Callouts & quotes from 37,061+ activist slides

"Despite generating higher sales per square foot than OfficeMax, Office Depot’s operating margins are less than half of OfficeMax."

"The presence of non-independent directors on key committees may diminish a committee’s ability to oversee management objectively."

"It appears as at least one of AMT’s three purchases in Africa could be a lending transaction, based on intangible assets to PP&E."

"We believe Procept will fail to meet revenue growth, and thus profitability expectations and faces long-term existential threats."

"We believe that the potential for value creation of the portfolio continues to be substantial relative to the market price of HHC"

"XPO uses aggressive financial presentation methods to bolster its cash flow and leverage by including proceeds from assets sales."

"ADP's long-term EPS algorithm should drive modest margin expansion over time but will continue to leave ADP competitively exposed"

"These "synergies" are overstated and could largely be recreated through commercial contracting or industry-standard arrangements."

"These "synergies" are overstated and could largely be recreated through commercial contracting or industry-standard arrangements."

"These “synergies” are overstated and could largely be recreated through commercial contracting or industry-standard arrangements."

"The distribution, listing and trading of SPARs require SEC approval of SPARC’s registration statement and a new NYSE listing rule"

"Taking these issues into consideration, and discounting Mercury's multiple to the industry average, we estimate 50%-60% downside."

"Adjusting for differences in owned real estate and franchised stores highlights Darden's dramatic underperformance versus Brinker"

"There is a substantial opportunity to align GM incentives, which we believe will result in improved operations and value creation"

"By focusing on the guest experience, Olive Garden was able to increase both guest satisfaction and average check at the same time"

"FMCN attempted to pull a Jedi mind trick by referring to the roughly 30,500 cardboard posters as “LCD 1.0 picture frame devices.”"

"His CV states he is on 10 other boards, and his UMD site suggests that he oversees ~30 post-docs, grad students, and researchers."

"After years of receiving unrestricted stock, Hess's current Board members have similar upside to Shareholder Nominee compensation"

"In addition, we estimate that there are ~$3 trillion of privately owned targets in the pharmaceutical and medical device industry"

"Our slate of nominees looks forward to detailing its ideas, suggestions and vision for Elanco as the Annual Meeting draws closer."

"Transparent attempt to rewrite history and exclude underperforming businesses in order to fit its narrative. CHANGE IS NECESSARY!"

"There is a substantial opportunity to align GM incentives, which we believe will result in improved operations and value creation"

"Adjusting for differences in owned real estate and franchised stores highlights Darden's dramatic underperformance versus Brinker"

"By focusing on the guest experience, Olive Garden was able to increase both guest satisfaction and average check at the same time"

"In the face of deteriorating financial performance, CEO Bob Jordan claims that performance is “great” and that he is “very proud”"

"CSS PL 2023-1 has never filed a UCC-3 termination statement, which should mean the original security interest was never released."

"EPS product mix – more fastener and casting sales, fewer forgings – actually suggests margins should be higher not lower than PCC"

"Valeant has earned a >20% unleveraged return on the $20bn+ it has invested in acquisitions since 2008 (excluding tax benefits)(1)"

"By stepping-up the value of the inventory, AMR then claims a fair value adjustment to lower its reported cost of coal production."

"Two reps must be present for business to be conducted and unanimous approval of both parities is needed for decisions to be taken"

"FNMA and FMCC share prices have decreased 3% and 1%, respectively, from our average cost at announcement date to January 19, 2018"

"Since Shirley Singleton became CEO in January 2002, Edgewater has massively underperformed its North American IT Consulting peers"

"We are particularly troubled by the July 3rd resignations of both Mark Rubash (former Audit Committee Chair) and Ralph Snyderman."

"NMC unjustifiably in our view understated its FY 2018 debt by at least approximately $320 million, and likely continues to do so."

"Guangzhou Zongrui is most interesting because of the additional evidence it provides that ANTA controls many Tier 1 distributors."

"Dropbox is a melting ice cube, and management's last-ditch turnaround attempt is poised to disappoint lofty analyst expectations."

"We believe Mr. Sood’s expertise is not relevant and PwC should assign an audit partner with specialty finance/leasing experience."

"All of the PR and stock pumping in the world won't make a difference unless SKLZ can reverse its installations trend immediately."

"ANTA’s statement through analysts that it never claimed to own all Fila stores is an attempt to rewrite history, and it is a lie."

"THIS REPORT REPRESENTS THE CURRENT OPINIONS OF SCORPION CAPITAL LLC CONCERNING TWIST BIOSCIENCE CORPORATION (STOCK TICKER: TWST)."

"As we went through the CFO’s comments, we began to notice large discrepancies in his prepared comments vs. the 10Q’s filed later."

"Elliott has no intention of tendering its shares into the Revised TOB and we strongly encourage other shareholders not to tender."

"It's hard to imagine that the St. Tropez vacation home transaction could be any dodgier. But that would be underestimating Vitek."

"Should the contractor fail to obtain sponsorship that meets the requirements of the Regulations, the contract will be terminated."

"Despite positive progress, Platform trades at discount to its publicly traded segment peers and private-market transaction values"

"Far from being a “Growth” strategy, this is slowing down after a decade of growth in which Molton Brown sales grew at a 6.2% CAGR"

"The GSEs' earnings will grow significantly when MBS issued at higher g-fees levels comprises a larger proportion of the portfolio"

"The GSEs increased the assets in their FIA business by more than 10 times in the nearly two decades prior to the financial crisis"

"FIA’s significant losses and highly-risky mortgage assets threatened the GSEs’ continued access the capital markets for financing"

"Non-Transparent PP&E Accounting Obfuscates Underlying Capex And Is A Sign Of Both Potential Cost Capitalization And FCF Inflation"

"In the face of deteriorating financial performance, CEO Bob Jordan claims that performance is “great” and that he is “very proud”"

"A picture is worth a thousand words to illustrate the competitive and promotional intensity currently in the energy drink market."

"In MPLX, Marathon has a leading midstream footprint with the potential for continued high-quality, accretive growth going forward"

"Resilient Parks business supporting nearly 40% of revenue and 70% of EBIT; scale and diversification across distribution channels"

"The turnaround at P&G is a case study on how Trian's involvement at the board level can help a company unlock its full potential."

"In order to manufacture outperformance, the Company needs to assume both 1) an incorrect peer group and 2) a misleading timeframe"

"WE INVITE THE COMPANY TO SHARE ITS TAX WORK WITH ALL SHAREHOLDERS. THE COMPANY'S TAX BASIS IS NOT COMMERCIALLY SENSITIVE OR MNPI."

"Even simple tactical decisions, such as making AOL the home page for TWC's broadband access customers, have not been implemented."

"Warner Bros., in addition, has been consistently gaining market share over the past few years with 2005 estimated share at 15.6%."

"Continued ownership of TWC by TWX, in fact, could be a significant obstacle to the long-term strategy and value of its franchise."