Callouts & quotes from 37,061+ activist slides

"PSH represents ~80% of equity of Pershing Square core funds and 83% of assets under management (including PSH bond proceeds)"

"Mondelez has invested ~$1.5 billion to upgrade its manufacturing base, which should expand gross margins by ~250 bps by 2018"

"We gathered a list of over 40,000 zip codes and then wrote an algorithm that searched and recorded results for vet practices"

"北京市海淀区私立新东方学校内部制度较完善，能够依照执行，会计核算较规范，财务管理较完善，会计报表的编制符合国家颁布的相关法规和《民间非营利组织会计制度》的规定，恰当的反映贵单位2011年12月31日的财务状况和2011年度的业务活动成果和现金流量。"

"Manipulation of non-GAAP results; a seemingly identical issue to HTA, yet HTA results have been "consistent" for much longer"

"“It’s Just A Label” According To A Former Employee We Spoke With. This Sums Up Our View That Avery’s Best Days Are Behind It"

"We Believe Co-Founder And Board Executive Chair Hasson Has Misrepresented Her Past And The FIGS Origin Story Is Questionable"

"Only 5 out of 22 total categories (27%) did the audit results indicate that Aqua/Peoples "Meets Expected Performance Levels""

"Really! "Generally" assumed margins will go up despite the fact they've consistently gone down since the acquisition closed."

"having built a great platform with high-performance products is not synonymous with having a well-functioning company today."

"Carvana is currently burning hundreds of millions in cash and hugely dependent on third-party funding to finance its growth."

"Towers kind of run themselves, so management’s value add comes from keeping costs down and intelligently allocating capital."

"By implementing the RTC Plan, Crown’s fiber business can contribute to dividend capacity and value-creation for shareholders"

"Serious Concerns With $1 Billion of Revenue Between Brothers And Frontier Communications; Is It A Related Party Transaction?"

"This stark difference in fee structures suggests ERIE's approach is less favorable to policyholders compared with its peers."

"If Bloomberg were to incorporate both analysts' 2025E EPS forecasts, the mean estimate would decrease from $14.30 to $13.40."

"Bolloré forced minorities to allow Florange Act's multiple voting at 2015 AGM, by rapidly growing his stake before the vote."

"L&B's MGM campaign led to the formation of an MGM REIT, significant margin enhancement and superior balance sheet management"

"Given their track records, we have many concerns with the incumbent nominees representing the best interests of shareholders"

"Olive Garden can offer numerous great tasting, authentically Italian dishes that can be executed consistently and profitably"

"New units are generally inexpensive to build and highly profitable. On average, units are 90% productive in their first year"

"It shows only 296 buses, which is far fewer buses than the 1,892 CCME claims to have under its Shanghai Ba Shi relationship."

"Solid state battery experts and former employees call the data fake, misleading, or a “shell game,” and outline 4 red flags."

"We will seek to invest in asymmetric hedges to protect HHH against macroeconomic risks and capitalize on market dislocations"

"Despite a widespread bullish tone among analysts, the average sell-side price target offers little upside to current levels."

"Autodesk has best-in-class gross margins, but the Company has used that advantage to mask its high operating expense ratios."

"We believe that rising levels of U.S. investment will translate into new project opportunities for Fluor in its core markets"

"We believe this is yet another example of McDonald’s’ leadership’s unwillingness to embrace and act on stakeholder feedback."

"Even more suspicious, why did the Chief Accounting Officer and not a legal department executive sign the contract amendment?"

"Then Why Were At Least Five Promotional Discount Offers Sent Recently For Everything Including Boots For In Store Purchases?"

"WinCup Phade straws’ packaging notes the product is not intended for sale in the states of Maryland (MD) or Washington (WA)."

"Starboard's average return on a 13D filing is 26.4% (versus an average of 9.7% for the S&P500 during the same time periods)."

"Given their track records, we have many concerns with the incumbent nominees representing the best interests of shareholders"

"Olive Garden can offer numerous great tasting, authentically Italian dishes that can be executed consistently and profitably"

"Spruce Point cannot find any other public company that has ever disclosed a non-cash cloud computing intangible transaction."

"When evaluated on an apples to apples basis (sliding sleeve to sliding sleeve), Hess well costs are 17% to 38% above Whiting"

"The guidance miss reported in Arconic’s EPS segment in 2016 ranks among the worst in the recent history of the S&P 500 Index"

"Mines listed as inactive or non-producing active. Notice three mines that were producing in 2021, are not producing in 2022."

"If housing finance reform is successful, we believe Fannie and Freddie will be worth multiples of their current share prices"

"Our survey of cardiologists uncovered material unease with the prospect of results analysis being performed outside the U.S."

"We believe the CEO's response to a question of why it chose Millville is whimsical and displays a lack of in depth planning."

"Capital leases have the main effect of inflating EBITDA and Free Cash Flow, two key measures investors use to value Dropbox."

"Dropbox's stock based compensation expense per employee is significantly higher than technology peers average and median SBC"

"WSP trades at the highest valuation among its global peer group despite clear evidence of business and financial challenges."

"TICO's FY3/26 operating profit guidance has been significantly and repeatedly understated due to FX errors and conservatism."

"Twist entered the market and was “shouty shouty” about pricing at 5 cents a base pair; yet couldn’t build and deliver orders"

"Ex-employees and competitors we interviewed repeatedly used the phrase “race to the bottom” to describe the pricing dynamic."

"Although there have been some “right-sizing” initiatives in 2009, many mall-based tenants actually expanded certain concepts"

"The true cost of unification – c.US$140 million per year in additional Singapore-related taxes being attributed to Australia"

"In the past five years, GE has spent more than $30 billion on major acquisitions at a weighted average price of 10.3x EBITDA"

"If NQ wants to dispute our conclusion that it has laughably low penetration rates in China, actions speak louder than words."

"Although these corporations have their own revenue sources, they could be potentially clawed back to pay the GO obligations."

"Wall Street analysts and investors were highly disappointed by the trial results presented by Bristol-Myers in CHECKMATE-026"

"We will show that much of this progress is an accounting mirage and that actual profitability lags by an even larger margin."

"Based on these analytics, new for CY24 SKUs appear highly unlikely to have materially impacted imported inventory value / kg"

"Hunter Harrison led IC’s transformation into the best operating railroad in the industry, ~2,000bps ahead of the competition"

"While each Class I rail has specific characteristics, these differences do not explain CP’s massive operating profit deficit"

"While each Class I rail has specific characteristics, these differences do not explain CP’s massive operating profit deficit"

"The government's treatment of the GSEs' current shareholders will make it extremely difficult to attract new private capital"

"DOX Shares Have 25%-50% Downside From Current Levels Based On Near-Term Estimates, But Could Fall Even Further Going Forward"