Callouts & quotes from 3,960+ activist slides

"Nelson Peltz, the Trian team and Allegion believe that good corporate governance and good operational results go hand in hand. The results speak for themselves."

"We believe Huntsman's use of integrated margins creates a warped view of product profitability and may lead to mispricing and poor internal resource allocation."

"Sell-side promoters have relied on DV management's story that the international opportunity is large and growing fast. However, we believe the opposite is true."

"We believe the following two Samsung Opco capital management and dividend policy measures are necessary to bring its shareholder returns in line with its peers:"

"Spruce Point believes MSCI operates in an increasingly crowded space for Private Assets analytics and data against pure-play and integrated analytics providers."

"The commentary illustrates why we believe Rollins' M&A growth strategy is being stymied by growing numbers of private equity bidders outspending the strategics."

"Given its market position and decades-long runway for sustained earnings growth, we believe UMG’s current valuation represents a discount to its intrinsic value"

"Given the evidence we’ve presented that USCR’s GAAP financials cannot be taken at face value, we believe the best way to value the Company is on Free Cash Flow."

"We believe this is evidence that some acquisitions should have their goodwill and intangibles impaired. However, LSPD has failed do take any impairment charges."

"We believe the company is hiding a flawed business model with abysmally small revenue potential behind a façade of big-name announcements and lofty projections."

"We believe that in just a matter of a few days, PMV Pharma will head down the same path as Aprea, its stock dropped 77% on the Phase 3 failure in December 2020."

"Based on our review of FIGS stated competitive and product advantages, we believe that practically none of them are sustainable and most are easily replicated."

"We believe the machine doesn't exist and that the announcement was part of an ongoing pattern of fraud that its CEO and co-founders are now trying to cover up."

"We believe that the conflicts and private sector corruption often present in China business will include most to all foreign firms that offer similar services."

"We Believe PowerSchool’s Revenue And Adjusted Financials Are Inflated By Aggressive Accounting Practices And That It Is Materially More Levered Than It Appears"

"We believe the 85.9% gap between the RMB 156.3 million in revenue in the credit bureau reports and YY's claimed RMB 1.1 billion is suggestive of massive fraud."

"We firmly believe that this apparent margin superiority is due to fraudulent manipulation of ANTA's financials through the relationships with the distributors."

"Spruce Point believes Zebra's venture investments and some of its immaterial revenue acquisitions should be considered operating costs for analytical purposes."

"If P&G's current CEO cannot demonstrate a sustainable turnaround in the near term, we believe the Board will do the right thing and put in place new leadership"

"Unfortunately, we believe that this plan does not go far enough as margins will still be significantly below nearly all of the Company's peers, as shown below."

"We believe Bristol-Myers standalone adjusted EBITDA margins could improve from 36% to 45%, with an opportunity to potentially expand margins further over time."

"We believe that Mr. Brown’s extensive industry and chemicals experience coupled with his operational expertise would make him a valuable addition to the Board."

"DV's CEO Mark Zagorski failed miserably at his prior Company in expanding Telaria's international sales. We believe history is again repeating at DoubleVerify."

"Trian believes that losing vital concentrate sales, while convincing the public that you are not competing on price, is a “death knell” for a beverage company."

"We believe this is an improper method of accounting for these dual memberships which allows IQ to inflate its revenues and burn off fake cash at the same time."

"We do not believe these should be accounted for as assets: they are merely agreements with poor farmers. As a result, we believe the recovery on these is zero."

"Spruce Point believes that ROAD is overvalued and that its closest peer is a recent spinoff from MDU Resources (NYSE: MDU) named Knife River Corp. (NYSE: KNF)."

"We believe that EHTH uses an overly optimistic MA member persistence assumption, which has a material impact on profitability (or lack thereof) of an enrollee."

"Spruce Point believes investors are underpricing the risks faced by MGPI in 2017, some of which could have a material adverse effect on its financial condition"

"We Believe that Over Half of the Buses on which CCME has Placed Screens do not Actually Show CCME's Content, which Makes CCME's Revenue Claims More Outlandish."

"While project infrastructure renderings look appealing on paper, we believe they are fraught with execution risk and community pushback and extreme skepticism."

