Callouts & quotes from 3,960+ activist slides

"We believe it is reasonable to adjust 1H 2017 net income down by approximately £5 million or 69% to account for likely aggressive capitalization of expenses."

"We believe that Bunge has not been fully transparent about poorly timed and large capital bets on plant-based foods and processed meats that it made in 2022."

"Spruce Point believes it will be critical for CLEAR's business to have the TSA lift the legal definition of the traveler document checker (i.e. TSA officer)."

"We believe management loses credibility when tossing out outlandish numbers such as $20 billion of revenue per year while falling wildly short of its target."

"We believe last month’s Lehigh Valley accident was preventable and represents an indictment of Norfolk Southern’s current operations, management and culture."

"Does Taubman also believe that "patience" is needed when it comes to its pattern of reductions of development yields, delayed stabilizations and impairments?"

"FTAI's 2023 Module pricing is cited above. Former employees and industry experts we spoke with believe most modules swaps will be for LPTs, followed by fans."

"Why were so many people willing to believe in something that so few actually understood? — Bethany McLean, "Why Enron Went Bust", Fortune, December 24, 2001."

"Despite significant share price appreciation in 2016, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"Spruce Point believes that, with such heavy capital needs, and with so many things that can go wrong, Carvana can be deemed a zero without much imagination."

"Spruce Point believes that, with such heavy capital needs, and with so many things that can go wrong, Carvana can be deemed a zero without much imagination."

"We believe ERIE's share price has benefited from multiple index inclusion catalysts and the belief that its increasing financial performance is sustainable."

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"We believe the push of the financing program is the major root of CTC's credit risk and it is evident by the growth of higher risk loans in CTC's portfolio."

"We believe that without these controlled entities, ANTA’s financials would show materially lower margins, belying the notion that ANTA is a strong operator."

"We believe dual-class share structures are NOT in the best interests of shareholders and are NOT reflective of best-in-class corporate governance practices."

"Spruce Point believes the Street is structurally too bullish on PowerSchool's prospects, which is reflected by the Company's lack of "sell" recommendations."

"Spruce Point believes the need for cost driven mergers, rather than revenue driven synergies, is a bearish sign of the competitive pressure in the industry."

"Spruce Point finds that WSP's working capital to LTM gross revenues has been on a steady increase which we believe is a sign of increasing financial strain."

"Despite significant share price appreciation in 2016, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"Specifically, we believe that Cognizant can achieve a value of $80–$90+ per share by the end of 2017, representing upside of 50% to 69% in just over a year."

"Spruce Point believes that Momo has a demonstrated track record of monetizing and hyping product applications only to see interest levels plateau over time."

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"To the contrary, we believe this analysis is critical for shareholders to fully review as part of any constructive discussion about the proposed separation."

"We believe this is a major input into the growth story. According to industry experts, the value of a customer lead may be closer to $14 - $15 or 40% lower."

"We do not believe executives should earn any TSR-related performance share units (“PSUs”) unless Parkland’s relative TSR is at or above the 50th percentile."

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"Assuming a 7x Forward EBITDA multiple, even if the recovery is protracted or prolonged, we believe we will earn an attractive IRR at the current share price"

"Contrary to DWAC's perpetually future intentions, we believe it has never had any reasonable hope of filing an S-4 that the SEC would allow to go effective."

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"We believe a major reason for FirstGroup’s consistent underperformance since 2008 is the Company’s increased complexity following the acquisition of Laidlaw"

"Despite significant share price appreciation in 2016, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"We believe Simpson Nursery and May Nursery were only involved to help Trulieve get it’s license, and show no signs of operational contributions to Trulieve."

"We believe that stock awards are a more appropriate incentive to our executive officers given the focus of our business on monthly dividends — O's 2008 10-K"

"Spruce Point believes Nuvei's financial reporting and disclosures are insufficient to allow investors to assess the quality of, and risks to, its business."

"Genius compares itself to "Online Gaming" peers, however, we believe these consumer-focused companies with brand recognition are not direct peers to Genius"

"Spruce Point believes Stan Avery, the founder of the Company would not be happy with the direction the current management and Board have taken the Company."

"Spruce Point believes the market is overvaluing GFL, in part by not accurately modeling the impact of its TEUs which further increase its enterprise value."

"Despite ranking favorably in this category, we will show why we believe Generac is losing market share and margins are under pressure from price deflation."

"We believe LODE's CEO Corrado De Gasperis has an abysmal track record of failure. After promising a turnaround at Barzel, it abruptly fell into bankruptcy."

"We believe Frontier's $153.2m credit exposure should have been reported in the 10-K as it was quantitatively larger than other customers that were reported"

"We believe the Red Lobster transaction highlights the incumbent Board members' attitudes towards shareholders and their inability to create value at Darden"

"Trian believes that Disney's recent performance reflects the hard truth that it is a company in crisis with many challenges weighing on investor sentiment."

"We believe the IAA-RBA combination has the potential to drive significant value creation – unlocking 100%+ in share price upside over the next 12-24 months"

"We believe the IAA-RBA combination has the potential to drive significant value creation – unlocking 100%+ in share price upside over the next 12-24 months"

"We believe management’s refusal to acknowledge ongoing costs is intentional, and it masks the fact that EHTH is a fundamentally value destructive business."

"We believe the Red Lobster transaction highlights the incumbent Board members' attitudes towards shareholders and their inability to create value at Darden"

"Thus, we believe the audio livestreaming and China-PRC revenues are essentially the same and should be predominantly, if not substantially all, from Hello."

"We believe investors should be concerned when former employees note that “safety is in jeopardy”, suggesting insourcing may not improve HIMS’ risk profile."

"Because of Lianjia’s claims of an extensive national network, we believe Sanhe Langhang’s examples indicate a systemic inflation of store and agent counts."

"If the S&P can maintain structurally higher earnings growth driven by the top ten companies, we believe the P/E multiple should also be structurally higher"

"We believe if home-buyers had to contract with agents directly, a significant number would either seek to negotiate fees or go without an agent altogether."

"Analysts have poorly forecasted USCR's financial results, which we believe lowers their credibility in valuing the Company. Estimates continue to contract."

"We believe that Remitly trades at an unsupported valuation premium to peers on the belief that its high revenue growth rate is sustainable and attractive."

"We believe investors should have very low confidence that ABML will reach even a fraction of its oft-discussed $200m revenue plan from its first facility."

"While Dealer loans are backed by CTC, each Dealers’ equity is pooled as collateral, which we believe could present challenges during an economic downturn."

"Based on IBM’s recent offer for Red Hat, a deal we believe should have a comparable valuation to a future VMware deal, VMW should be worth $300 per share."

"We believe GoDaddy has an opportunity to drive significant value creation through a combination of improved growth, profitability, and capital allocation."

"Spruce Point believes that Xylem investors should be highly concerned about the fact pattern of events leading up to Xylem’s recent acquisition of Evoqua."