Callouts & quotes from 37,061+ activist slides

"If management can't calculate their own multiple correctly, why would they be right about the appropriate valuation for Phillips 66?"

"The price cuts suggest that MPLN is not at all a preferred partner, but one of several near-identical vendors that is a price taker."

"Having incinerated ~$360MM of cash since 2012, the debt requires new debt or equity to be repaid - in our opinion, a textbook Ponzi."

"オアシスの試算によるとフリープラスの2023年売上高は1.5億米ドル未満でしたが、ライバル製品のグローバル小売額はケンビューのニュートロジーナが29億米ドル、ロレアルのガルニエが64億米ドルにのぼると見積られ、フリープラスの潜在的な成長機会の大きさがうかがえます。"

"ブランド毎のSNS上のプレゼンスには大きなぶれがあり、YouTubeではきわめて控え目なブランディングしかなされておらず、TikTokにおけるプレゼンスはなく、Instagramではブランド本体とはほとんど関係ないところで、人気ハッシュタグとして使用されています。"

"Maybe Ströer's digital foray makes as much sense as wanting to be sucked into your computer in order to get physical media implants."

"We are in directional agreement with Marcato on opportunities for financial engineering given the durable cash flow of the business."

"Despite ONP’s response, our thesis that ONP is a fraud remains unchanged, and we reiterate our “Strong Sell” rating on ONP’s shares."

"Wendy’s company-operated restaurants (“OpCo”), once adjusted for market rent and franchise fees, are generating virtually no profits"

"Is Bob Xia the conduit that gives Datasection the confidence to tell potential customers it can secure GPUs earlier than its rivals?"

"Together the combined company hopes to develop insecticides that work with the specific seeds to make better complimentary products."

"Despite multiple years of deteriorating operating results and share price underperformance, CEO compensation has increased each year"

"We believe the root cause of Disney’s underperformance is poor oversight from a Board that lacks focus, alignment and accountability"

"Disney’s brand reputation has fallen from the No. 5 / 100 spot in 2018 and 2019 (a feat it used to boast about)... to No. 77 in 2023"

"Red Cat management's track record for accurately guiding investors as to future operational developments leaves a lot to be desired."

"We estimate that Fannie Mae can be fully recapitalized by year-end 2026, while Freddie Mac can be fully recapitalized one year later"

"We believe if federal regulators get involved, they would most likely push for a prohibition on compensation cooperation altogether."

"We believe that index inclusion will lead to a higher valuation for our portfolio companies due to greater demand from passive funds"

"NKE's share price including dividend reinvestment decreased 17% since inception in 2024 and has decreased 6% year-to-date in 2025(1)"

"To ensure equitable and effective executive compensation, we believe a board's Compensation Committee must prioritize the following:"

"Despite the inhospitable terrain, Nova has surprisingly only referenced challenges three times in eight years of recent exploration."

"“Three different transplant centers” lost livers recently from off-label usage; 10% of livers in region damaged/lost to the practice"

"it's just a fucking lie...it's a lie that we're the only center that's having these problem but that was the communication to us...."

"a vote for Trian’s nominees is a vote for four highly qualified individuals who will seek to work collaboratively with the Board to:"

"it’s just a fucking lie...it’s a lie that we’re the only center that’s having these problem but that was the communication to us...."

"a vote for Trian’s nominees is a vote for four highly qualified individuals who will seek to work collaboratively with the Board to:"

"Mr. Orr's experience and credentials as a "PSR COO" are unproven and his track record at previous employers is questionable at best."

"H100 rental prices have collapsed 88% from their peak and AWS recently slashed rates by 44% only 2 years after introducing the chip."

"Even after the concerns expressed by Glass Lewis, AOL is still measuring compensation against some of the world's largest companies."

"The changes AOL made to its peer group in 2011 have done nothing, in our view, to address the concerns of either ISS or Glass Lewis."

"Given AOL's prior statements, we question whether the Company would have taken any of these actions without Starboard's involvement."

"Big Lots alienated shoppers who were seeking cut-price, name-brand goods after venturing into other areas, like selling frozen food."

"Responsible for creating hundreds of billions of dollars of shareholder value over the last 40+ years at a large number of companies"

"You don’t have to be a statistician to extrapolate VYKAT XR’s potential to put many more children in the ICU over the coming months."

"An integral part of the rare-disease playbook is throwing money at patient groups and stacking FDA hearings with desperate families."

"We believe Lightspeed has always aspired to be the next Shopify, but the evidence suggests it has failed miserably in its ambitions."

"Notice he said economics were holding, but at the time LSPD didn't disclose margins. Now with hindsight, we see they worsened a lot!"

"Ominously for pitolisant, the top factor identified in the hERG model was a “nitrogen atom in a saturated ring, like piperidine....”"

"Given the known risk of psychiatric events including bipolar disorder and depression, an association with WAKIX cannot be ruled out."

"The average of the P/B multiples for precedent Hong Kong banking transactions is 2.6x P/B for control transactions worth over US$1bn"

"Employer Services’ growth can increase from ~2-4% to ~7%+, while operating margins should increase from ~19% today to 35% or greater"

"It is very concerning that Kornit's current auditor is a member of E&Y Global, and has challenges with spotting accounting failures."

"Note that a quick calculation by us on the $25m outstanding amount from FY2010 equates to approximately 380ha. Remember this number."

"Employer Services’ growth can increase from ~2-4% to ~7%+, while operating margins should increase from ~19% today to 35% or greater"

"We believe there are clear catalysts for an upward revaluation of MDLZ as key investor concerns that emerged last year are addressed"

"We think it is misleading for RILY not to write down the intangible assets of these companies as they become more and more obsolete."

"Our point is that the victims are usually vulnerable people, especially elderly, which makes this situation particularly disgusting."

"However, we fail to see how it is possible to justify the price of the property to rise from $2M to $6.86M in just a matter of days."

"Reviews And Our Personal Trials Indicate That PLTK Is Feeding Off Of People’s Addiction, Going After The Most Vulnerable Player Base"

"These are good points that he should run by his policy team, because Secretary Geithner's reform proposal does exactly the opposite."

"Enfusion's cash balance is declining and it recently issued equity and expanded its credit facility from $5 million to $100 million."

"The absence of these standard technical disclosures suggests D-Wave's gate-model efforts remain in early exploration phases at best."

"Successfully doubling up on the reinsurers could save the company, but in our view, the victory would by pyrrhic for long investors."

"Unexpected, dramatic anomalies in the financial reports are a tell-tale sign that a company is struggling to hold a scheme together."

"Amusingly, however, the chart for the tool’s uptime omits the Y-axis units entirely - a cliche case of “How To Lie With Statistics.”"

"“Today, we have over a half-million customers, each of whom buys eight to 12 sets of scrubs a year.” — Inc. Magazine, September 2018"

"SEC Proposes Significant Changes to Rule 10b-5-1 Plans and Introduces New Disclosure Requirements — Sherman & Sterling, Dec 23, 2021"

""When I joined, I was told that the 32-qubit device was in the next room, and it was working. It never happened." — Former executive"

""IonQ is the only provider of quantum computing hardware available on all three major public clouds" — CEO Chapman, Q3 Earnings Call"

"we believe this issue is both material and urgent — Bluebell Capital Partners (quoting BlackRock's 2020 Exxon AGM voting rationale)."