"Without some necessary change in the Company's current structure, we believe a successful implementation of the Company's strategic plan is far from guaranteed"

"We believe that Search is actually more closely linked to Access, AOL.com, and AOL Mail than the rest of AOL's owned content properties in its Display segment."

"We believe that Lasertec’s “Innovation Park” is a fraud and that key claims about any R&D or production activity, as well as its construction status, are false"

"Spruce Point believes two key sell-side assumptions are flawed. First, JP Morgan's claim that 70% of handle comes from the NFL is inconsistent with state data."

"“…we believe there is underappreciated potential for Cognizant to unlock value as it matures and evolves its capital allocation.” — J.P. Morgan, September 2016"

"the comptroller believed “it would be wholly inappropriate, based on the guidance in EITF [Emerging Issues Task Force] 99-19 to record the revenues net.” — SEC"

"FIGS likes to frame their competitors as still offering commoditized, shapeless, uncolorful cotton scrubs, but we believe that simply is not the case anymore."

"We believe ADP’s Employer Services segment, its largest business and currently ~2/3 of profit, is materially underperforming its competitors and its potential"

"For many months we believe Xylem side-stepped any discussion or reference of the $90 million required to achieve the $140 million of estimated cost synergies."

"We believe YY's 2010 buyout of Bigo for $1.45 billion in cash and stock was a scheme to bilk investors by buying another fraudulent company from the chairman."

"Spruce Point believes the bull case has been misguided ever since Dropbox’s highly promoted IPO, and that cracks are finally emerging everywhere in the story."

"We are short Skillz, Inc. (Nasdaq: SKLZ) because its top games appear to be stagnant to declining, leading us to believe its revenue projections are farcical."

"Trian believes P&G’s decade-long record of underperformance relates in great part to a culture that is insular – rejecting outsiders and new ways of thinking."

"We believe that with resolute and decisive action, Phillips 66 is primed to deliver far greater returns for its shareholders than it has over the past decade."

"We believe that with resolute and decisive action, Phillips 66 is primed to deliver far greater returns for its shareholders than it has over the past decade."

"Spruce Point believes Stryker is becoming dangerously levered as it pays hefty premiums for low quality acquisitions that it has failed to properly integrate."

"We believe Magnite’s shares represent an incredibly poor risk / reward. The current sell-side consensus price is $21.71 which is ~20% below the current price."

"WE BELIEVE THE BOARD'S SEEMING DISINTEREST IN DEMANDING ACCOUNTABILITY IS DUE TO STRONG INTERCONNECTS AND PERSONAL LOYALTIES BETWEEN BOARD MEMBERS AND THE CEO"

"We believe that with resolute and decisive action, Phillips 66 is primed to deliver far greater returns for its shareholders than it has over the past decade."

"We believe the previous purchase price of $2.95M just months prior to the IIPR purchase to be more accurate value of the property at the time of the purchase."

"We fail to understand why Holistic would rather pay 10x on rent and believe an overpayment of property + inflated rent look more like a financing transaction."

"4/29/21: Mark Wang, CEO – “As Japan restrictions ease, we believe that Oahu will recover and set us up for a strong second half of the year…” — Mark Wang, CEO"

"Though there are valid concerns in the near term, we believe buying Danone at 1.5-2.0x P/E and ~33% FCF discount to European food peers more than compensates"

"We agree with Mr. Eisman’s comments on the current credit conditions and believe the market has not paid enough attention to Canadian Tire’s credit portfolio"

"If Val-gan’s durable portfolio were valued similar to businesses that we believe to be comparable, then its resulting range of multiples could be as follows:"

"We believe our recommendations to Nestlé management, if taken together, would dramatically improve both the growth profile and earnings power of the company."

"We are hard pressed to believe how it is possible that BOOT's customer is “pretty solid” as he says with no income growth after 8 years and record inflation."

"We believe ADT's margins will continue to expand over time, as they have done steadily over the past 5 years, driving EBITDA growth in excess of the top-line"

"Assuming $150,000 of Net Working Capital on average per Waldenbooks store, we believe there is $90mm of total Net Working Capital trapped in the Mall segment"