Callouts & quotes from 37,061+ activist slides

"Following several years of robust growth in its guarantee book, Freddie Mac requires a larger capital raise of ~$15bn"

"ACTIS A150 は極端紫外線マスク検査装置の初期機種で、いろんな問題があります。レーザーテックが極端紫外線に移行したとき、装置のチャンバーを改造しなければいけなくなり、チャンバーの構造と光源についていくつかの問題が発生しました。"

"We see evidence that Nidec is manipulating its reported Automotive OP margin in order to try to show an upward trend."

"It's evident that blockchain technology has the ability to disrupt many middlemen-type businesses such as Broadridge."

"It is also worth noting that certain figures in the Q4 2010 statements were inconsistent with the Q3 2010 statements."

"ADT represents an attractive risk-adjusted return investment with multiple ways to win and strong downside protection"

"Salesforce's vision and leading market position has allowed it to grow revenue at a ~38% CAGR over the last 20+ years"

"We believe the market rewarded Vertiv for growth, which allowed management to continue their growth-first trajectory."

"It's clever marketing spin and a "fantastic story" but the reality is less impressive than these announcements imply."

"Based on the first year of remodel activity, the New Format Superstores should have over 22% return on remodel cap ex"

"Based on our assumptions, we believe there is approximately $110mm of Net Working Capital in the International Stores"

"In 2020 Dipp settled fraud charges with the SEC and quietly departed GA along the way. She remains a huge Ginkgo fan."

"We believe there are similarities between the SEC's comments to Boulder and current weak disclosure practices by PBH."

"PBH is buying back its own shares at a 1-2x premium relative to the valuation it purchased the underlying businesses."

"The expected construction costs are about half of our estimate of Huishan's reported average spend of RMB 89 million."

"While Amcor has been underspending on capex, all of its closest peers are increasing or maintaining capital spending."

"Instead, Amcor announced a $500m share repurchase program, and executed it at above-market price of $10.16 per share."

"Herbalife and its distributors systematically engage in deceptive representations to recruit prospective distributors"

"Pretax return on assets is almost 7% after subtracting leasing costs, which include credit losses and corporate SG&A."

"GOOG's share price including dividend reinvestment increased 65% in 2025 and has increased 3% year-to-date in 2026(1)"

"HHH's share price has increased 21% since HHH announced the strategic transaction with Pershing Square in May 2025(1)"

"We believe its EBITDAP margins are inflated by 610bps, and YoY growth is just 3.3%, not 16.1% depicted by management."

"Oasis proposes giving external directors stock compensation (RSUs) to better align them with Kao’s long-term success."

"Elliott believes Phillips 66, $PSX, has a significant value creation opportunity driven by the quality of its assets."

"Red Cat's 2025 guidance excluding the SRR is laughable, and we don't think the company will come close to meeting it."

"We believe there’s no chance that the reality will even come close to unfolding in a way that justifies the euphoria."

"Management made false statements because it is still unable to explain why all of its cash was classified as Level 2."

"Following several years of robust growth in its guarantee book, Freddie Mac requires a larger capital raise of ~$15bn"

"GOOG's share price including dividend reinvestment increased 36% in 2024 and has decreased 1% year-to-date in 2025(1)"

"Limbach’s limited disclosure, by contrast, makes it difficult to assess the sector concentration of its revenue base."

"Norfolk Southern switched manifest cars more than 2x as often as CSX in 2022, extending a gap evident in prior years."

"The Company does not utilize an objective, formula-based approach to setting long-term executive compensation levels."

"On all key metrics, we believe the Independent Peer Group is far more appropriate than AOL's own inflated peer group."

"Our research indicates that Sony’s semiconductor business can be spun off “tax-free” under the Companies Act of Japan"

"Soleno had no good answer to diabetes risk; physician is under the impression that Soleno is sending glucose monitors"

"3 key body composition claims (LBM, fat mass, BMI) are invalidated by DEXA artifact, undermining efficacy assertions."

"Lack of reporting on insulin resistance is highly troubling – “very odd”; “are they hiding something”; “really weird”"

"Endocrinologists already asking if they just use generic diazoxide – unconvincing answer; unknown mechanism of action"

"Soleno rep appears to be suggesting that Vykat's extended release formulation is “able to penetrate the brain better”"

"it's a very big concern...bananas...you're blocking insulin production in kids who are prone to obesity and diabetes."

"It’s clear that LSPD has financial control issues tracking the difference between software and payments and hardware."

"One-time opportunity to optimize corporate structures; start with “blank sheets of paper” to create leaner businesses"

"It appears to us that none of the Companies A-D represent Monster as ranked in the top five by market share in China."

"The only cash movement in this strategy is from TFS to the hands of its management; often in the millions of dollars."

"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"

"Herbalife and its distributors systematically engage in deceptive representations to recruit prospective distributors"

"THIS REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH, AND ARE NOT STATEMENTS OF FACT."

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

"We identified at least 18 of a total of 37 transactions were marked up by crazy amounts without proper justification."

"THIS REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH, AND ARE NOT STATEMENTS OF FACT."

"THIS REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH, AND ARE NOT STATEMENTS OF FACT."

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

"THIS REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH, AND ARE NOT STATEMENTS OF FACT."

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

"In each of last 5 years, its gross margin exceeded ASML’s and each of the 5 largest semicap companies except for KLA."

"The Sumitomo stage that moves the mask/reticle is highly flawed and produces contamination inside the inspection tool"

"Spruce Point recently tracked 12 games with 24 possible outcomes and Kalshi had better odds in 21 of the 24 outcomes."

"Nuvei "has not independently verified the accuracy or completeness of such information" — New risk factor added Q3'21"

"VI is not defined, but it seems to be “Visual Identity” and may be a type of branding program — Muddy Waters Research"