Callouts & quotes from 37,061+ activist slides

"11/7/13: “Building and construction, very, very good news, as I was saying, extremely good news.” — Arconic Management"

"little to no interest in intellectual property, resource licenses, or contracts — PwC Monitor’s Second Report to Court"

"My Herbalife Independent Distributorship has transformed my life with health, wealth and happiness. — Enrique Carrillo"

"My Herbalife Independent Distributorship has transformed my life with health, wealth and happiness. — Enrique Carrillo"

"In my mind, this CIED cybersecurity issue is first and foremost, a patient safety issue. — Hemal Nayak, MD, FACC, FHRS"

""Oh What a Tangled Web We Weave, When First We Practice to Deceive!" — Sir Walter Scott, Marmion, Canto vi. Stanza 17."

"「レーザーテックはKLAと直接競合するとなると、苦労するでしょう。極端紫外線はレーザーテックには無理でしょう。レーザーテックは製品の問題を解決しなければ、5年以内に消えてしまうでしょう」 — KLAで極端紫外線マスク検査を担当した元幹部"

""The market has all the information it needs to value our petroleum business." — Andrew Mackenzie, CEO, April 12, 2017"

"“Amazon has quietly launched an exclusive line of over-the-counter health products” — CNBC Article | February 20, 2018"

"[Phillips 66] is saying, ‘The stock’s fully valued’…We obviously have a different vision. — John Pike, Elliott Partner"

"Another year of empty rhetoric and broken promises is unacceptable. — Elliott's letter to Phillips 66's Board, 2/11/25"

"Another year of empty rhetoric and broken promises is unacceptable. — Elliott’s letter to Phillips 66’s Board, 2/11/25"

"Another year of empty rhetoric and broken promises is unacceptable. — Elliott’s letter to Phillips 66’s Board, 2/11/25"

"“No experience as CEO or senior executive level of a global company or director of a listed company” — Kao Corporation"

"Another year of empty rhetoric and broken promises is unacceptable. — Elliott's letter to Phillips 66's Board, 2/11/25"

"“in the business of transplanting people with 70-year-old livers.” — One such “super user” regarding Houston Methodist"

"Comprehensive multi-year investigation addressed and solved all significant technical risks. — KLA-Tencor presentation"

"We believe that valuing the tax credit is an absurd interpretation of the statute, and is not what Congress intended."

"ADP's share price including dividends increased 28% year-to-date in 2019 through our last share sale on July 31, 2019"

"UTX’s share price including dividends increased 22% year-to-date in 2019 through our last share sale on June 10, 2019"

"Restaurant Brands International stock has increased 165% from our average cost since it merged with Justice Holdings*"

"HSIC's top 25 holders representing $10B of HSIC ownership also represent $11.7B of combined ownership in IDXX and ZTS"

"Nuvei just removed China as a key location despite boasting of the importance in growing globally with its customers."

"Management has historically been compensated on the basis of overall growth, irrespective of returns or profitability"

"A Slight but Telling Internal Inconsistency Supports the Conclusion that the BJ Operation's Financials are Fraudulent"

"Spruce Point does not believe investors should accept its CEO being distracted with real estate ventures on the side."

"Spruce Point will reveal major issues with some of Generac's top partnerships: Sunnova, Momentum Solar and Powerhome."

"We very much appreciate the time and effort Alphabet has made and the positive example this sets for other companies."

"Two months later, on March 28, 2012, Stable Energy Resources assigned mineral rights to SandRidge in adjacent acreage"

"Two months later, on March 28, 2012, Stable Energy Resources assigned mineral rights to SandRidge in adjacent acreage"

"Two months later, on March 28, 2012, Stable Energy Resources assigned mineral rights to SandRidge in adjacent acreage"

"Box has conflated segmentation with stratification, which has resulted in poor cost-to-serve and resource deployment."

"The RTC Plan calls for a 46% increase in the dividend to $7.00 per share in 2021 and growing 7-8% annually thereafter"

"Unlike its two better-performing peers, Crown Castle does not report its own ROIC metric to the investment community."

"So there are clearly 2 or 3 more points of margin improvement available in the Dealer market over a planning horizon."

"Bolloré's contempt for good governance makes any slate put forward by him, or his controlled companies, unsupportable"

"SNAP is now trading at its largest-ever discount to social media peers despite generating the fastest revenue growth."

"The most heavily shorted social media site offers a compelling opportunity for investors as even no news is good news"

"While seeking a transaction for PSTH, we are simultaneously looking to improve its structure with the launch of SPARC"

"Canadian Tire's shipping fees are the worst among its competitors as CTC is the only peer not to offer free shipping."

"Given Canadian Tire's dependence on leverage to fuel its business model, how are its credit agreements not "Material""

"Darden must bring back the operational focus it once had to reduce food costs while enhancing the customer experience"

"We believe Darden's properties are worth more separated from Darden than the "rent subsidy" is worth inside of Darden"

"We remain cautious on the name, given significant uncertainty over Goodyear’s market share and pricing/profitability."

"Throughout Quantumscape’s entire presentation, we don’t see any Coulombic efficiency numbers. That’s a huge red flag."

"The battery space has a long history of stock scams based on exaggerated or false claims of a scientific breakthrough"

"Right now, some senior Canadian insurance executives are ruing a particular type of insurance contract from that era."

"CPI Very Questionably Doubled the Valuation of a Poorly Maintained Office Complex in Under Four Years to €199 Million"

"While this year's classification seems more reasonable, it is eclipsed by prior years' massive and unjustified gains."

"Philidor represented only ~1% of Valeant sales last year, but grew to ~7% of total revenue in the most recent quarter"

"We further observed a troubling level of hubris, a related trait prevalent in the leadership of frauds that we short."

"Of particular note and importance, IonQ’s CEO stated that they already “put our first customers onto the 32 in June…”"

"IonQ's system can only be used for "artificial," useless computations; can't do anything a prehistoric computer can't"

"Hess Has Underperformed: By Any Objective Measure, Over Any Relevant Time Period, and Against Any Pertinent Benchmark"

"Hess's inability to operate a rig program comparable to peers of its size results in $2.5 billion of forgone value..."

"In the four months since our initial contact with Valeant, we have performed significant due diligence on the company"

"It was unlawful because Lightsource BP had covertly tried to build a bigger solar farm than they had been allowed to."

"Pure is relatively poorly positioned to capitalize on the two largest technology themes of the day: the cloud and AI."

"BOOT's Same Store Sales trajectory and then decline largely resembles the western wear trend illustrated by Wrangler."

"One of the misleading slides that strongly implies that this PLA bag is a “PHA Customer Collaboration Case” is below."