Callouts & quotes from 37,061+ activist slides

"Spruce Point does not agree with this assessment, and questions the efficacy of multiple acquisitions made across the globe."

"Spruce Point observes that Saputo has implemented a few financial strategies which we believe are designed to conserve cash."

"In our view, the Fox acquisition highlights the Board's poor oversight on capital allocation and concerning alignment issues"

"Phillips 66 took this as an opportunity to dig their heels in further rather than provide transparency to investor concerns."

"As a first step, we believe there must be Board change at Huntsman, including direct representation for common shareholders."

"TWX has not launched a single network that has achieved meaningful distribution since acquiring Turner Broadcasting in 1996."

"DV started to shift discussion to its smaller customer spend, but based on our recent review, spending is slowing there too."

"This business is ostensibly even stickier than Chocolate’s as the products are core to EVs and the products are less mature."

"Though Herbalife admits Internal Consumption is substantial for any MLM, it notes that it has put in place rules to limit it"

"We have found clear evidence that it is trying to push price increases, upwards of 5%, perhaps to moderate margin pressures."

"Looking back you can see this 2017 EBITDA range is even lower than the range that was forecasted in the same period in 2015!"

"Phillips 66 took this as an opportunity to dig their heels in further rather than provide transparency to investor concerns."

"By not mentioning anything in its 10-K or 10-Q SEC filings about commodities, Mettler conceals its exposures to commodities."

"We believe its citation which emphasizes the need to "preserve and increase our market competitiveness" is a major red flag."

"Fannie and Freddie's g-fees have averaged approximately 30bps since 1990, but have risen steadily since the financial crisis"

"Former Trump administration officials have acknowledged that Treasury’s Senior Preferred Stock has been repaid with interest"

"インテルの極端紫外線マスク検査の責任者は、レーザーテック製の装置の低いアップタイムに大きな不満を持っていた。そのために作業員を叱責したり、激怒して怒鳴ったりした。それは会議へ出席禁止になるほどの失態だった。「装置については大きな不満を持っていた。」"

"Darden’s recent Bylaw amendments underscore what we believe to be the Company’s blatant disregard for shareholder interests."

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

"The implied size of the entire market is just about $10 billion, smaller than Aurora's market capitalization of $13 billion."

"Anyone buying NIO stock now is not buying a company or its prospects, rather you are buying 3 letters that move on a screen."

"Spruce Point believes the market is missing multiple factors signaling extreme financial strain in the Stryker equity story."

"Our pro forma analysis illustrates that Stryker has the second highest SG&A margin among peers at 36.1% - 37.1% of revenues."

"We believe further disclosure from management is required to address this issue in order to avoid a Galderma-like situation."

"We assume that Macy’s pays down enough debt to achieve 3.5x Adjusted Debt / EBITDAR and maintains a $1 billion cash balance."

"The acquisitions we have analyzed are generally consistent in providing Olam with revenue, but with minimal (to no) profits."

"We Believe The Pest Control Industry Has Recently Become More Competitive And Rollins Is Struggling To Maintain Its Position"

"We would expect FX fees and gains to be no more than ~1.5% of cross-border TPV, and likely much lower due to payout volumes."

"We suspect that there was little "strategic" about this agreement, other than the desire to produce a large accounting gain."

"We can debate the optimal combination, but we cannot debate or support maintaining the current inefficient capital structure"

"By December-97, CCA Prison Realty Trust's stock had moved up to the $40s, trading at a ~5% cap rate and a ~4% dividend yield"

"The image at the lower right is from Approving and shows the Shopify_y cookie value with the wrt and the wrt3p prefix C37..."

"Deconsolidate SCT into an investment company ("SCT InvCo") and operating company (SCT OpCo) via a horizontal spin-off merger"

"Competition is so intense that when you search "First Alert Smoke Detector" online at Home Depot, Kidde is heavily promoted."

"LOW's share price including dividends increased 175% from our average cost at announcement date to our average sale price(1)"

"This lack of thrust is particularly concerning because it contradicts one of Astra's key purported benefits: speed-to-orbit."

"Ginkgo is unable to execute on foundry projects; team is young, inexperienced, and has no “mindset around customer service.”"

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

"In Spruce Point’s experience, when a Company changes its depreciation assumptions, it is a classic sign of financial stress."

"Why did management not increase revenue guidance by Next IT's full likely FY19 sales contribution following the acquisition?"

"Total annual tax savings (based on 2017 dividends) of KRW 123 billion representing a total present value of KRW 1.8 trillion"

"Sotheby's can unlock at least an additional >$1,000M of capital in the next 12 months, even after the $300M special dividend"

"Insiders have been large net sellers whose share ownership is comprised mostly of option grants -> no real economic exposure"

"Perceived as significant positive for major industry players – but are investors ignoring company-specific problems at LHCG?"

"Today, Commvault is operating at approximately half that rate, one of the lowest ratios across the entire software universe."

"One indicated that the largest clinic he sells to had an 80% explant rate with Nevro's device and "won't let Nevro back in.""

"Athena missed its organic revenue growth target for 2013, and analysts have cut revenue expectations for both 2014 and 2015."

"If Wendy’s company-operated restaurants could increase profitability by 400bps, EBITDA would increase by approximately $86mm"

"Housing starts are currently at the lowest levels in the last 40 years and well below the long term annual average of ~1.5mm"

"With such an insignificant presence in China's two largest media markets, we do not believe CCME's reported revenue numbers."

"In our view, the Fox acquisition highlights the Board's poor oversight on capital allocation and concerning alignment issues"

"Fannie and Freddie's g-fees have averaged approximately 30bps since 1990, but have risen steadily since the financial crisis"

"Former Trump administration officials have acknowledged that Treasury’s Senior Preferred Stock has been repaid with interest"

"Our conversations with real estate brokers suggest that Zillow Home Loans has never been competitive with incumbent options."

"The first thing is, adding credible directors to the board to instill a culture of accountability of Phillips 66 management."

"NIKE’s turnaround is in the early stages as new CEO Elliott Hill lays the foundations to drive sustainable, long-term growth"

"We do not believe investors and analysts are looking carefully at its aggressive use of capital leases which inflate EBITDA."

"CoreWeave isn’t pioneering the future of AI – it’s a debt fueled GPU rental business with no moat, dressed up as innovation."

"Sandell valuation implies yields of 6.0% - 6.8% - a premium to STB's unadjusted yield but a discount to STB's adjusted yield"

"The wide range of business models within Sony makes it difficult for investors to appreciate the quality of Sony’s portfolio"