Callouts & quotes from 37,061+ activist slides

"Management pronouncements may help explain inferior AUC/A growth rates but do not explain inferior asset servicing revenue growth rates"

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

"The HKMA’s commitment to support HKD at 7.85 HKD/USD limits the downside to owning HKD to ~1%, making the HKD effectively a one-way bet"

"Unlike some other currency regimes, HK’s peg can be modified through a purely administrative process. No legislative action is required"

"Valuation metrics for comparable businesses indicate a valuation of c.US$22bn – well in excess of analyst consensus for US petroleum(1)"

"All-white packaging with no distinct branding means the products disappear on a retail shelf, or even in a sponsored social media post."

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

"Even as C3.ai attempted to pivot to a more generous definition of "customer", we are now a witnessing a deceleration in customer growth"

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream."

"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."

"Saputo recently omitted a key statement that it is looking to invest to expand its capacity and capabilities in the Australasia market."

"P&G’s Misrepresentation of Quote by Mondelēz Chairman and CEO Irene Rosenfeld in P&G’s Letter to Shareholders, dated September 20, 2017"

"We believe a person or party having this much voting control as well as changes in the voting control should be disclosed to investors."

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream."

"Either the board supports these actions or has lost control of the management team. Under either scenario, significant change in needed"

"AOL's projected performance is below United Online, Earthlink, and MSN, with continued declines of 7% and 9% for the same time periods."

"Networks is expected to become increasingly important to revenue and OIBDA growth at TWX given the division's strong forecasted growth."

"Revenues and OIBDA for TWC over the 2006 - 2010 period will be driven by growth in all products (video, high speed data and telephony)."

"TWX, as a consolidated entity, should have up to $20.0 billion of debt capacity without jeopardizing an investment grade credit rating."

"How are investors to assess DV’s international growth performance in a vacuum of material information relevant to this growth strategy?"

"Herbalife targets Latinos, African-Americans, ethnic minorities, the young, and stay-at-home moms – focusing on those in financial need"

"The real question is why would McGraw-Hill not promptly take these steps to improve operating performance and unlock shareholder value?"

"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"

"Regularly put forward misleading statements which disingenuously claim that performance has been excellent and goals have been achieved"

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream."

"Either the board supports these actions or has lost control of the management team. Under either scenario, significant change in needed"

"Spruce Point observes a shift of tone from the beginning of the year, notably around longer sales cycles in the Index and ESG business."

"Regardless of market or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"SBUX has grown EPS in the mid to high-teens driven by revenue growth from SSS and new units, as well as operating leverage and buybacks"

"How difficult is it to manufacture a scale and a pipette, and more importantly, how much margin are there in these low-priced products?"

"We do not take these explanations at face value. In our view, the company has had all the data it needs to perform the reconciliations."

"21.2% perpetual, convertible preferred stock that could be converted to common equity pending a shareholder vote post-close of the deal"

"「彼らはマスクブランクスを検査するための装置を作っていますが、光源の出力はその何分の一で十分だったはずです。輝度と出力は違います。彼らは適切な輝度のあるウシオ製の光源を採用しましたが、その出力は必要量の400倍以上でした。それが失敗の要因です。救いようがない光源です。」"

"The biopsy of the kidney tissue by a pathologist is the ultimate arbiter of whether the patient is suffering from transplant rejection."

"The valuation of AlloSure, then, is closer to 48x trailing revenues and over 30x the most recent quarter’s annualized revenue run-rate."

"By combining expense management with its accounts payable offering, BILL offers a comprehensive solution that saves SMBs time and money"

"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."

"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"

"Based on just $1m of accounts receivable and inventory, and $110m paid upfront, OrthoSpace appears richly valued with negligible sales."

"Our view is clear: Stryker's acquisition strategy is becoming less economic as it pays higher multiples for lower quality acquisitions."

"Does a company that fails to hit a key metric 9 out of 11 years during the greatest bull market in history deserve a premium valuation?"

"We See Multiple Headwinds To Margins And Believe Rollins Is Underinvesting In Its Business While Technology Equalizes The Playing Field"

"Aerospace Products' Engine Management Service Offerings Require a Fleet of Stand By Replacement CFM56-5B & 7B Engines for its Customers"

"First, in the Dlocal limited (Malta)’s FCA registration, the ombudsman contact link posted is an AstroPay address: george@astropay.com."

"Recession resilient: total revenues grew 4% in 2008 and 3% in 2009 (organically); overall industry also grew in both of last recessions"

"Borders is a mix of high-quality businesses and several low-ROI, money-losing businesses which are in the process of being rationalized"

"On February 5th, the first business day after the ShadowFall report was released, we called CSC. The phone again was answered as “IQE”."

"Regardless of market or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"While management hypes up e-commerce growth, the economics are in-line with brick-and-mortar and sales cannibalize traditional channels"

"We believe one reason that Huishan cannot grow enough alfalfa for its needs is that northeastern China isn’t a good area for this crop."

"Even employees who have worked at Verint for 10+ years and who generally enjoy working there see that the Company is too focused on M&A"

"Regardless of market or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"Leading alternative asset manager with high-quality and rapidly growing cash flows trading at a significant discount to intrinsic value"

"Not only is Heska ill-equipped to compete against larger players, but we believe several market forces will create headwinds for Heska."

"With Omnia a flop and PDN a mirage, we expect investors betting on a Keith Grossman-driven turnaround to shortly face a rude awakening."

"Our forensic research suggests CLEAR to be an extremely inferior business trading well above 10x when its enterprise value is adjusted."

"Current Danimer investors placing hope that a partnership with Pepsi will ensure success should review the Metabolix failure carefully."