Callouts & quotes from 37,061+ activist slides

"Based on all of the above, the appellate claims of the Appellant Zongheng lack of factual basis, thus are not supported by this court."

"Does this make sense? How can it be that the Company is doing poorly operationally but management as individuals are each doing great?"

"Does this make sense? How can it be that the Company is doing poorly operationally but management as individuals are each doing great?"

"Notably, 73% of US Retail locations are within 25 miles of another location, while 63% are within 20 miles and 45% are within 15 miles"

"Phillips 66's Gulf Coast refineries should be competitive vs. Valero and Marathon given the high complexity and logistical flexibility"

"We have encountered similar objections to separating conglomerates before. But the separations are known to maximize shareholder value"

"ISS has highlighted to shareholders that over a three-year period, bottom quartile performance has been rewarded with top quartile pay"

"Content is estimated to generate $20.8 billion in revenue (44% of TWX’s total revenue) and $4.3 billion in OIBDA (36% of TWX’s OIBDA)."

"Demographically-targeted networks tend to have higher advertising efficiency compared to general entertainment networks (like Turner)."

"This runs contrary to the $1.4 billion in [projected] sales, which is significant enough that OEMs would love that incremental revenue"

"Herbalife does not disclose the amount of Wholesale Commissions paid to distributors in its SEC filings. We have estimated them below:"

"Does this make sense? How can it be that the Company is doing poorly operationally but management as individuals are each doing great?"

"That is why we believe so passionately in what standalone management can accomplish when they are "handed the keys" to their business."

"We believe it is safe to say that most consumers who buy Frito-Lay and other PepsiCo snacks globally buy them with a Coke, not a Pepsi"

"Samsung Electronics has a sub-optimal track record when it comes to capital returns, which fall well short of some of its global peers"

"Therefore, we determine that Kornit received $35m of payments in FY 2018 which was 105% of its reported operating cash flow of $33.4m."

"Chairman / CEO Jason Jiang personally made at least $24.8 million in seven months by investing in Allyes, which is an IRR of 2,127.2%."

"Reengagement with Akzo, coincident with a popular change in leadership might be very positive for PPG, but for now we remain negative."

"We have encountered similar objections to separating conglomerates before. But the separations are known to maximize shareholder value"

"The most recent increase of 10.4% marks a substantial deceleration and should put investors on red alert of challenges on the horizon."

"A full verification of the provided tenancy schedule and the available lease agreements was not part of the scope of this Instruction."

"The basic problem with Casino is that its financial statements are literally meaningless to understanding the company's (poor) health."

"The basic problem with Casino is that its financial statements are literally meaningless to understanding the company's (poor) health."

"Does this make sense? How can it be that the Company is doing poorly operationally but management as individuals are each doing great?"

"Which begs the question – why perform a $2800 AlloSure test when it will miss over half the cases identified by a $755 DSA blood test?"

"The deal was reportedly the first foreign company to sign a new contract with COMIBOL since President Evo Morales took office in 2006."

"We estimate that Nidec’s current share price presently implies an enterprise value of its non-HDD businesses that is 21.5x LTM EBITDA."

"However, $1.5 – 1.8 billion is real money and shareholders deserve to have their management team fighting on their behalf at all times"

"Stryker acquired TSO3 in August 2019, a company that Spruce Point warned the world about in a detailed forensic report on August 2017."

"How can BHP’s petroleum assets be considered “core” to the Company’s portfolio if they only operate 29% of the business unit’s assets?"

"The vast majority of the value creation potential comes from the B or better mall stores; no value is attributed to C- or below malls."

"Olam is an extreme example of an increasingly important conflict in modern finance: the clash between accounting and business reality."

"It is odd that as Olam’s sales and inventory have grown substantially, its quarter end margin balances have gone negative three times."

"This is a cost overrun of 74.6%. Such inability to control costs might partly explain how Olam’s CapEx has exploded in recent periods."

"One of the truisms we have found in business and life is that the louder one states he is ethical, the less likely that is to be true."

"Spruce Point believes that an influx of private equity capital into asphalt paving companies may be pressuring ROAD's growth strategy."

"ROAD levered its balance sheet to acquire LSP (and Overland Corp.) and now has pro forma Net Debt / Adj. EBITDA of approximately 3.4x."

"Fairfax and Eurobank Swapped Grivalia Property Shares Around to Create Paper Gains for Each Other, Including $171 Million for Fairfax."

"BEKE's reported full-time employee count is available almost every quarter in 2020, and these figures swing drastically every quarter."

"We list below some of Realty Income’s largest tenants that we have been able to identify. They are all junk credits with high leverage"

"Recovering from food safety issues beginning in the fourth quarter of 2015 which caused a peak decline in average unit sales of 36%(1)"

"Despite recent events, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact"

"We believe CMG’s winning value proposition is that it successfully competes in all the desirable attributes of out-of-home fast eating"

"Citron has proof through many transcripts that 1st Class Medical is lying to the elderly about their Medicare benefits to make a sale."

"The effect of the accounting change was a little less muted in Q2, however, it is clear that YoY Cash declined very materially by 40%."

"The implied valuation range for Target Corp based on several methodologies outlined below is $20.3 – $25.3bn, or $28 – $35/share today"

"Rupert Morley, upon his re-election, will replace Anne Farlow as Chairman of the Board as of the Annual General Meeting on May 8, 2024"

"Andrew Anagnost was appointed CEO in June 2017, and in the 7 years since then, Autodesk's share price has meaningfully underperformed."

"Prior to removing brand market share data, there was an increase in the number of brands losing share relative to those gaining share."

"Spruce Point Sees Approximately 60% – 70% Downside + Big Hangover Waiting For Investors Intoxicated By The False Hope of Future Gains."

"Why invest in a company with poor underlying fundamentals at these multiples? Take it from insiders: now seems to be the time to sell."

"Is it any surprise that Verint – prioritizing middle and upper management over its tech workforce – is falling behind technologically?"

"Why invest in a company with poor underlying fundamentals at these multiples? Take it from insiders: now seems to be the time to sell."

"Negative interest rates are like the square root of negative one: they exist in theory, but no one is supposed to be able to see them."

"We believe concerns around META’s AI-related spending initiatives are underestimating the company’s long-term upside potential from AI"

"In contrast to Zoetis' published research, Heska has disclosed almost nothing about the technology or capabilities of the Element AIM."

"The SENZA-PDN study's exclusion criteria are sweeping and aggressive, illustrating the cherry-picking and absurdity KOL's pointed out."

"By making more restrictive refund policies, we believe CLEAR can improve its cash flow and allow management to reach its stretch goal."

"Whether they make it to the altar, or get thwarted along the way, there’s going to be a celebration for Bayer shareholders either way."

"This deal is the largest all-cash takeover on record, and with a headline price of 28 times earnings, the purchase doesn’t seem cheap."