Callouts & quotes from 37,061+ activist slides

"A major ratings agency has recently indicated that exiting conservatorship with the PSPAs in place would be credit neutral"

"We believe the existing junior preferred can be left outstanding, refinanced, or converted to common on a negotiated basis"

"「Urashimaはレーザーテックの最新の（検査装置である）A300シリーズのための新しい光源です。ウシオ製の光源ではありません。基本コンセプトは両者間で共有しています。現在、レーザーテックとIsteqは両社とも同じコンセプトを持っています」。"

"Consistent with the “evidence-development,” doctors are apparently not finding AlloSure to be useful in treating patients."

"BlackRock was invited but refused to support the following request for collaboration on the UN PRI Collaboration Platform:"

"Through this deal, which is probably as clean as a Vitek deal gets, we believe Vitek pocketed approximately ~€118 million."

"BHP has sufficient capacity to return excess capital to shareholders without disrupting the balance sheet or future growth"

"Analysts have no idea how to forecast Olam’s CapEx, and all seem to have greatly underestimated FY2013 levels based on Q1."

"Core Lab is not cheap. On consensus estimates, the stock trades at 35x next year’s earnings and nearly 27x 2019 estimates."

"Over the past upcycle, Core bought back stock every quarter, apparently regardless of share price and operational outlook."

"To do the reconciliation, we again subtracted the portions of cash flows that seemingly are attributable to the merchants:"

"We believe this underperformance pressured Fairfax into becoming aggressive in pulling accounting levers starting in 2018."

"We believe BEKE uses these SAIC listed non-physical locations as “ghost stores” as false support for its SEC store counts."

"At current margins, CXW management estimates its inventory of existing beds could generate an additional ~$100mm of EBITDA"

"Given O’s recent stock price of ~$25, we would not be surprised if Realty Income issues equity soon, based on this history"

"Opportunity to buy SCT at an extreme 63% discount to intrinsic value - a US$25bn valuation disparity (the “SCT Value Gap”)"

"One approach to restructuring is a horizontal spin-off merger which would result in a flat and simple corporate structure."

"Historic dysfunction at JCP’s home office in Plano is symptomatic of an organization which was not focused on cost control"

"With no multiple expansion, Borders could be worth $36 in the next 18 months, a 72% premium to the current price (of $21)."

"Because it will lose its building in the event of default, a tenant is highly motivated to make its ground lease payments."

"Ginkgo made “a power move” by still keeping Joyn’s engineering and synthetic biology function inside Ginkgo’s headquarters"

"As Amazon grows its product lines, we believe it will be nearly impossible for PBH to compete in the e-commerce landscape."

"Although the yield rate and the raw milk price dropped significantly since FY2015, Huishan reported increasing fair value."

"The income statement disclosures and footnote disclosures of the ICP equity investment should match, but they often don't."

"The “decisive actions” taken by CEO Mark Lashier and his management team run counter to what shareholders have called for."

"The HMG Restructuring Plan does not resolve these longstanding issues, and HMG continues to trade at significant discounts"

"The proposal is silent on any details that would address HMG’s suboptimal balance sheets and declining shareholder returns"

"Given the lack of pivot, the revenue outcomes for Southwest have, frankly, not been acceptable in the current environment."

"We have identified a number of errors, inconsistencies, and evidence of deterioration in Heska's subscription disclosures."

"In our view, there is an explanation that unifies these, and other, contradictions: Eurofins is optimized for malfeasance."

"The centerpiece of Nevro’s turnaround plan – the Omnia stimulator launched in Nov 2019 – is a Hail Mary and colossal flop."

"The purpose of these stores has shifted slightly so it's not strictly about maximizing sales; it's about being directional"

"We Think CLEAR Is Under More Pressure Than Is Widely Understood With Growing Signs Its Business Model Is Becoming Obsolete"

"We were told that the Digital ID Program is likely to make CLEAR redundant because it solves problems that CLEAR does not."

"This implies (...) lack of alignment to performance/financial results. This is A CLASSIC sign of underperforming companies"

"Elliott believes Phillips 66 (NYSE: PSX) has a significant value creation opportunity driven by the quality of its assets."

"The stock is simply at the wrong price. It’s caught up in a bubble and could easily fall 80% or more from its recent peak."

"Since he was the original director, it makes sense that Norihiko Ishihara reportedly spent time promoting NNJ across Asia."

"We believe there are several corporate Governance red flags with Danimer’s management team that should worry ESG investors"

"NQ was forced to quickly lie about the identities of its second and third largest customers, and it stated the impossible."

"We do not believe bank standards are appropriate for the GSEs’ guarantee business, which carries significantly fewer risks"

"A major ratings agency has recently indicated that exiting conservatorship with the PSPAs in place would be credit neutral"

"We believe the existing junior preferred can be left outstanding, refinanced, or converted to common on a negotiated basis"

"We believe Limbach’s treatment of acquisition and restructuring costs in its Adj. EBITDA calculation is overly permissive."

"All-In' TCP dropdown will improve TRP/TCP's low expected 5-year dividend/distribution growth rates back to industry levels"

"“Blank Sheet of Paper” approach to building an overhead structure, similar to the recent turnaround of Axalta in 2013/2014"

"CoreWeave’s aggressive accounting treatment for depreciation grossly flatters GAAP financials and greatly aids its growth."

"The Inspire device and surgery costs upwards of $40,000, while these oral appliances only cost between $5,000 and $10,000."

"We believe that the Board will benefit greatly by having a representative of a significant shareholder serve on the Board."

"Entertainment and Semiconductors together have increased from 33% to 56% of sales, and from 33% to 76% of operating profit"

"PWS specialists who know the drug the best are the least interested in using it; only some novice physicians are receptive"

"Under any plausible valuation of TIP REIT, the Revised Transaction offers tremendous upside to Target's stock price of $37"

"FDA review indicates its “special interest” in seizures, which are mentioned several times as an area of potential concern"

"A lot of doctors think it's a waste of money...I think a lot of doctors are unfamiliar with it or not so excited about it."

"Thus, if we use the 1 month ESS reduction for placebo (-3.4) from HARMONY 1, the HARMONY 3 reduction was inferior (-3.37)."

"Given the lack of pivot, the revenue outcomes for Southwest have, frankly, not been acceptable in the current environment."

"Spruce Point has significant concerns about a A$42.2 million reclassification from Distribution expense to Other expenses."

"レーザーテックの論文は、内容は概念の列記に留まっており、文体は「ビジョン」を描く未来形を使っている。これとは対照的に、この論文を発表してからまもなく発行されたACTIS A300の製品発表では、高開口数対応を既成のものとして現在形で述べている。"

"Mergers are combinations of equals or near-equals. Whereas Acquisitions are more like the acquirers absorbing the targets."

"The first step in an M&A model is to build the purchase price. We want to know what the acquirer is paying for the target."