Callouts & quotes from 37,061+ activist slides

"We believe that Starbucks is one of the most well-positioned retailers if minimum wages rise due to its “partner” compensation philosophy"

"Mettler's SEC disclosures says it owns two facilities in Shanghai, yet only one is an operating facility identified on its China website."

"The mere existence of this probe suggests that regulators see sufficient risk in these cross-border arrangements to warrant intervention."

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

"Treasury has now recouped its total cash invested plus ~$25bn in excess of what would have been owed under the original 10% dividend rate"

"The wafer stage positions the wafer to within a quarter of a nanometer for each exposure, checking and adjusting 20,000 times per second."

"The Company continues to highlight 370bps of operating margin improvement despite it driving only $1 million of gross profit improvement!"

"The extent of IQ’s use of these dual membership programs is abundantly clear when we compare IQ’s ARPU to its gross margin since its IPO."

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

"If Olam were really passing along EEG benefits on to suppliers, their disappearance would have little to no effect on Olam's bottom line."

"In other words, UK LLP’s financials show that it owed Malta Operating 26.6% more than Malta Operating’s financials show it could be owed."

"This Agreement shall be governed by the laws of the State of New York, without regard to the principles of the conflicts of laws thereof."

"The project was underwritten by TECK to a $3.00 a pound copper price. The forward curve today is around $4.50, so the returns are better."

"Obsolete Format: Mall stores have difficulty competing with Mass Merchants on price and with book superstores on selection / “experience”"

"As such, long-term ground leases are a more tax-efficient way for a tax-paying entity to control real estate than outright land ownership"

"Using a “TIPS”-based valuation analysis, our mid-point valuation price of $38/share excludes the value of TIP REIT’s development platform"

"Spruce Point believes that REZI is being pressured by significant capital flows into its core distribution, security, and safety markets."

"We are concerned because REZI has never quantified how much it has spent on its ERP or the capital required to complete the integrations."

"Ginkgo discloses revenue and/or deferred revenue from four “Platform Ventures” – its term for de novo related party companies it created."

"If free cash flow and non-GAAP operating income were artificially inflated, management's compensation would also be artificially inflated"

"PBH’s most recent acquisition of Fleet, while reported at 11.8x post-synergy EBITDA, valued the business at 16.2x its pre-synergy amount."

"Note the emphasis on "Potential" Use and that "Selling on open market" is 3rd priority bullet with "Potential" emphasis again on 3x value"

"Disposal of Kia’s stake in Hyundai Motor Holdco and Hyundai Motor Opco further reduces cross shareholdings in the shareholding structure."

"The FTC complaint and settlement provide a roadmap for regulators in 90 other countries around the world to enforce similar requirements."

"What we see is that the cash equivalent in Megalab is not cash but, instead, a debt that the Spanish cash pooling entity owes to Megalab."

"He referenced conversations with Nevro reps who admitted as much, leading him to label it "a big scam" with "criminal" data manipulation."

"The growing gap each year causes us to believe that an increasing percentage of Operational EBITDA is low quality and / or unsustainable."

"We believe that sell-side analysts stretch to compare CLEAR with SaaS and highly prized technology companies to justify a high valuation."

"Under this plan Apple could repurchase 140 million shares or about 15% of the outstanding shares, leaving 805 million shares outstanding."

"We believe that there are serious risks to this business model that are being mostly ignored by bullish investors and sell-side analysts."

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

"Treasury has now recouped its total cash invested plus ~$25bn in excess of what would have been owed under the original 10% dividend rate"

"We are concerned that Zillow may be inflating its revenue with unrealistic assumptions and masking the true deceleration in its business."

"We are concerned with Zillow's excessive use of stock-based compensation (“SBC”); 115% of FY23 reported Adj. EBITDA was comprised of SBC."

"Ending its "investment" in operating leasebacks, however, would dramatically slow sales growth and undo the "inflection" to profitability"

"Nova appears to be downplaying the significance of U.S. GoldMining (Nasdaq: USGO) and its Whistler Project with less frequent discussion."

"SBUX's share price including dividends increased 27% from our average cost at inception to December 31, 2018, and 9% year-to-date in 2019"

"Only week 78 outlier was non-significant; the timepoint cherry picked by Soleno to claim “recovery” of HbA1c and FPG as we shall discuss."

"Allegedly pressure to downplay adverse events; two patients developed diabetes; others pre-diabetic, of which one more developed diabetes"

"The downside, of course, is hyperglycemia and maybe some of the peripheral edema, fluid retention, maybe exacerbating some heart failure."

"Using a “TIPS”-based valuation analysis, our mid-point valuation price of $36/share excludes the value of TIP REIT’s development platform"

"Their comments are remarkable and indicated that pitolisant is a total failure on all dimensions: pharmacokinetics, efficacy, and safety."

"H3 receptor drugs as a class are doomed by “huge patient-to-patient variability,” lack of bioavailability, and blood-brain barrier issues"

"We note the similarity of the narrative to those in the fatalities table for pitolisant trials, where pulmonary involvement is prevalent."

"These chronic performance shortcomings are attributable to the long-term mismanagement of BEA by its entrenched executive management team"

"At no point is the issue of proper independence addressed by either Müller of Unknown Executive. This is a non-answer (1) and is evasive."

"The FTC complaint and settlement provide a roadmap for regulators in 90 other countries around the world to enforce similar requirements."

"It is logical that Archer's design has a reduced potential for quiet operation than Joby's because of the inclusion of so many gearboxes."

"Actions speak louder than words, and INOD’s management team’s recent actions seem to be screaming one thing: get out while you still can."

"In the comprehensive summary below, we use red to highlight how coded earmark language from Congress translated into IONQ cash each year."

"Адресное бюро Чувашской Республики сообщило, что, если с точки зрения закона нарушений нет, смело приезжайте с полным пакетом документов."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People’s Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."