Callouts & quotes from 37,061+ activist slides

""the benefits from which will be increasingly seen in the second half of 2012 and into 2013," — PepsiCo Management (Q2'12 earnings call)"

"SEC Obtains Judgments Against Two Attorneys in Fraudulent Scheme to Issue False Legal Opinions — U.S. Securities and Exchange Commission"

"Although we have agreements with Google and Yahoo, we do not generate a significant amount of revenue from them. — Perion 20-F March '17"

"“Trian’s analysis relies on a 2011 EPS of $4.32 that is not reported in DuPont’s public filings...” — DuPont presentation, February 2015"

"「レーザーテックの本社で在庫が膨らんでいると言っていました。私はそれを聞いてすぐさま思ったのは、貸借対照表に対して減損処理をしていないだろう、ということです。また、その結果として在庫を実際の価値よりも高い評価で計上しているでしょう」 — マーベル・テクノロジーの上席従業員"

"「レーザーテックの本社で在庫が膨らんでいると言っていました。私はそれを聞いてすぐさま思ったのは、貸借対照表に対して減損処理をしていないだろう、ということです。また、その結果として在庫を実際の価値よりも高い評価で計上しているでしょう」 — マーベル・テクノロジーの上席従業員"

"target operational excellence...in order to drive enhanced revenue and operating income growth — eBay Inc. Operating Review announcement"

"See Olam's Aggressive Accounting Masks Its Poor Performance and Incentivizes it to Spend Increasingly Precious Cash. — Muddy Waters, LLC"

"In March 2018, Dave Francis said that he expected the Medicare business to become cash flow positive “certainly by 2019”. — Dave Francis"

"It is our strongly held view that two core tenets of best-in-class corporate governance are transparency and independence. — Phillips 66"

"“the first pivotal RCT in the history of SCS and the only randomized study with a head-to-head comparison of SCS systems.” — Nevro Corp."

"Look, I think that we have pricing power. We've exercised some of it. We've taken a little bit of price and the family plan. — CFO Q2'23"

"In summary, the dissident has assembled a strong slate, which has the experience and independence that PSX requires. — ISS, May 10, 2025"

"「ウシオ製の極端紫外線光源は......複数の問題があります」。「すぐに錫のゴミが周辺の光学系に付着する」。「信じられないほど汚い」。「現状ではうまくいくはずがないです。ただの研究所の試作品であって、実用性に乏しく、概念から一歩踏み出した程度です」 — サイマーの元科学者"

"“we did see the data, and we did see the number of people who had diabetes” — KOL in the PWS field; closely involved with Soleno’s trial"

""It's a two-hit. It's two hits. That increases your risk. Absolutely." — Pediatric endocrinologist, division chief at an academic center"

"Kroll is looking at the underlying cashflows of these assets and they fall short of RUN’s representations to the IRS and the investors."

"The company did not dispute these calculations, nor the assessment that Macau has booked profits over 10x those of the Huizhou factory."

"We take a conservative view in valuing the remaining HSIC dental business at a discount to its historical EV / Est. EBITDA close to 13x"

"As a result, we believe investors should carefully evaluate who is the person in charge of leading its eCommerce partnership expansion."

"CEO Seifi Ghasemi has begun a transformation of Air Products, which we expect will continue to create meaningful value for shareholders"

"The Company has modified the language and tone around its Free Cash Flow three times from “roughly $500m” of FCF vs. “more than $500m”."

"GFL has been flipped around like a hot potato pancake among multiple owners, gone through five CFOs and on its fourth try, came public."

"If, as suggested by an industry observer, more than half of GFL’s deals are failures, we believe its market cap could easily be halved."

"Recent acquisition of Tim Hortons enhances Restaurant Brands’ medium- and long-term EPS growth rate and creates a more valuable company"

"Beam's share price increased by 23% including dividends from the beginning of 2014 to the closing date of Beam's acquisition by Suntory"

"Generac trades at an irrational premium to a variety of consumer, residential home and industrial power and electrical equipment peers."

"A close look at the cumulative probability of an organ response yields makes a contrary point (red lines added to Kaufman et al graph)."

"I think from a logical perspective, it does not make sense to use Aquablation for prostate cancer or focal therapy for prostate cancer."

"XPO is not shy about hiring Chief Accounting Officers with a history of working at companies known for aggressive accounting practices."

"The inability to efficiently produce bitcoin on a per share basis undermines the sole fundamental reason to own a miner versus bitcoin."

"The company was a huge COVID beneficiary, but management, led by founder John Foley, thought it could continue growing for a long time."

"We believe that underestimated competition could cut Penumbra’s expected sales growth by nearly half in FY20, from 20% to close to 10%."

"There is already an independent Board in place. Vivendi’s campaign and nominees proves that Vivendi simply wants a Board it can control"

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"While these may be minor production errors, investors should evaluate the Company's attention to detail in all aspects of its business."

"We have conducted extensive due diligence on Phillips' strategy, financial performance, asset portfolio, operations and market position"

"Former employees we interviewed called out the company’s “fast charging” claim as disingenuous, as it quickly damages the battery cell."

"At a $15B market cap, we expect they will be trigger happy to cash in when the lock up expires – much like the PIPE holders on Jan 4th."

"While NAV is an interesting valuation metric for the company to track over time, it is not an appropriate transaction benchmark for HHH"

"We believe that IonQ has therefore engaged in a campaign to dupe investors into thinking the device's size will soon make it practical."

"I didn't want to wager my entire career on IonQ, when the two founders of the company, they did not wager their careers on the company."

"This is one of the main reasons that I’m pretty sure this Rapiscan contract with the Mexican government will not be renewed in any way."

"OUR PROPOSED DIRECTORS AND SUGGESTED MANAGEMENT TEAM OFFER A SUPERIOR VALUE PROPOSITION, INCLUDING A PATH TO A MUCH HIGHER SHARE PRICE."

"We anticipate that the Board and Mr. Simmons will try to avoid accountability by suggesting change will disrupt the Company’s pipeline."

"Right now, all the new production has created a shortage of pipeline to take gas out of the region, which has created a localized glut."

"We believe Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"We believe Southwest's stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"In Pioneer’s slide deck it acknowledges that its resource estimates are not necessarily limited to economically recoverable quantities."

"Ford made Arconic share its innovations with Novelis. Now Novelis is the #1 auto sheet supplier. Arconic did the work. Novelis got paid"

"We have conducted extensive due diligence on Phillips' strategy, financial performance, asset portfolio, operations and market position"

"Either way, NMC's FY 2018 leverage was in our view materially higher than reported due to not reporting Aspen leases as finance leases."

"Combined Chair/CEO roles in the S&P 500 have decreased by 13% over the last 10 years, the most significant decrease across the indices."

"In this case by delaying ($60.9-$45.7=$15.2m) of fixed asset recognition, Oatly could be overstating operating losses by ~$1.5m, or 5%."

"MANAGEMENT AND THE BOARD’S FAILURE TO CALL THE SPECIAL MEETING IN A TIMELY MANNER IS AN EGREGIOUS ACT OF SHAREHOLDER DISENFRANCHISEMENT"

"Spruce Point believes competition will continue to intensify, further pressuring Sunnova to grow and maintain its current market share."

"We could not disagree more with these statements, since all acquisitions, regardless of their size, are inorganic growth by definition."

"The charts below display the stark divergence between GTT's financial performance and the financial performance of its management team."

"Twist exhibits telling signs that its “growth” is about to hit the wall, beyond the accounting games that typically signal desperation."