Callouts & quotes from 37,061+ activist slides

"New leadership with a disciplined focus on operational excellence and returns on capital is desperately needed at Darden"

"Many casual dining brands (including Olive Garden in the past) have successfully implemented an alcoholic beverage focus"

"Frying too many items can also slow service and make it more difficult for the kitchen to properly time a table’s dishes"

"We continue to believe that a tax-efficient sale or merger is likely to be the best alternative for Darden shareholders."

"The CFO talked about acquisitions being accretive to margins over-time, but the exact opposite appears to have occurred."

"GMCR's operating expenses as a percentage of sales fell even though GMCR added Van Houtte's high cost structure business"

"The financial crisis drove all of Elliott's quoted -69% TSR... Elliott gives no credit for value unlocked by separation."

"GGP will emerge as two separate companies: General Growth Properties (“PF GGP”) and General Growth Opportunities (“GGO”)"

"The disposition of Special Consideration Properties (SCPs) and GGO assets materially enhances PF GGP’s operating metrics"

"At no time did we, or the company for which we performed due diligence, make a proposal to ONP for compensated research."

"We do not believe the regulatory failures of the past three years should be a survivable event for Blackford and others."

"The Engine slate has a plan that, if successfully executed, could triple DND's share price and reach $46 in three years."

"We Believe DND’s New Nominees Lack the Industry Expertise and Independence Necessary to Effectively Overseer the Company"

"Given the substantial entanglements detailed above, we believe that Modular Concepts is a de facto Related Party of NMC."

"In our experience, low interest income relative to reported cash balances is a significant indicator of overstated cash."

"It’s possible they deregister one and re-established another one, because of tax arrangement. Anchi, it is a subsidiary."

"SREC revenue has declined in the first half of 2020 and is beginning to contribute a smaller percentage of total revenue"

"Vote the GOLD card FOR Elliott’s qualified Board nominees and proposal calling for annual elections for all Board seats."

"This circular activity implies SunStrong is capable of repaying its loans from HASI, when it did not in substance do so."

"HASI's Lack of Disclosures About its SunStrong Transactions Imply that it is Sensitive About Investors Knowing the Facts"

"HUNTSMAN NEEDS STRONG INDEPENDENT BOARD MEMBERS WHO WILL DEMAND IMPROVED PERFORMANCE AND HELP MAXIMIZE STOCKHOLDER VALUE"

"The answer to the question posed is that YDT is not a real company. Its purpose is to assist NQ in defrauding investors."

"MDLZ’s share price including dividends has increased 18% from our average cost at announcement date to January 20, 2017*"

"We believe there are specific initiatives that Bristol-Myers can undertake to bring R&D spending more in-line with peers"

"Well-run and/or fast-growing stand-alone businesses with strong brands have all attracted significant valuation premiums"

"An IPO of McOpCo would have several positive strategic and financial implications for both McDonald's as well as McOpCo."

"Thus, to the extent Site Visibility accounts for an increasing area of growth, Samsara's hardware reliance will persist."

"If the mortgage defaults, home prices would need to decline by more than 25% for the mortgage guarantor to suffer a loss"

"The GSEs' guarantee business should have a lower capital ratio than banks and PMIs to reflect the lower risks they incur"

"HIMS leverages its role as an intermediary to operate free of the normal healthcare guardrails used to protect patients."

"Monster said there was "inconsistent purchasing patterns by our bottler" but there was no mention of Burn being dropped."

"Average multiple was 27.2x forward earnings, ~250% higher than State Street's current multiple of 8.0x forward earnings."

"Even after long-term contracts expire, both parties will likely have an incentive to extend the commercial relationship."

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"Unaffected Stock Price(4) Has Declined -11% Since the Separation of Conoco (16+ years) And Down -20% From Peak (5/20/98)"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"Unaffected Stock Price(4) Has Declined -11% Since the Separation of Conoco (16+ years) And Down -20% From Peak (5/20/98)"

"Spruce Point doesn't believe that SMCI is a high-quality company and that investors should not chase its revenue growth."

"Bedding looks to be poor quality. Many farms try to use dirt instead of good sand. Cows will not be comfortable in dirt."

"A 4.5% miss on Adjusted EBITDA results in an 18% decrease in bonus, but a 4.5% beat results in a 100% increase in bonus!"

"None of these revenue streams or relationships appears significant enough to justify Publishing being 100% owned by TWX."

"We believe XL's proposed commercial charging product, XL Grid, is another attempt to generate hype through exaggeration."

"Turns out... there is no Chocolate and there is no Peanut Butter. There is only Reese’s Cups. It’s actually one company."

"A few examples of the emotionally charged language used by the WFG recruiters we spoke with during our recruiting calls."

"For the purpose of our analysis, we conservatively assume Herbalife products are sold for a 35% discount to Adjusted SRP"

"McGraw-Hill's value creation plan should address the key structural elements of its underperformance and undervaluation."

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"Unaffected Stock Price(4) Has Declined -11% Since the Separation of Conoco (16+ years) And Down -20% From Peak (5/20/98)"

"Trian has a track record of adding value in the Boardroom, improving both operating results and share price performance."

"It goes without saying that this performance cannot continue or the future of PepsiCo's beverage business will be bleak."

"Is it possible that massive rebates are accounting for this divergence? Kornit needs to explain this issue to investors."

"The company is already close to breaching the covenant and is suffering from a slowdown in its Traditional CRM products."

"MedSec has exposed many ways that St. Jude Medical did not adequately protect its proprietary CIED communication scheme."

"These discussions made clear that many of the Company’s issues are self-inflicted and attributable to senior management."

"Vote the GOLD card FOR Elliott's qualified Board nominees and proposal calling for annual elections for all Board seats."

"Spruce Point believes that MSCI's segment reporting gives management wide latitude to manipulate margins to its benefit."

"We believe it is potentially Intuit and that the incident further highlights Intuit’s reliance on questionable partners."

"Management has announced a share repurchase plan of ~$14bn over the next two years, nearly 20% of the current market cap"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"Unaffected Stock Price(4) Has Declined -11% Since the Separation of Conoco (16+ years) And Down -20% From Peak (5/20/98)"