Callouts & quotes from 37,061+ activist slides

"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"

"But what they produce is not the same. For example, Marcellus wells recover 2.5 times more energy than Permian wells."

"The EIA projects the region to double from here by the end of the decade, and we’ve still just scratched the surface."

"This is a Razor / Razor Blade Model where GMCR will lose its ability to monopoly price its razor blade next September"

"Private label K-cup penetration could exceed private label coffee penetration today because of the price differential"

"WMB has considerably outperformed SE in the relevant time frame with sell-side valuing WMB’s GP IDR at 25x+ Cash Flow"

"If Recent Divestments Have Long Been Part of “5” Year Plan, Why Was Management Defending the Opposite Only Weeks Ago?"

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

"Your inability to manage this company is becoming clearer every day...I suspect your days as CEO of BWLD are numbered"

"I had customers call me and say "I'll never go back into the stores" because the culture had changed their experience"

"We believe Riot is on its way to a transformation from a bitcoin miner to a best-in-class AI/HPC data center company."

"Management claimed synergies were now 190-200% deployed and Firth Rixson was "on a good path" to hitting 2016 targets"

"Maybe the "gradual" increase in MedAssets' shareback rate wasn't really so gradual on a contract-by-contract basis..."

"We believe trading comparables outside of traditional healthcare can be useful for valuing Valeant’s durable business"

"We believe trading comparables outside of traditional healthcare can be useful for valuing Valeant's durable business"

"AMR's Coal and met segment revenues could be overstated by at least $107 million by including third party coal sales."

"Management's "rosy" commentary in its recent investor presentation flies in the face of the Company's recent results."

"In contrast to the Company’s nominees, Engine’s slate understands what is required to produce operational excellence."

"It is unfortunate Darden's current Board has chosen a scorched earth strategy for protecting their selfish interests."

"Lack of organizations or systems to advance engine development and production in compliance with laws and regulations"

"TICO should stop future investments until economics are acceptable and above TICO’s high-single-digit cost of capital"

"For modeling purposes, we have assumed a 20% IPO of McOpCo and the proposed share repurchases occurred on 12/31/2005."

"We believe Skillz did not disclose these issues because they render the company's lofty revenue projections farcical."

"The only point of Twist's NGS offering is to sequence a small part of the genome given the cost of the entire genome."

"BK has experienced deposit inflow surges during market crises because clients view BK's balance sheet as a safe haven"

"The University of Michigan Survey of Consumer Confidence Sentiment Index has improved since the beginning of the year"

"APP CEO and CTO Blog Responses Lie About The Existence Of Persistent Identifiers And How It Breaks Data Privacy Rules"

"Shrinking profits should pressure buyback capacity by next year... and that’s before talking about the real problems."

"Bristol-Myers' strategy of partnerships and smaller acquisitions elevated the Company to a market leadership position"

"Celgene estimated peak sales potential of $3 billion for JCAR017 when announcing the acquisition of Juno Therapeutics"

"In light of your admission that Herbalife is a lottery ticket, basic fairness suggests you should disclose the facts."

"In fact, even targeted AI and robotics ETFs specializing in the sector do not hold C3's stock as a material position."

"Reforming the GSEs is the most effective, lowest risk, and most taxpayer-friendly solution for housing finance reform"

"Importantly, management is rarely transparent about the extent to which sales growth is attributable to acquisitions."

"An unamortized item such as this would be an awfully convenient place to park some capitalized expenses, wouldn’t it?"

"We find that an expanding disconnect between GAAP and Non-GAAP results is often followed by a decline in share price."

"Evidence of shareholder dissatisfaction is also clearly visible in the AGM approval rate for Sumitomo Realty’s Board."

"Spruce Point Has Numerous Concerns About Saputo's Ability To Meet The Pillars Of Its Aggressive Global Strategic Plan"

"Spruce Point cautions investors that Saputo recently has not generated enough excess cash flow to cover its dividend."

"Spruce Point cautions investors that Saputo recently has not generated enough excess cash flow to cover its dividend."

"Notice Saputo no longer giving volume trends in retail vs. foodservice. Volumes increase mainly due to an acquisition"

"Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs"

"Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs"

"The four founders have sold (or transferred ownership to irrevocable trusts) over 75% of their holdings since the IPO"

"The Company has manipulated the director election process, forcing Elliott to sue to insure its rights are protected."

"Certain peers of TWX, including lower rated credits, easily accessed the public debt markets during the fall of 2002."

"XL claims a positive fleet ROI of 55.7%, but its calculations are disingenuous. Our adjustments yield a negative ROI."

"And there are 3 additional vehicle launches for 2023 and 2024: the Kia EV9, the Hyundai Ioniq 7 and the Genesis GV90."

"The CEO claimed 15,000 employees worldwide in 2018, while numbers recently stated in the IPO prospectus claim 13,800."

"Cardiac safety data submitted to the FDA was a sham, and the agency's interpretation exhibits grave errors (p127-136)"

"Royalty overrides paid by Herbalife are unrelated to the ultimate sale price for the product achieved by distributors"

"The financial testimonials in this publication reflect the results of individual Distributors. Your results may vary."

"The substantial risk of contracting Wet AMD alone warrants an FDA's decision to mandate a warning label for the drug."

"Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs"

"Spruce Point believes that it is highly unlikely that Axon will parlay video AI to shoehorn their way into CAD / RMS."

"$524m is 97% of total revenues in FY 2016, and 70% more than CSTE's reported North American segment revenue of $308m."

"If the Company is willing to make the changes detailed in this letter, it can unleash Upwork's significant potential."

"HLT's share price including dividend reinvestment decreased 19% in 2022 and has increased 17% year-to-date in 2023(1)"

"Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs"