Callouts & quotes from 3,960+ activist slides

"If PepsiCo does not pursue Mondelez, we believe it must announce a separation of snacks/ beverages concurrent with specific commitments to unlock shareholder value"

"We adjust downward IQE's 2015 and 2016 net income by 58.5% and 25.4%, respectively, to exclude gains on transfers of assets to CSC, which we believe lack substance"

"Goldrone seems to hold annual meetings and sometimes Memorandum of Understanding (MoUs) signage in a small room, which we believe is located above this restaurant."

""Based on our income and assets for the year ended December 31, 2025, we believe that we may be treated as a PFIC for the preceding taxable year." — POET 2025 20-F"

"We believe FIGS has benefited, both in terms of strategic focus and operational simplicity, from the Company’s extremely narrow end market and product assortment."

"We believe the choice of nominees is clear. Starboard's nominees are more qualified and better suited to oversee Office Depot for the benefit of all shareholders."

"We believe the Exchange's operating performance demonstrates a strong link between relaxed underwriting criteria and substantial premium growth beginning in 2022."

"We initially purchased interest rate hedges in late 2020 and early 2021, as we believed the Fed would need to raise rates much earlier than the market anticipated"

"We believe that industry competitiveness will hit PetIQ particularly hard as it attempts to roll-out 1,000 fixed-location wellness centers with traditional hours."

"We believe that management and the Board, in anticipation of the upcoming vote, may be attempting to unrealistically shift expectations for the balance of FY 2015"

"We believe that management and the Board, in anticipation of the upcoming vote, may be attempting to unrealistically shift expectations for the balance of FY 2015"

"We believe the integration of smart watches and smartphone-paired devices present far more disruptive healthcare cost reduction potential than iRhythm’s products."

"It is clear to us that this is a figure that the market never believed in, as can be seen from the following charts – a demonstrable futile exercise on BP's part."

"After normalizing for capital structure, we believe Bristol-Myers would generate greater earnings per share on a standalone basis than the combined entity by 2023"

"Spruce Point believes that Momo's cost of revenues will increase to match competitors at 50%-70%. This equates to a potential 40%-50% increase in cost of revenues"

"Based on our analysis of the Celgene pipeline, we believe that Bristol-Myers' projections are extremely optimistic, especially given the most recent developments."

"Given the breadth of our financial reporting and accounting concerns, we believe it is time for Stryker to seek a new auditor with fresh eyes to review its books."

"We believe drastic action is needed NOW because we fear that failing to replace Jeff Jacobson as CEO could inevitably result in the loss of our entire investment."

"Spruce Point finds this defense extremely suspect, and believes that the impact of ASC 606 should be deducted from sales when calculating Verint's organic growth."

"Combined with buybacks funded by the ongoing generation of excess capital, we believe that AerCap can grow its EPS by around 10% annually over the next few years."

"Spruce Point finds this defense extremely suspect, and believes that the impact of ASC 606 should be deducted from sales when calculating Verint's organic growth."

"We believe the Digital ID model would not be economically viable for CLEAR given it would potentially be on a per transaction basis vs. the annual membership fee."

"Discounted 2020’s rent by 58% due to evidence provided by historical google earth photos. We find it hard to believe a complete building was built within 34 days."

"While Ferguson has expanded EBITDA margins over the last 5 years, Trian believes there is an opportunity to better leverage growth and improve margin flow through"

"[We] believe that our integrated business model generates the highest long-term value... So we're committed to that. — Phillips 66 CEO Mark Lashier, March 6, 2025"

"We believe the time has come for material changes in leadership here as BOX remains in a “no-man’s land” for investors – not enough growth and not enough margin."

"If Solventum Can Restore Performance to Historical Levels, Trian Believes the Company’s Shares Could be Worth $140 by Year-End 2027 vs. its $69 Share Price Today"

"We believe there is a tremendous opportunity at Mellanox, but it will require substantial change, well beyond just the Company's recently announced 2018 targets."

