Callouts & quotes from 37,061+ activist slides

"Simon’s cap rate suggests the value of GGP REIT, not including GGMI and MPC, is somewhere between $9 and $22 per share."

"Be Wary of Chasing SMCI’s Revenue Growth Story As Many Signs Point To Failure And The CEO Dumps Record Amounts of Stock"

"Parkland’s shareholder returns have been a disappointment over every relevant period, as the following table indicates."

"NO legacy directors were refreshed between 2018 - 2021; new directors were ALL added by expanding the size of the Board"

"The analysis would suggest that TWX could relocate to less expensive space and save approximately $90 million per year."

"The Networks and Filmed Entertainment SeparateCo would be the leader in their respective sectors with must-own content."

"TWX limited the roll-out of certain AOL initiatives, such as VoIP services, that were potentially competitive with TWC."

"The companies below have received approximately the following number of U.S. patents in the healthcare / nutrition area"

"Herbalife's return percentage would be twice as high if the company reported returns as a percent of GAAP Product Sales"

"We estimate that the average failed Sales Leader has $2,000 of expenses, net of minimal retail and/or recruiting profit"

"Within these seven countries, PepsiCo is losing market share across the majority of its snacks and beverages portfolios"

"Follow the money: the trust holding employee stock has been selling the past three years: from 3.6 > 3.3 > 2.9m shares."

"2. Samsung Electronics’ shareholders have long suffered significant undervaluation of the business by the equity market"

"Staggered boards are not in the interest of shareholders because they limit accountability and can enable entrenchment."

"Spruce Point finds a pattern of MSCI's management making aggressive, if not unrealistic assumptions, which flatter EPS."

"Intuit does not disclose to investors any information regarding its loan loss allowances or historical loan write-offs."

"Gordon Brent Pierce was an initial investor in UEC and had business dealings with Grant Atkins who was UEC's first CFO."

"Robust international unit growth should continue, led by China and other significantly underpenetrated regions overseas"

"PERI reported “new publishers” to its advertising search network, but we believe it should report “net new” publishers."

"The production schedule continues to be constantly revised, with the development priorities being reshuffled each time."

"レーザーテック・イノベーション・パークが詐欺だという証拠写真を公開する前に、設備投資について検証しよう。イノベーション・パークとなった不動産を購入する関係で、2023年6月期に計上した設備投資は、レーザーテック創業以来の史上最高額だった。"

"These three interrelated directors hold ALL Board leadership positions, including Chairman and chair of all committees."

"Spruce Point observes a sharp recent increase in fees spent by BR for audit-related services tied to internal controls."

"Spruce Point believes that Advent can, and should, use this as leverage to renegotiate the deal price lower by 35%-50%."

"In our experience, synthetic biology is another meaningless term and may as well be a synonym for publicly-traded scam."

"It appears that Stryker failed to restate the segment D&A when it made the restatement through the cash flow statement."

"Stryker paid $370m upfront for an acquisition with just $3m and $7m of accounts receivable and inventory, respectively."

"Foley's loose language makes us question the integrity of his guidance and key performance metrics, most notably churn."

"And it trades at a massive premium to its oilfield service peers – more than twice the multiple of prior peak earnings."

"Steady-state free cash flow concept, which debt investors have become comfortable with, is essentially the same as AFFO"

"We estimate total addressable market penetration of only ~40% today; penetration of home automation nascent at only ~2%"

"We believe Wix has an opportunity to significantly improve its profitability and grow FCF per share in the coming years"

"Properly evaluating and executing a portfolio simplification will take credible, experienced and independent directors."

"Since joining JCP in November, Ron Johnson has assembled a dream team of 41 managers to help him turnaround the company"

"Met Coal is different from Thermal Coal, which is used to make electricity and is under siege for its carbon emissions."

"Management has indicated it would sell the International business (franchising) if it can't be fixed in a timely manner"

"Bunge Is A Levered Roll-Up With No Evidence It Has Ever Generated Economic Cash Flow And Is Now Under Mounting Pressure"

"There is a strong demand for liquid, inflation-protected, income-oriented securities that offer higher yields than TIPS"

"Welcome to "recession chic" and its personification, the "recessionista," the new name for the style maven on a budget."

"Set forth below is an illustrative example of how Target Corp and TIP REIT can work together on future land procurement"

"At less than 600 satellites, the entire non-captive TAM for launch is easily supported by less than 100 total launches."

"We have already shared evidence indicating that Cambium is an undisclosed related party in which Ginkgo is an investor."

"Spruce Point finds this maneuver particularly aggressive and gives the Company no credit for its “revenue adjustments.”"

"New leadership to be laser-focused on executing against plan targets, with a refreshed Board providing strong oversight"

"The Stronger Southwest plan ambitiously addresses the Company’s key issues and delivers a brighter future for Southwest"

"The question is who benefits from the harm to savers? Of course, it is governments who are able to borrow more cheaply."

"Commvault is not executing against this paradigm and is delivering both exceedingly low margins and low revenue growth."

"We believe investors fail to appreciate the full range of potential competitors and competitive threats faced by Heska."

"2022年までの10年間、モルトンブラウンの世界収益は6.2%の年平均成長率を達成しました。しかし、花王は2030年までのモルトンブラウンの年平均成長率は5.2%を目指すとしており、この10年よりも遅いペースの成長目標が掲げられています。"

"Other companies with brands like these, such as Procter & Gamble and Colgate-Palmolive, trade at low 20s P/E multiples."

"This "coincidence" calls into question whether there was any commercial rationale at all for CPI PG to acquire Polma 1."

"After subtracting 10,342 duplicates, this resulted in 28,545 total users (52.8%) that we are highly confident are fake."

"Revenue is the only metric difficult to manipulate, and would reflect USCR's negative true organic volume growth rates."

"Stepping outside of a pre-arranged plan is highly unusual and aggressive, especially when the options are not expiring."

"That something “big” may drop seems to be an open secret - transplant surgery is a small field where word travels fast."

"TransMedics surgeons viewed as a “nightmare to work with”; centers don’t trust organs are handled by qualified surgeons"

"Device technicians are unqualified and “unprepared”; require help; “not qualified to be pulling or pushing medications”"

"The Board must provide shareholders additional information regarding the process and value of concessions made to CPKC."

"If he plans to keep the c-suite under a Rossy dynasty, the family’s personal stake in the business should reflect that."

"In our opinion, these product hypes are used by management and Street analysts as a carrot to keep investors interested"