willing to talk, rather than commit to meaningful change."

"The nature of the business is that for a small payment, the bond insurers guarantee large obligations that they hope to never pay out on."

"Many industry observers believe Bristol-Myers would be an attractive acquisition target due to the Company’s leading position in oncology"

"We believe that either Bristol-Myers’ R&D facilities are not as productive as peers or the Company has too many R&D facilities...or both."

"Why were these sales not reported in Form 4's? Baker Hughes still had Board representation during these sales and no Form 4's were filed."

"During the Great Depression, the U.S. mortgage market was paralyzed and required significant government involvement to eventually recover"

"In fact, based on some of Mr. Buffett's own quotes, investing principles and maxims, we believe FND falls short of a suitable investment."

"Spruce Point expresses concern that FND has a pattern of providing numbers when they are good and omitting them when they are likely bad."

"We suspect that executives may be pooling their equity in Pines Quest to enable themselves to sell aggressively without drawing scrutiny."

"Monster's former Audit Engagement Partner had more direct experience with pharma and med-tech companies than food and beverage companies."

"The Irvine Ranch has followed these guiding principles for more than 50 years, beginning more than 10 years before Bren acquired the land"

"GCP's competitors are efficient with their R&D spending. On average, they are able to drive $2.36 in new sales for every $1 spent on R&D."

"At $21.00 per share, Riverbed's implied multiples are higher than the median multiples for selected large, enterprise IT public companies"

"It is not surprising that a management team and Board that don't understand basic refining accounting are overseeing lagging performance."

"RINO's Founders Have Failed to Transfer Income to the Company, and to Let the Company Operate out of the Facilities it Supposedly Leases."

"Our forensic analysis has identified that Momo owns at least two, including what we believe to be one of their top five, talent agencies."

"Last year, Peanut Butter had approximately 2.6 billion euros in sales but took in €10.4 billion of orders, for a book-to-bill ratio of 4."

"Asia Pacific revenues declined in 2018 and at 10.9% represented the lowest % of total company revenues in its history since coming public"

"We believe that Kao is either misleading shareholders today, or it misled Oasis in November. Either way, this is clearly poor governance."

"David Cush is part of Elliott's slate of eight independent, highly qualified director nominees to Southwest Airlines' Board of Directors."

"David Cush is part of Elliott's slate of eight independent, highly qualified director nominees to Southwest Airlines' Board of Directors."

"David Cush is part of Elliott's slate of eight independent, highly qualified director nominees to Southwest Airlines' Board of Directors."

"David Cush is part of Elliott's slate of eight independent, highly qualified director nominees to Southwest Airlines' Board of Directors."

"Spruce Point finds the timing of key events peculiar and raises red flags as to why MSCI and Royalty Pharma have this Strategic Alliance."

"Despite unsuccessful outcomes in the courts, we believe Fannie and Freddie remain valuable perpetual options on exit from conservatorship"

"Based on our review of past incidents, we believe Intuit has a poor track record of defending customer information from external threats."