Callouts & quotes from 37,061+ activist slides

"For investors with a longer-term view, the Revised Transaction offers explosive potential upside in 2010E and beyond"

"We believe the status quo is unsustainable. PepsiCo has significantly underperformed over a prolonged period of time"

"So, no, there is no safety margin using the actual data and anticipated steady state level (2.3 accumulation ratio)."

"Wakix has a high discontinuation rate with half of patients quitting rapidly due to side effects or lack of efficacy"

"BEA China has recorded weak results, in particular in its ROE and ROA, which are well below the average of its peers"

"Subtracting this $6.5M payment from Carvana's FY 17 gross revenue would cut FY 17 GPU by 10%, from $1,539 to $1,392."

"Fritz also had an accounting scandal and its stock fell 55% in one day, giving rise to various shareholder lawsuits."

"We believe Stryker was overly optimistic with the Wright acquisition in suggesting it would grow high single digits."

"Nobody wants GreenPower’s vehicles unless the government pays for them, and California is the only state willing to."

"HLF’s share price has increased 32% including dividends from our average cost at announcement date to April 18, 2017"

"PSH’s broker-traded volume is double the exchange-traded volume at 70% vs 30% from January 2, 2015 to April 14, 2017"

"Franchisees fail because they tend to make extraordinarily little money as they get started, even in the good times."

"In light of our findings, we conclude that the Korean contract is but a smoke and mirrors show to mislead investors."

"PSH’s broker-traded volume is double the exchange-traded volume at 70% vs 30% from January 2, 2015 to April 15, 2016"

"Major Diagnostic Companies do not care about AXDX, considering it a niche player with an unproven value proposition."

"High NA spells more bad news for Lasertec; Intel is “under a lot of pressure to use KLA” for high NA mask inspection"

"Since the expiration of the noncompetition agreement in 2007, CEVA's share price has dramatically outperformed DSP's"

"Our Independent Nominees Have a Better Plan and are Better Suited to Oversee DSP for the Benefit of All Shareholders"

"“a pain in the ass” or saying it “sounds a lot cooler than it actually is” — Urologists interviewed by Spruce Point."

"“You just have to have good people if you are going have a good operation, without them you are lost.” — Bill Darden"

"“You just have to have good people if you are going have a good operation, without them you are lost.” — Bill Darden"

"“the retirement plan for former Ernst & Young partners” — Muddy Waters Issues Strong Sell on Sino-Forest Corporation"

"Our interview with Mr. C indicates Mr. Lin is also the cousin (表弟) of the Chairman and head of ANTA’s Yunnan branch."

"“exiting investments that present a high sustainability-related risk, such as thermal coal producers” — CEO Mr. Fink"

"2022年10月の時点で、データセクションの石原紀彦CEOは慶應リーダーシップセンターのインタビューにおいて、NowNawを「米国版TikTok」と表現し、AR（拡張現実）やeコマースなどのサービスを提供していると説明していました。"

"CEO Foroughi denied that APP creates or uses persistent identifiers in his March 31, 2025 blog post. — Adam Foroughi"

"Eroxon, a topical gel, “helps men get an erection within 10 minutes,” according to Futura Medical, the manufacturer."

"peptide-based therapeutics and in-licensed projects for pharma companies have higher chance of survival. — Analyst A"

"It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price. — Warren Buffet"

"We also question whether the Board is appropriately holding senior management accountable for its numerous missteps."

"has potential to provide additional information...in the diagnosis, management, and treatment of AMR. — Bloom et al."

""Ninety percent of the surgery I did came from other people who had failed. It was high-risk." — Dr. John P. Kostuik"

"I think the best way to describe Argentina this year was a very bumpy -- very bumpy road. — Bunge Management (Q3'16)"

"“This will be our first serious effort to interact with East China’s high-end investors,” — A Huishan Dairy official"

""Meredian will produce over 30,000 tons of PHA per year." -- Michael Smith, VP Manufacturing & Engineering, Meredian"

"「レーザーテックの検査装置について完全に満足している会社は一社もありません。どんな装置であろうと、それぞれに問題があります。完全に満足している会社などありません。」 — Unnamed source (Isteq engineer)"

"Mr. Shaw states that “reducing OR is not our singular focus” during Norfolk Southern’s 2022 Investor Day. — Mr. Shaw"

"“Of course...that’s probably what it will come to...I think that’s what it’s going to come to.” — Endocrinologist #3"

""recently I’ve stopped prescribing because it doesn’t really do anything." — Neurologist in greater Los Angeles area"

"PharmaCann spokesman Jeremy Unruh indicates that the property would be up and running in the second quarter of 2020."

"PharmaCann spokesman Jeremy Unruh indicated that the property would be up and running in the second quarter of 2020."

"“No, unfortunately, no.” — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC"

"REVITALIZING PHILLIPS 66'S GOVERNANCE WILL REQUIRE CREDIBLE, EXPERIENCED DIRECTORS WHO WILL PUT YOUR RETURNS FIRST."

"REVITALIZING PHILLIPS 66'S GOVERNANCE WILL REQUIRE CREDIBLE, EXPERIENCED DIRECTORS WHO WILL PUT YOUR RETURNS FIRST."

"We believe this creates material execution risks as the Company seeks to grow beyond its core market and geography."

"I’m personally not a fan. It would make it sense to go away, but a lot of shareholders are accustomed to dividends."

"Box has repeatedly delayed and lowered its revenue target, leading to a total loss of credibility amongst investors"

"As shown below, by increasing the price it pays for the tower, AMT increases its EBITDA margin from 60.0% to 73.3%."

"However, we believe Procept and its cheerleaders rarely acknowledge the issues with and limitations of Aquablation."

"We believe Crown Castle's underperformance can be remedied and requires improved performance in its fiber business."

"ERIE’s removal of the Exchange Relationship Committee coincides with a drop in its ESG rating by MSCI from BB to B."

"In Spruce Point's opinion, it is a bad sign when a Company is going through a CFO transition during an IPO process."

"Monolithic's Days Inventory Outstanding (DIO) consistently rises. For key industry peers, DIO has been more stable."

"If ADP can fix its deficiencies in its technology Employer Services growth and efficiency will dramatically improve"

"ADP's adjusted gross margins(1) are significantly lower than competitors despite ADP's significant scale advantages"

"If ADP cut legacy systems expense by 50% this would drive ~$150m of profit and ~180bps of margin opportunity for ES"

"Investors have historically recognized UNP’s inherent advantages and status as the crown jewel transportation asset"

"Xerox touts ~$1.2B in "cost cuts" over the past two years, but only ~$30M of those "cuts" flowed to the bottom line"

"We call on the Company to take three immediate steps to stem ongoing value destruction and regain market confidence"

"How can management of the world’s largest Italian restaurant chain think it is okay to serve poorly prepared pasta?"