"In addition to substantial value creation from our operational improvement plan, we believe a real estate separation and a spinoff of SRG would both create value"

"Olive Garden is famous for its unlimited breadsticks, but poor execution around this signature item we believe both increased costs and hurt the guest experience"

"We believe Autodesk, Inc. ("Autodesk" or the "Company") is an attractive business with sustainable competitive advantages and a long runway for continued growth."

"We believe the expanded TAM is an attempt by management to attach itself to the latest AI craze and give the market the perception they are a high-growth company"

"In addition to substantial value creation from our operational improvement plan, we believe a real estate separation and a spinoff of SRG would both create value"

"Olive Garden is famous for its unlimited breadsticks, but poor execution around this signature item we believe both increased costs and hurt the guest experience"

"We believe the costs associated with several elements of the iRhythm solution, as well as potential substitutes, have declined and are likely to decline further."

"Prior to COVID-19 pandemic, Wall Street analysts believed 2020 revenue could be less than that achieved nearly five years ago, despite strong industry tailwinds!"

"Engine believes the Board should immediately initiate a strategic process to determine what one or multiple buyers would be willing to pay for Parkland's assets."

"Herbalife’s ‘buyback’ policy is effective at limiting product returns. Therefore, we believe the 0.4% return percentage is not a useful indicator of Retail Sales"

"By separating into two smaller companies, we believe PPG could participate more easily in prudent M&A (more organizational capacity to do strategic acquisitions)"

"We believe the best valuation comparable to Porch is The Active Network, which was acquired by Vista Equity in 2013 for $1.05bn, or approximately 2x EV/Revenues."

"We believe Stryker has been delaying Capex to temporarily boost cash flow, especially as it has to pay down debt related to the Wright Medical Group acquisition."

"While the analysts believe that demand is strong in the Southeastern part of the U.S., contract awards in ROAD’s most critical state of Florida have decelerated."

"We believe Autodesk, Inc. ("Autodesk" or the "Company") is an attractive business with sustainable competitive advantages and a long runway for continued growth."

"We believe BKD's corporate governance structure falls short of industry 'best-practices', limiting the rights of the true owners of the Company, the shareholders"

"Despite significant acquisitions and investments, we believe the losses in the Display business have increased from $428 million in 2009 to $545 million in 2011."

"Are we really to believe that Carvana operates just one business, and that originating/selling subprime auto loans is not economically different from auto sales?"

"We believe Southwest's Board lacks the airline industry experience and independence required to hold management accountable and drive necessary strategic changes"

"[We] believe that our integrated business model generates the highest long-term value...So we're committed to that. — Phillips 66 CEO Mark Lashier, March 6, 2025"

"We believe the Board must take immediate action to improve margins, optimize capital allocation, and enhance governance to unlock significant shareholder value."

"Spruce Point believes shares of GFL Environmental (TSX/NYSE: GFL), a cash degenerative North American roll-up of environmental service companies, are worthless."

"We believe this is nonsense. There is a clear standard of care for BPH that logically ramps the level of intervention based on the severity of patient symptoms."

"Are we really expected to believe these individuals were identified by “a third party search firm” and their relationships with Chairman Hill are a coincidence?"

"To be clear, we believe CCI is significantly undervalued on an absolute basis, and not simply relative to dividend paying companies across a range of industries"

"Greenlight can only conclude management, through Mr. Walton’s assertions, desperately wants the public to believe Greenlight has been negligent in its homework."

"A rising tide lifts all boats. We believe Huntsman's performance seems to be the result of favorable macro conditions rather than skillful management execution."

"We believe investors should have little confidence in the quality of Sunnova's inventory adjustments and presentation of financials given such frequent changes."

"We believe investors should have little confidence in the quality of Sunnova's inventory adjustments and presentation of financials given such frequent changes."

"Based on these assumptions, we believe McDonald's stock price would trade in the range of approximately $46 - $50 per share, as a result of a 20% IPO of McOpCo."

"We believe Samsara has been able to hide the deleterious financial impacts of its hardware products by unjustifiably extending device cost amortization periods."

"At the current valuation, Trian believes that management must prioritize returning capital to shareholders over M&A and should clearly signal this to the market"